Detroit Metropolitan Wayne County (DTW) is set to close next week on a $107 million bond issue that will be used to perform several infrastructure projects across the airport.
Terry Teifer, DTW’s chief financial officer, says the airport needs to reconstruct its six runways every few years. Some of the funds will be put toward airfield and taxiway projects; other funds are earmarked for utility upgrades, power distribution facilities, road replacements and demolition of buildings aimed at opening space for future development.
“A lot of it is nuts and bolts stuff,” he says.
There was a lot of demand for the bonds, Teifer says, adding that although the region is going through a long recovery, the airport itself has a solid reputation with strong business from hub airline Delta Air Lines and new business coming from recent or coming entrants such as Alaska Airlines and JetBlue Airways.
As part of the efforts to build demand for the bonds, DTW officials spent time on the road meeting with people to tell the airport’s story. That story, he adds, includes not just the relationship with Delta but also two relatively new terminals – McNamara, which is about a dozen years old, and North, which is about a half-dozen years old – that are in good, efficient shape.
“We had a lot of demand, which tells us we did a good job,” he says. “If the market doesn’t perceive you well, you end up paying more. We’re pleased.”
