Burn, debt, burn: Airport torches paper

Sarasota-Bradenton International Airport officials celebrated the 25th anniversary of its main terminal building in style: They burned a copy of the bonds connected to the construction of the building, a symbolic flame for the end of debt.

The airport, which goes under the call letters SRQ, wrote the last check earlier in August toward $60 million in bonds dating back to 1989, when the main terminal was built. The terminal has since undergone several renovations, which are also all paid off. The closing of the debt will free up around $5 million a year for SRQ, airport officials say.

Airport President and CEO Rick Piccolo likens the situation to having an almost-new home with a fully paid mortgage. “It's very significant from a financial standpoint,” Piccolo tells Coffee Talk. “It's positive for stability and cost-control and helps us as we move into the future.”

Debt-free isn't only good for the books, says Piccolo. He hopes the airport's clean finances indirectly help it land new airlines and flights. Many factors sway that decision, but Piccolo says this “shows airlines we are cost-conscious.”