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LaGuardia Overhaul Nails Down Funding, Work To Start Next Week

New York

Gov Andrew Cuomo announced yesterday that work is set to start as soon as next week on the $4.2B revamp of LaGuardia Airport.

The new Terminal B has also started its 35-year lease from the Port Authority of NY & NJ, the governor said. A consortium being called LaGuardia Gateway Partners is taking on the task of rebuilding the beleaguered airport.

It’s made up of six developers/builders including Skanska, Meridiam Infrastructure and Vantage Airport Group.

The consortium is injecting about $200M in private equity into the project, reports Commercial Observer, and the Port Authority will also throw in what it estimates to be about $1B it will collect through a new tax built into airline ticket fees that’s been approved by the FAA.

The consortium closed Wednesday on the issuance of $2.5B in tax-exempt bonds to help fund the project—one of the most ambitious to be undertaken in the city in more than a generation. [CO]