master plan briefing for the board of county commissioners€¦ · master plan phase 1 concept...

June 6, 2019

PRELIMINARY DRAFT FOR DISCUSSION PURPOSES ONLY

Master Plan Briefing for the Board of County Commissioners

Fort Lauderdale-Hollywood International

FLL Master Plan Phase 1 Implementation Sequencing

Status Update of Terminal Modernization and Short-term Improvements

Master Plan Phase 1 Concept Overview

Other Non-Terminal Area Projects

2

Economic Impact (2019 Analysis)

Current Capital Improvement Plan (ACIP) and Financial Baseline


Next Steps and Final Approvals

Status Update of Terminal Modernization and Short-term Improvements

3

Status Review of Terminal Modernization

4

Complete$376 millionT1

Substantial completion 3Q2021$278 million1,2/T2

Substantial completion: 3Q2021$305 million3/T3

Substantial completion: 2Q2020$688 million

T4

Under Construction

Terminal Modernization Program

Terminal connectors & bump-outs substantial completion: 4Q2021

Terminal Connectors & Bump-outs

Notes:

1/ Terminal 2 costs include part of the future terminal connectors and previously completed projects.

2/ Terminal 2 costs are being refined and updated which may result in an increase in project costs due to scope and other changes

3/ Terminal 3 costs include part of the future terminal connectors and previously completed projects.

Status Review of Short-term Improvements & Safety Related Projects

Wayfinding signage substantial completion: 1Q2020

Exit roadway and valet routing substantial completion: 2Q2021

Pedestrian signalization crosswalks substantial completion: 3Q2019

Rehab of North Runway including Phase 1 Taxiway: substantial completion: 3Q2019

Remaining north airfield taxiway substantial completion: 1Q2020

Short-Term Improvements

5

Garages RoadwaysCrosswalks

FLL Master Plan Phase 1 Implementation Sequencing

6

7

Placeholder for Updated Video

Master Plan Phase 1 Concept Overview (Previously referenced as Concept 6)

8

Recommended Master Plan Development Overview & Phasing

9

AIRSIDE


Overnight Aircraft Parking

5-Gate Remote Terminal

Terminal Expansion Dependencies and Code Compliance

Utility Improvements

Terminal 4 Expansion

Crossfield Taxiway

Airfield Improvements

Airside Projects Total$1.9 Billion

Palm Garage RedevelopmentAPM Circulator

Intermodal Center (Phase 1) Airfield Access Gate

Supplemental Curb (Includes Palm demolition)

Central Utility Plant

Commercial Center – Phase 1 (Includes hotel)

Recommended Master Plan Development Overview & Phasing

10

LANDSIDE


Landside Projects Total$1.4 Billion

Other Non-Terminal Area Projects

11

2

NORTHEAST QUADRANT


1

3

3 2

1

AIRFIELD SECURITY ACCESS GATE RELOCATION & ENHANCEMENT

(GATE 100)

4

BELLY CARGO FACILITY EXPANSION3

CENTRALIZED RECEIVING AND DISTRIBUTION FACILITY (CONSUMABLE GOODS)

2FUEL FARM EXPANSION

1

4

4

WESTSIDE DEVELOPMENT AREA


2

1

3

3

2

1

DEMAND DRIVEN AERONAUTICAL DEVELOPMENT PARCEL

4U.S. CUSTOMS & BORDER PATROL

(GENERAL AVIATION FACILITY)

3PUBLIC SAFETY BUILDING

2

AIRCRAFT RESCUE AND FIREFIGHTING (ARFF)

14

4


Landside/Ground Transportation Support Functions

Other Cargo Development and Airline/Airport Support Development Opportunities

Non-Aeronautical Development Opportunities

Potential Acquisition Parcel for Airline/Airport or Non-Aeronautical DevelopmentRetention Parcels

Current Capital Improvement Plan (ACIP) and Financial Analyses

15

2019-2023 Airport Capital Improvement Program (ACIP) Plus Recommended Phase 1 Master Plan Development Projects

16

Current Airport Capital Program1/


Phase 1 Master Plan Development Program

CASH EXISTING DEBT NEW DEBTPassenger

Facility Charges (PFCs)

Federal Aviation Administration (FAA)

Florida Department of Transportation

(FDOT)

Tenant or 3RD PARTY

1% 11% 71% 4% 5% 4% 4%

$1.5B $3.6B $5.1B

Total Airport Capital Improvement Plan

NOTES:1/ FLL’s current capital program assumes $519 in future bond issuances (new debt) to cover current and planned capital projects. The remaining project costs are funded by a variety of sources including but not limited to existing bonds, passenger facility charges (PFCs), federal and state grants and 3rd party investments.2/ The preliminary funding breakdown represents a series of conservative planning assumptions. Actual breakdowns subject to change based upon availability of funds and other funding mechanisms that BCAD may be able to utilize as part of the capital funding plan.

