The New Orleans City Council passed a resolution Thursday authorizing the New Orleans Aviation Board to sell up to $700 million in bonds that will help pay for the North Passenger Terminal and related facilities at Louis Armstrong New Orleans International (MSY).
The bonds are to be repaid via funds generated by the airport.
The funds will be put to use as part of the redevelopment of MSY, which includes the planned construction of a new $650 million, 30-gate terminal with three concourses, a parking garage and a privately financed hotel on the north side of the airport’s runway, according to airport documents and media reports.
“The issuance of these bonds, which will be paid over time with airport revenues and not by taxpayers, is critical to the continued progress and eventual completion of necessary improvements at Louis Armstrong International Airport,” says Councilman Jared Brossett, according to a summary of the meeting posted on the city council’s website. “We are confident that these funds will contribute to the development of an efficient, accessible and pleasant airport experience for locals and visitors alike.”
