Title
Ordinance Authorizing the Issuance of Obligations to Finance Airport Improvements (Ordinance S-45837)
Description
An ordinance authorizing the City Manager to cause the issuance of obligations of or by a municipal property corporation or by a private leasing company as short-term and/or long-term obligations and to issue long-term obligations to refund short-term obligations, including execution and delivery of all leases and other agreements necessary or appropriate for the financing of costs of expanding and improving airport facilities of the City and to refund currently outstanding obligations issued for such purposes and in each case, related financing costs; and authorizing the City Controller to expend all necessary funds therefor.
Report
Summary
This ordinance provides authorization to issue obligations to fund various Airport improvements related to the Comprehensive Asset Management Plan (CAMP) as presented at the City Council Policy Meeting on June 11, 2019. The authorization is expected to provide the debt portion of funding for projects through 2026, which is forecasted to include the railroad trenching project, construction of a second Terminal 3 north concourse, Terminal 2 demolition, and northside land acquisition and site prep.
Financial Impact
This ordinance provides authorization to fund certain Airport improvements by: a) issuing obligations up to $550,000,000 principal amount; and b) paying financing costs related to such obligations. None of the improvements rely on or will utilize City general funds.
Concurrence/Previous Council Action
- On Oct. 23, 2018, City Council reviewed and approved recommendations for Airport land use consistent with the Airport improvement projects.
- On March 21, 2019, the Phoenix Aviation Advisory Board reviewed the Airport Comprehensive Asset Management Plan (CAMP) recommendations and unanimously recommended approval to the City Council.
- On June 11, 2019, City Council unanimously approved the CAMP recommendations and authorized forwarding the plan to the Federal Aviation Administration.
Location
Phoenix Sky Harbor International Airport, 3400 E. Sky Harbor Blvd.
Council District: 8
Department
Responsible Department
This item is submitted by City Manager Ed Zuercher, Assistant City Manager Deanna Jonovich and the Finance and Aviation departments.