The NOAB believes the ageing infrastructure limits the existing terminal's ability to generate enough revenue from parking and retail activity, leaving the airport with a high-cost, low-revenue model which inevitably means airlines, and ultimately passengers, pay more for their services.
The NOAB is keen to emphasise that the City of New Orleans will not be funding any part of the new terminal project.
Nolan Rollins, Chairman of the NOAB added: "For decades, the Aviation Board has studied the possibility of building a world class airport.
Midrange Revenue Risk Profile: NOAB is not exposed to material air service competition.
Strong GARB Financial Metrics: NOAB maintains a very strong balance sheet, now with over 780 days cash on hand and very low leverage of 1.
SRAA was created with privatization of the airport in mind, and NOAB has since withdrawn its privatization application from the Federal Aviation Administration.
In October 2010, the NOAB
notified the Federal Aviation Administration (FAA) of its withdrawal from the airport privatization pilot program after the airport's preliminary application had been approved in September of 2009.
Bond Trustee/Paying Agent & Custody Services In order to secure the payment of the principal of and interest on all Bonds and Subordinate Obligations of the NOAB
and to insure the performance of terms, conditions, stipulation, covenants and agreements under its Master Indentures and Supplemental Trust Indentures and any future a indentures, the NOAB
is seeking trust and paying agent services to provide services, including but not limited to the following: (a) Establish and maintain all funds and accounts and apply bond proceeds and pledged revenues as required by each Master Indenture, Supplemental Trust Indenture and any future indentures.
Preparation of any local legislation and local government coordination necessary for implementation of any recommendations approved by NOAB.
Offer input on how to align our jobs and human capital with the future plans of the NOAB.