b'14 EYWTERMINALSThis could not have been the successful project that it wasBuilding With Bondswithout the overall team of McFarland Johnson, Mead & HuntThe financial side of the project was as complex as the and the NV2A/Gulf/Keystar joint venture team. construction, with a grant-focused funding strategy that minimized Dubbe refers to Mafera as the great ringleader for keepingdebt and used no tax dollars. The airport secured nearly $40 million the entire project coordinated. Hes really great at managing thein Florida Department of Transportation (FDOT) state grants and total process, so it allowed me to lean into design while he kept$39 million in federal grants (Bipartisan Infrastructure Law, COVID-all these spinning plates up in the air. relief and Airport Improvement Program). It is also using $2.7 million Mafera laughs at the reference to spinning plates, saying Itin pay-as-you-go passenger facility charge funds. Together, those was sometimes a bit of a circus.sources will pay for about 70% of the total projected costs. The remaining portion is being funded with about $34 million of bond On a more serious note, he highlights the effectiveness ofproceeds, but $41.34 million of bonds were issued to also cover eliminating I win, you lose scenarios from the very beginning.required reserves, interest costs during construction and issuance Sometimes you concede, sometimes they do. But in the end,costs. the goal is an excellent product for the flying public of MonroeKen Cushine, principal with Frasca & Associates, served as County, says Mafera. He also credits the NV2A/Gulf/KeystarMonroe Countys financial advisor for issuing the Series 2022 joint venture team with looking ahead to anticipate constructionAirport Revenue Bonds. He explains that the bonds, which were challenges and proactively develop solutions. issued as 30-year debt, achieved a true interest cost of 4.99%Mafera identifies clear contracts as another key to smootha strong result, especially since rates rose significantly after the project flow. Its critical that theyre very straightforward in termsAugust 2022 pricing. Fitch Ratings assigned an A- rating, citing of expectations, he says. If everybody is on the same page,EYWs passenger growth, airline diversity, strong management and we spend the time to think through the total constructionand conservative financing.processnot just the act of building it, but how it impactsThe airport plans to use $2.6 million in passenger facility operations and how it impacts cash flowthat makes it muchcharge revenues per year to help repay the bonds, and has easier when were in the midst of it and trying to work through allset aside two years of passenger facility charge reserves to the challenges together. safeguard against downturns. The key to this type of funding, Cushine notes, is to start financial analyses early in the project definition and planning process to identify and evaluate all possible funding sources. While airports are well accepted issuers in the bond market, debt should be the last option after all other funding sources are evaluated and utilized. Watching the bonds get sold in New York was a particularly memorable experience for Strickland. As an airport director, that was something very special, he remarks. Looking Ahead Although the new Concourse A is open for business, theres still plenty of work still in process. Phase 2 of the project, scheduled for completion by the end of 2026, includes a four-lane TSA checkpoint; a larger, updated baggage claim area; new rental car counters; improved access per ADA guidelines; a new pedestrianMetalWorks RH\x11\x10\x0f Plank and Faceted Custom Systems bridge; and additional concessions options. Airport administrationBWI Concourse A Expansion, Baltimore, MD The Sheward Partnership, LLCand sheriff offices will also be relocated.Mafera predicts that passengers will appreciate the new security checkpoint and baggage claim area the most. Because baggage claim has historically been a challenge at EYW, the new system is designed to double the current handling capacity, with faster processing to reduce wait times. And, since TSA checkpoints are often a source of stress for passengers, projectWhen the journeyMake every trip a memorable experience designers are focused on making that a smoother and morewith ceilings thatoat, curve, and soar. We seamless experience. In the airports ongoing celebration of its unique island vibe,becomes theo\x03fer the largest por\x01folio in the industry for every space from baggage check to the pedestrian bridge will feature LED lighting and displays thatbaggage claim. See how the right ceiling showcase the Florida Keys.destination can help the journey become the destination at armstrongceilings.com/transportationJuly | August 2025AirportImprovement.com'