HIGHFILL -- Regional airport officials think they can afford several major improvement projects over the next few years, including a parking deck, access road, a second parking deck and expansion of the terminal rotunda.
"As an overall, general picture, it is financially feasible for us to do all those projects," Scott Van Laningham, executive director, told members of the board's finance committee Monday afternoon.
Van Laningham said board members aren't being asked to commit to projects past the initial parking deck. Plans call for discussing the next steps for the parking deck later this month and possibly a special meeting to OK requests for proposals for the financing of a parking deck.
Officials hope to get financing in place for a four-story parking deck in November and December.
Money to pay for the deck is expected to come from $35 million worth of bonds and a possible increase in the customer facilities fee to car rental companies from $3.50 per day to $4.7. The fee would generate $1.4 million a year that could be used to pay debt service on the bonds. For comparison, Tulsa, Okla., charges about $4 and Little Rock $3.50.
Car rental companies are expected to occupy the lower floor of the new deck until a second one is built for them in three to five years.
Van Laningham said staff has been working with Leigh Fisher and Associates and PFM on financial software that can model and evaluate various financing options for capital projects and project the impact those would have on the airport's finances.
"This is going to be a tool, going forward, to plan on these capital projects in the future," Van Laningham said. "We're only trying to move forward right now on the parking deck."
Projects on the airport wish list include:
• Parking deck, beginning 2017.
• Regional access road, beginning 2018.
• Rental car facilities expansion, beginning 2022.
• Terminal rotunda expansion, beginning 2022.
• East parking deck, beginning 2030.
Not on the list is an expansion project to accommodate bigger airplanes that the airlines have begun using at the gates, according to Kelly Johnson, airport director. Money for the $4 million project is expected to come from cash on hand.
Current models for the access road, estimated to cost some $55 million, assume two lanes initially from the airport to the U.S. 412 Northern Bypass. Money would include $10 million in airport cash, $12 million remaining from federal grants, $33 million in bonds and a $1 access toll that is expected to generate about $1 million a year.
NW News on 08/24/2016