No significant funding from the City is anticipated at this time for the project. For grants which require matches, funding will either come from grants from other agencies or in-kind donations. Further authorization would be required from City Council on activities not supported by existing, approved funding.
Approximately $22+ million in funding is currently available and allocated for the airport project through the Appalachia Regional Commission (ARC) and the TDOT's Aeronautics Economic Development Fund (AEDF). In-kind contributions from the U.S. Department of Energy (DOE) and the Community Reuse Organization of East Tennessee (CROET) for the value of land are to be transferred at minimal cost for this project. The City has received an additional $11 million in State funding for land acquisition, bringing total State investment in the project to nearly $30 million. The Federal Aviation Administration (FAA) has yet to formally determine the contribution it will make to the project, but it is anticipated to be $10 million in funding.
The Tennessee Valley Authority has provided a $40,000 grant for the project.
In March 2021, UT-Battelle Development Corporation contributed $500,000 to assist with the project.
EnergySolutions has offered to donate an underutilized railroad track where part of the proposed airport's 5,000-foot runway will go.
Based on a November 2023 estimate, the project construction is expected to cost about $60 million.