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Package to Fund Airport Remodels
Package to Fund Anchorage, Fairbanks Airport Remodels


March 29, 2005

Alaska Governor Frank H. Murkowski announced in Anchorage today plans to introduce a bill authorizing the sale of up to $288 million in new international airport revenue bonds. The bonds will fund terminal remodels at the Anchorage and Fairbanks International Airports as well as provide state matching dollars for federal airport improvement projects and fund other smaller capital improvement projects.

"Our international airports are economic engines for our communities and for our state," said Murkowski. "This bond package will enhance the competitiveness and the safety of our airports, allowing them to capture new passenger and cargo traffic."

Annual debt service on the revenue bonds will be paid for primarily through airline rates and fees.

At the Ted Stevens Anchorage International Airport, the bond package includes $91 million for a seismic retrofit of the A and B concourses of the South Terminal. The fix ensures that the rest of the terminal meets current health and safety standards and will assist with business development.

"Right now there is a marked difference between the old and the new terminal," said Anchorage Airport Director Morton V. Plumb Jr. "Bringing parity to the structure ensures all airlines are treated equally. That's good for the airport and good for Anchorage."

In addition to the Concourse A and B remodels, bonds will provide funding in Anchorage for the federally required match for airfield projects and equipment.

In Fairbanks, $86.8 million in bond proceeds will upgrade and replace terminal facilities to accommodate future growth in passenger numbers and address seismic and code issues. Bond proceeds will also provide for the state share of primary runway reconstruction and replacement of airport equipment.

"This is good for the future of Fairbanks," said Fairbanks Airport Director Jesse VanderZanden. "It not only brings aging facilities up to par, but it positions us well for long-term aviation demand."


Source of News:

Office of the Governor
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