TEXARKANA - Texarkana Regional Airport Authority Board members have moved another step closer to buying and developing 38 acres of private land adjoining airport property.
Board members, who met in special session Friday, agreed to have the private landowners deliver a per-acre property land value appraisal before the board's next regular monthly meeting, May 27.
The land's last appraisal, conducted in 2014, valued the property to be about $7,400 to $7,500 per acre. However the owners have tentatively estimated that the land value has since increased to has much as $8,500.
The property's landowners are clients of local real estate broker Richard Reynolds. The 38 acres are covered in timber, which airport officials have gauged to be worth an additional $750 per acre.
Airport Executive Aviation Director Paul Mehrlich III, said both the Federal Aviation Administration and the Arkansas Department Aeronautics need a more current property appraisal from the landowners, before any land purchase can be made by the airport.
Should the airport be able to purchase the land, it could be added to 90 acres of adjoining airport property. This could in turn, help enabled the airport to receive both federal and state grant funds to help commercially develop the total acreage. The goal would be to entice an air cargo business here, thereby further helping the airport become more financially self-sufficient.
To accommodate air freight traffic, Mehrlich said the airport's existing 6,600 foot primary runway would need to be lengthened by another 2,400 feet.
The Board could vote on buying the land as early as its May 27 meeting.