HIGHFILL -- Northwest Arkansas 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 are not being asked to commit to projects beyond 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 its financing.
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 $4.70. The fee would generate $1.4 million a year that could be used to pay debt service on the bonds. For comparison, Tulsa 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.
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.
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.
Metro on 08/25/2016