The Yavapai County Board of Supervisors has given the green light for Embry-Riddle Aeronautical University to issue a $204 million bond. This decision, made on April 2nd by a 3-1 vote, will help fund projects at both the Prescott and Daytona Beach campuses.
It’s worth noting that while the county approved the bond, there aren’t any financial obligations on the part of the county or state, as Embry-Riddle is responsible for repaying it.
Supervisor Nikki Check, representing District 3, voted against the approval. She had hoped to postpone the bond issue until April 16th but didn’t garner support from the other supervisors for this motion.
Check expressed her concerns following the vote, stating that their role in the process involves ensuring compliance with all legal requirements during the bond preparation. She felt uncertain about the rushed nature of things and emphasized that the outcome shouldn’t negatively impact the county or community.
Prior to the board’s decision, several residents from Clarkdale raised issues regarding the use of Cottonwood Airport for flight training by Embry-Riddle. Notably, enrollment at the Prescott campus has surged by 500 students, growing from 2,726 to 3,229 since 2018.
Supervisor Chris Kunyo, from District 4, pointed out the need to separate noise complaints related to the airport from the bond discussions.
A local resident, Susan Guthrie, noted that if the community is seeking tax exemptions, it’s crucial to act responsibly as good neighbors.
There was a sense of urgency expressed in the meeting, especially from Embry-Riddle’s attorney, Ken Artin, who mentioned the need to issue the bonds in April to avoid potential changes in Congress that could affect funding.
Artin added, “[Congress] will need to figure out how any tax cuts will be financed,” highlighting the significance of favorable timing in getting the bonds approved.
Representatives from Embry-Riddle couldn’t specify how the bond funds would be allocated across the campuses. However, the Prescott project is set to include a 40,000-square-foot student housing facility with 300 beds, a two-story 44,000-square-foot student union, renovations to flight line facilities, and additional improvements to various campus facilities.
According to the Yavapai County Industrial Development Department, planned expenditures on the Prescott campus appear to surpass the full bond amount, indicating a significant investment in that location.
Not approving the bond resolution could impede the necessary funding and authorization for various upgrades, as stated in the board’s agenda.
Embry-Riddle officials reiterated their commitment to being considerate neighbors during the meeting.
One supervisor voiced support for the bond but mentioned wanting to ensure clear communication with constituents about community concerns.
Check remarked that, although not all supervisors agreed with her stance, there was an underlying consensus that further discussions with Embry-Riddle are important.
She suggested there could be nearby solutions to the concerns raised.
The vote showed that Supervisors Compton and Kunyo supported the measure, while Check remained opposed. Since the resignation of James Gregory, the District 2 seat is currently unfilled.
