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Sources and Uses of Funds
In December 2005, the Orange County Board of Supervisors selected a preferred financing program for the Airport Improvement Program – a major component of John Wayne Airport’s overall Capital Improvement Program (CIP). Improvements include construction of a South Remain-Over-Night (RON) commercial aircraft parking area, Terminal C including improvements to Terminals A and B, Parking Structure C, a Central Utility Plant and a variety of projects to support the safe and efficient operation of the Airport.
Sources of Funds
JWA is funding the CIP in the most cost-effective manner and without using tax dollars. A variety of funding sources are being used, including:
- Airport Revenues – JWA revenues are a significant source of funding for the overall CIP.
- Federal Aviation Administration (FAA) Grants –JWA can receive reimbursement of up to 80 percent of the cost of eligible capital projects in Airport Improvement Program (AIP) grants from the FAA.
- General Airport Revenue Bonds (GARBs) –The bonds are payable from, and are secured by a pledge of, the net Airport revenues and PFC revenues.
- Subordinate Debt – This short-term financing mechanism could supplement the County’s long term debt financing program, if needed.
- Passenger Facility Charge (PFC) Revenues – The PFC, created by Congress in 1990, is intended to assist airports in funding major infrastructure development. The fee generates $4.50 per enplaned passenger for a defined collection period.
- Other – These funds are from Caltrans for seismic retrofit projects and from JWA Air Carriers for the hydrant fueling system.
Internal (JWA) revenue |
187.7 |
|---|---|
FAA Grants |
33.1 |
GARBs |
209.3 |
Subordinate Debt |
43.7 |
PFC |
49.8 |
Other |
19.5 |
Total CIP: |
$543.1 |
Following are the projects included in the Capital Improvement Program and the most current cost estimates for each project.
Terminal (1) |
211.5 |
|---|---|
Parking Structure C (Phase 1) |
49.3 |
Parking Structure C (Phase 2) |
43.7 |
Central Utility Plant |
30.7 |
Completed Projects (2) |
60.8 |
Other Airport Projects (3) |
83.2 |
Professional Services (4) |
48.7 |
Contingency (5) |
15.2 |
Total CIP: |
$543.1 |
(1) The Terminal project budget include construction of Terminal C with six new gates and passenger boarding bridges, permanent north and south commuter/regional terminals, a Common Use Passenger Processing System, a new baggage handling system for all three terminals and other upgrades to Terminals A and B.
(2) Completed Projects includes the new South Remain Over Night (RON) commercial aircraft parking area, relocation and construction of a new trash dock and related facilities, deconstruction of Parking Structure B1, resurfacing of the main runway and other projects.
(3) Other Airport Projects includes a new JWA Maintenance Building, an added right turn from Campus Drive to Bristol Street, a new Parking Revenue and Control Systems (PARCS), tenant improvements and more.
(4) Professional Services include project and construction management and testing and inspection services.
(5) Contingency funds are set aside for unanticipated costs and also reflect savings from other projects.
The Airport Improvement Program includes construction of a new South Remain-Over-Night (RON) aircraft parking area, a new multi-level Terminal C with six new commercial passenger gates, new security checkpoints, new commuter facilities as well as new Parking Structure C and a Central Utility Plant.
Last updated: November 2011