Monroe County Administrator Roman Gastesi and Director of Airports Richard Strickland reported Wednesday that the County successfully sold $41.34 million of Airport revenue bonds to finance a portion of the Key West International Airport Concourse A project.
The Airport revenue bonds are project-specific and are not funded by taxpayers. The guarantee of repayment is solely from revenues generated by a specified revenue-generating entity associated with the purpose of the bonds. For the Concourse A revenue bonds, payment of principal and interest (debt service) on the bonds will be paid with the Airport’s Passenger Facility Charge revenues and general Airport revenues.
Gastesi and Strickland said the Airport achieved strong results, with a borrowing cost of 4.99% for the 30-year Series 2022 Bonds.
“We are now even closer to building an amazing new Airport concourse that will improve services for our visitors and residents,” Strickland said.
The Board of County Commissioners unanimously approved the 48,000 square feet second-level Concourse A project that will include several elements to improve the level of service for passengers and tenants. Upgrades include:
Construction on the project is set to begin this month.
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