Philadelphia, September 27, 2011- The Federal Aviation Administration (FAA) has issued a Letter of Intent to contribute $466.5 million over the life of the program toward Philadelphia International Airport’s Capacity Enhancement Program (CEP), making it the agency’s second-largest single award ever made.
In addition to the federal funds, the $6.4 billion CEP will be financed by Airport Revenue Bonds, which will constitute two-thirds of the funding, and a variety of other funding sources such as user fees and additional grants.
“This substantial award demonstrates the FAA’s commitment to our planned Airport expansion, which is vital to the economic fortunes of the region and to the Airport’s status in the increasingly competitive global aviation marketplace,” said Mayor Michael A. Nutter.
Deputy Mayor, Transportation and Utilities Rina Cutler added: “We are extremely pleased to receive this letter of intent from the FAA and look forward to working with federal officials as we move forward on this very important program.”
The $6.4 billion CEP is a comprehensive program that will be completed in phases over the course of 13 years. When completed in 2025, the CEP will have added a new runway and extended two existing runways to increase capacity and allow for simultaneous, independent aircraft operations in poor weather conditions, thereby reducing delays. The project will also modernize the Airport complex with new terminal facilities, new ground transportation center, new cargo facilities and a people mover system.
“The CEP will enable the Airport to enhance the region’s position by providing more efficient access and increased competitive stature,” said Airport CEO Mark Gale. “Additionally, the CEP is anticipated to create more than 100,000 jobs in the region. The completion of the CEP is expected to increase the Airport’s overall economic impact by $12 billion to $26.4 billon annually, which underscores the importance of this program.”
###
Philadelphia International Airport is owned and operated by the City of Philadelphia. The Airport is a self-sustaining entity that operates without the use of local tax dollars. It is one of the largest economic engines in Pennsylvania, generating an estimated $14.4 billion in spending to the regional economy and accounting for more than 141,000 jobs.
Visit the official Philadelphia International Airport website at http://www.phl.org
