Five local banks have teamed up to extend a $17 million line of credit to the Greater Rockford Airport Authority, and guaranteed that a jet-repair hub will be completed on schedule next fall.
AAR Corp.’s $41 million maintenance, repair and overhaul facility is expected to employ 500 people within two years and perhaps as many as 1,000 in the years to come.
Rock Valley College built a $5.1 million, 40,000-square-foot building at the airport where RVC will train the next generation of jet mechanics.
There has been widespread support for getting the facility done. Alpine Bank, Rockford Bank & Trust, Blackhawk Bank, Northwest Bank and Byron Bank worked together to get the deal done to assure that the project will move forward without delay. The city of Rockford, Winnebago County, Loves Park, Machesney Park and the federal government all have provided financing.
Kudos to Bill Roop, president/CEO of Alpine Bank, who led the effort on the collaboration, and to the banks that stepped up to improve the community.
Kudos also to airport Executive Director Mike Dunn, who has worked tirelessly for years to make the dream of an MRO a reality in Rockford.
“The collaboration of these five banks and the unwavering support of this project is a testament to the Rockford region and indicative of a healthy community where businesses step up to help one another,” Dunn said in a news release. “It is inspiring to see this initiative and know that people understand the economic impact of this state-of-the-art facility” he added.
