March 19, 2019

Airport Authority IDs funding source for $210M ground transportation project

HBJ File Photo
HBJ File Photo
Bradley International Aiport.

Bradley International Airport has identified a funding source for its long-planned $210 million ground transportation project.

The Connecticut Airport Authority plans to use revenue bonds to finance the project, which will include a new consolidated rental car and ground transportation facility with 830 parking spaces. The project will put all rental car companies in one space on-site and eliminate shuttling to rental sites.

The revenue bonds will be repaid by customer facility charges, which will apply to customers who rent cars at the new facility, according to Fitch Ratings, which recently reviewed the Airport Authority's financing scheme.

The Airport Authority recently increased the customer facility charges in February to $8.40 per transaction day, which follows earlier upward rate adjustments over the past few years, Fitch said.

Although passenger traffic is on the rise at Bradley, the amount of car rental transactions have remained steady since 2012, Fitch said.

This story has been updated

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