INNOVATIONS IN PUBLIC/PRIVAT FINANCING AT LOUIS ARMSTRONG INTERNATIONAL

An innovative financing and development agreement enabled the Louis Armstrong New Orleans International Airport to add a new, 2,500-space parking garage without contributing any dollars to the project while still retaining full approval rights of the final product. The project used existing programs available to tax-exempt organizations to streamline design, funding, construction, and operation of the finished garage. The project also incorporated the upgrading of parking traffic controls and signalization and other technologies used in the existing garage. A graphic shows the flow chart of how the deal was structured, which included a 40-year ground lease agreement between the airport and the developers. It stipulates that the airport will receive a set guarantee plus anything excess based on the net operating cash flow of the garage. Tax-exempt bonds were also issued. By using the airport's 501(c)3 status, the project enjoyed a number of advantages. The article describes details of the financing and divisions of responsibility among the partners.

  • Availability:
  • Supplemental Notes:
    • January/February 2005
  • Corporate Authors:

    National Parking Association

    1112 16th Street, NW, Suite 300
    Washington, DC  United States  20036
  • Authors:
    • Jonardi, R
  • Publication Date: 2005-1

Language

  • English

Media Info

Subject/Index Terms

Filing Info

  • Accession Number: 00986926
  • Record Type: Publication
  • Source Agency: UC Berkeley Transportation Library
  • Files: BTRIS, TRIS
  • Created Date: Mar 2 2005 12:00AM