Sea-Tac ConRAC—Back on Track?
Plans to build the $412 million rental car project at Sea-Tac Airport may begin this year, after the project was suspended in December due to frozen bond markets.
Plans to build the $412 million rental car project at Sea-Tac Airport may begin this year, after the project was suspended in December due to frozen bond markets.
The 2.1 million-square-foot rental car structure, which will be a 10-15 minute drive from the airport, will house 10 of the airport’s largest rental companies, and will free up 3,200 parking spaces at Sea-Tac’s parking garage.
The Port of Seattle staff told its board of commissioners to take advantage of short-term bank lines of credit worth $200 million, long-term, fixed-rate bonds worth $200 million to $400 million and an option of issuing non-alternative minimum tax bonds for up to $100 million to restart the project.
In order to pay back on the bonds, the port plans to charge travelers who rent cars with a customer facility fee with prices projected to total $6.50 to $7.25 per day of rental car use.
The staff will ask the commission to approve the bonds in April or May for a June sale. If approved, the project could restart by July.
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