[News] EDCO - Economic Development For Central Oregon

business Pledges exceed $500,000 Airline Travel Bank™ Pledge Goal
DELTA SERVICE to SALT LAKE TO START BY MID-MARCH

As of December 7th, 119 businesses have pledged $647,000 toward the travel bank requirement to secure regional jet service on Delta from Redmond to Salt Lake City International Airport. This includes a $75,000 pledge from Wells Fargo this past Friday. The community needed at least 100 companies to sign up for an amount in excess of $500,000 by December 3rd.

Organizers had been working against a December 10 deadline for signed pledges. However, with an airplane waiting for assignment and a strong desire to put Redmond-Salt Lake City flights into their computer system as soon as possible, Delta Airlines has been pushing for completion of the Travel Bank by this Friday.

“We really want to thank the business community for showing such tremendous support for the Travel Bank,” emphasized Roger Lee, Executive Director for Economic Development for Central Oregon (EDCO). “This effort came together in three very short weeks. I think even Delta was surprised by how quickly we were able to secure the pledges. Central Oregon has been waiting a long time for this service, and we are confident that it is going to have a long lasting positive impact on businesses and the region’s economy.”

Now that Central Oregon has met Delta’s $500,000 pledge requirement, EDCO will work to finalize the contract with Delta by next week and will start collecting actual deposits from businesses for the pledged amounts. The deadline for all Travel Bank deposits is January 3, 2005. Flights to Salt Lake City could begin as soon as the first week in March 2005. EDCO will be accepting pledges from businesses through December 10. Interested businesses can contact EDCO at (541) 388-3236. Pledge forms are also available on the website at www.edforco.org.

The Airline Travel Bank™ was part of a proposal made to Delta in August. The local incentive package included a $500,000 federal grant from the Department of Transportation, $450,000 in marketing resources and $500,000 revenue guarantee provided through the Travel Bank. Awarded in September 2003, the $500,000 federal grant will cover, if needed, airline losses in the first year of operation and also hinged on the community meeting the travel bank requirement.

EDCO’s effort to secure the travel bank was supported by a host of other businesses, organizations and volunteers including Sunriver Resort, Redmond Airport, The Bulletin, Horizon Broadcasting, Combined Communications, News21, Bend Chamber, Redmond Chamber, COVA, Opportunity Knocks and Stacy Santimaw.

The Travel Bank represents pre-paid travel committed by businesses and is designed to assure Delta that if it invests in the region, it will have passengers during the critical 12 month start up period for airlines. Travel Bank funds can be used on Delta Air Lines and its code-share partners for travel anywhere Delta flies.

Economic Development for Central Oregon (EDCO) is a membership-based, private, nonprofit organization dedicated to building a strong and secure economic future for Central Oregon. Learn more about EDCO at www.edforco.org.

Below is a list of the current travel bank participants: