Aug. 09--Two bonds were approved Thursday by the Tulsa Airports Improvement Trust board for two large renovation projects at Tulsa International Airport.
The board approved a $42.5 million bond issuance for the renovation of Concourse A, which includes temporary relocation of gates and construction associated with the larger project.
A $35 million bond was approved separately for proposed future renovations to the rental car facility on site.
Plans for the rental car return facility have not been finalized, but they have been narrowed to either adding a new garage near the parking garage or adding a level to the existing garage.
"This is a project we've been talking about and we think we're far enough along to ask for approval," said Jeff Mulder, director of airports. "We are just bursting at the seams with our space, and our car rental activity is very strong."
Following the recession in 2008 and 2009, the rental car sector was the quickest and strongest to recover, Mulder said.
Final plans for the rental car and parking facility are expected at a later date. Construction would begin in late 2014 at the current pace, Mulder said.
Construction associated with moving gates at Concourse A is expected to begin next month, with renovation of the concourse expected to start early next year. The project is scheduled to take about 18 months to complete.
The construction estimate for the concourse renovation is just less than $30 million, with the additional cost going to service the bond and other costs associated with the renovation.
The airport opened the redesigned Concourse B in the spring of 2012, with open spaces, skylights and charging stations for electronic devices. The other concourse doesn't have those amenities, which some of the airlines say put them at a disadvantage, Mulder said.
When the board expressed some concern about selling more bonds while bonds are outstanding for the Concourse B renovations, Mulder said the airlines were part of the push for the project.
"They wanted to move forward and were willing to pay a little more," Mulder said.
In the results of a survey of Tulsa International customers, 94.6 percent of those asked said Concourse B was a "modern facility."
About 82 percent said the same thing about Concourse A.
Carl Remus, deputy director of administration and finance, said the airlines have agreed to have their rents raised if necessary after the project is complete.
With a favorable bond market right now, Remus said it is a good time to issue the bonds, even though the final plans for the rental car and parking facility haven't been finalized.
Delta Air Lines and American Airlines operate out of Concourse A.
During the renovations, Delta will be moved to Concourse B while American will switch between the north side and the south side as needed.
During the renovation, the new Concourse B will serve about 75 of all passenger traffic coming through the airport.
Jerry Wofford 918-581-8310
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