Post by Logan on Jun 2, 2016 5:08:20 GMT -6
Gov. Andrew Cuomo announced Wednesday that the Port Authority of New York and New Jersey has executed a 35-year lease agreement and reaching a final financial agreement with LaGuardia Gateway Partners on the redevelopment of LaGuardia Airport in Queens.
The release from Cuomo’s office:
Read more: blog.timesunion.com/capitol/archives/249723/watch-at-330-p-m-gov-andrew-cuomo-appears-in-manhattan/
The release from Cuomo’s office:
Governor Andrew M. Cuomo today announced that the Port Authority of New York and New Jersey executed a 35-year lease agreement and reached financial close with LaGuardia Gateway Partners on the transformational redevelopment of LaGuardia Airport. The announcement marks a major milestone for the renowned project, with construction on the new 35-gate Terminal B expected to begin shortly. New facilities will begin to open to the public in 2018, with all portions of the new Terminal B slated to open by the end of 2021. Renderings released of the LaGuardia Airport redesign last July are available here.
Under the $4 billion contract, LaGuardia Gateway Partners – the nation’s largest public-private partnership – will design, build, operate and maintain the facility. More than two-thirds of the project will be paid for by private financing and existing passenger fees. Overall, the redevelopment of LaGuardia is expected to create 8,000 direct jobs and 10,000 indirect jobs, generating $1.3 billion in wages and stimulating $5.2 billion in direct economic activity.
Today’s milestones include the closing of $2.4 billion of bonds for the project. The tax exempt and taxable bonds were issued by the New York Transportation Development Corporation, an affiliate of Empire State Development. The bonds were almost 10 times oversubscribed on average, demonstrating strong interest by investors in the complete redevelopment of LaGuardia Airport.
“The future of New York depends on the investments we make today and that’s why we’re moving forward with an unprecedented plan to modernize our infrastructure across the Empire State,” Governor Cuomo said. “LaGuardia is an essential gateway to our state for millions of residents and visitors. By transforming it into a world-class airport, we are creating a stronger economy with 21st century infrastructure that represents the very best of New York.”
Under the $4 billion contract, LaGuardia Gateway Partners – the nation’s largest public-private partnership – will design, build, operate and maintain the facility. More than two-thirds of the project will be paid for by private financing and existing passenger fees. Overall, the redevelopment of LaGuardia is expected to create 8,000 direct jobs and 10,000 indirect jobs, generating $1.3 billion in wages and stimulating $5.2 billion in direct economic activity.
Today’s milestones include the closing of $2.4 billion of bonds for the project. The tax exempt and taxable bonds were issued by the New York Transportation Development Corporation, an affiliate of Empire State Development. The bonds were almost 10 times oversubscribed on average, demonstrating strong interest by investors in the complete redevelopment of LaGuardia Airport.
“The future of New York depends on the investments we make today and that’s why we’re moving forward with an unprecedented plan to modernize our infrastructure across the Empire State,” Governor Cuomo said. “LaGuardia is an essential gateway to our state for millions of residents and visitors. By transforming it into a world-class airport, we are creating a stronger economy with 21st century infrastructure that represents the very best of New York.”