CLOW AIRPORT
A Village Owned Property



HISTORY
Boyd Clow purchased the airport after WWII.  In 2001, the airport was sold to Joe De Paulo, who purchased the airport with intentions of building residential homes.

The Village Board sought to preserve the airport instead of building homes in the area.  The Village purchased Clow Airport in 2004.


HOW MUCH DID IT COST?
The Village (taxpayers) paid approximately $12 million.



HOW DID THE VILLAGE FUND THE PURCHASE?
The Village issued General Obligation Bonds.



WHO MANAGE THE AIRPORT?
Joe De Paulo has a 3 year management contract with the Village.


ARE THERE ANY UPCOMING CONSTRUCTION PROJECTS?
The Department of Homeland Security require U.S. airports to control access and provide better security in efforts to secure the airports.  In order to accomplish this, the FAA and IDOT will provide $1.2 million in funding to Bolingbrook for the following projects - 

1. Install perimeter fencing
2. Create pavement markings for airplanes
3. Miscellaneous pavement repairs.


HOW MUCH WILL IT COST & HOW WILL THE VILLAGE FUND THE PROJECTS?
The estimated cost to install the perimeter fencing is $975k, the pavement markings and repairs will cost approximately $225k.  Total cost = $1.2 million.

Th FAA and IDOT will provide $1.2 million in funding, which is the total cost of the project.

According to the Village, the project will not require any additional bond issuance, no local money, no taxes.  "There's no anticipated upcoming bond issuance."


WHAT ARE THE NUMBERS SHOWING?

Year       Operating Income (loss)           Income (loss) before transfers 
2004                $ (   1,377)                                     $ (    1,377)
2005                   (428,938)                                        (322,266)
2006                   (844,105)                                        (699,543)
2007                   (135,481)                                        (  85,056)
2008                   ( 66,408)                                            44,795
2009                    (52,033)                                          (235,228)

Clow Airport has been performing at an operating loss since the Village purchased the airport in 2004.  There does appear to be significant improvements to the bottom line from 2007 going forward.  This is attributed to a combination of increases in revenue and reduction to expense.

There was a $350,000 increase in expenses from 2005 to 2006.  We have submitted questions to the Village inquiring about the source of the expenses.




OTHER THAN THE AIRPORT WHAT OTHER BUSINESSES ARE THERE?
* The Illinois Aviation Museum
* Charlie's Restaurant


WHO SERVES ON THE BOARD OF CLOW AIRPORT?
The Illinois Aviation Museum is governed by a 16 member board.  The seats are volunteered positions.

JOE DE PAULO - Chairman   term ends 12/31/11
LARRY GREENWICH - Vice Chairman   term ends 12/31/11
BILL ANDERSON - Secretary   term ends 12/31/10
ARZANIA "ZOOK" WILLIAMS - Treasurer   term ends 12/31/10

Directors
NICK GATTO   term ends 12/31/09
JOE JOHNSON    term ends 12/31/09
SUE NEALEY   term ends 12/31/09
ED LE TOURNEAU   term ends 12/31/10
DAN CHRISTINE   term ends 12/31/09
CHRISTINE O'REILLY   term ends  12/31/10
JIM HARVILCHECK   term ends 12/31/11
STEVE MEYER   term ends 12/31/11
ED MEYER   term ends 12/31/11
JERRY NOWICKI   term ends 12/31/09

Volunteer Advisory Board
MARTI BARTON   term ends 12/31/09
BOB MC KENZIE   term ends 12/31/09
CHARLIE STRADLEY   term ends 12/31/09
JIM GOULD   term ends 12/31/09
BILL MILLER   term ends 12/31/09