TABLE 1 – Recommended Phase 1 Master Plan Development - Preliminary Funding Breakdown2/

Cost Per Enplanement (CPE)

17

Cost Per Enplanement Metric – Broadly Defined

CPEs are difficult to compare between airports due to differences including:

• What is operated/provided by the airport operator

• What is included in the airline rate base

• What the airlines operate and pay for directly

• O&M Expenses

• O&M Reserve Requirement

• Debt Service

• Debt Service CoverageRequirement

• Fund Deposits

• Parking and Rental Car

• Ground/Building Rent

• General Aviation

• Terminal Concessions

• Commercial Property Revenue

• Landing Fees

• Terminal Rent

• FIS Fees

• Per Use Fees

• Remote Parking Fees

Expenses Non-Airline RevenueAirline Requirement

Airline Requirement

Enplaned Passengers


18

Summary of Demand Relative to Gate CapacityMillion Annual Enplanements (MAEP) Growth Projections

ENPL

ANEM

ENTS

15

17

19

21

23

25

MAEP

MAEP

181

MAEP

19 MAEP

21 MAEP

23.5 MAEP

66 Gates 71 Gates 77 GatesGATE CAPACITY

64 Gates

5-Gate Remote Terminal Opens

Phase 1 MPU Terminal Expansion

Opens2

NOTES:1/ BCAD reported actual enplanements as 18,008,451 for calendar year 20182/ Includes making G13 and G14 international capable and relocates 5 existing gates on the southside of Concourse F to the new Concourse G, converting them to international/domestic swing gates3/ See Appendix C for the preliminary gate realignment plan for G13 and G14 during construction of Phase 1 Terminal buildout


71 Gates77 Gates

Maximum Gate Utilization

Comparison of CPE Projections (2018 Dollars)

19PRELIMINARY DRAFT FOR DISCUSSION PURPOSES ONLY

$25.00

$20.00

$15.00

$10.00

$5.00

$0.002019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034

Fiscal Years

ACIP and MPU Phase 1, activity grows up to 23.5 million annual enplanements

ACIP only, activity caps at 19 million annual enplanements

$8.99

$13.52$14.70

$13.15

$8.96 $9.18$6.92 $7.18

2018 Dollars

4. Adjustment to 2018 dollars assumes 2.5% deflator. Doesn’t include adjustment for project or operating costs with inflation factor greater than 2.5%. 5. Net of PFCs and CFCs.6. Million Annual Enplanements (MAEP) derived by assuming a per gate enplanement capacity increase for the 66, 71 and 77 gate buildout.7. ACIP annual enplanements capped at 19 million beginning in 2021, which equates to 38 million annual passengers (MAP). 8. ACIP & MPU Phase I annual enplanements capped at 19 MAEP beginning in 2021, at 21 MAEP beginning in 2026, and 23.5 million beginning in 2033, which equates to 47 MAP.

NOTES:1. ACIP layer includes projects included in ACIP and land acquisition for facility support2. Projects are subject to change due to changes in project delivery dates.3. Commercial Center (Retail), Bus Lot Staging & Maintenance, Fuel Farm Expansion, & Belly Cargo Facility Expansion projects ($204M) are assumed to be funded separately (third party).

20

Existing Debt Service

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

($ in

000

s)

Debt Service

Orlando

Chicago O’Hare

Los Angeles

Fort Lauderdale

La Guardia

Tampa

Dallas-Fort Worth

Miami

Sources:1/ Miami: Preliminary Official Statement dated April 29, 2019 (series 2019A and B)2/ Tampa: Official Statement dated October 23, 2017 (series 2018E,F and A (PFC))3/ Orlando: Official Statement dated August 20, 2017 (series 2017A)4/ Fort Lauderdale: Broward County Aviation Department; Ricondo5/ Chicago O'Hare: Official Statement dated December 4, 2018 (series 2018A, B and C) 6/ LaGuardia: Official Statement dated May 2016 (series 2016A and B) 7/Los Angeles: Official Statement dated February 27, 2019 (Subordinate bonds series 2019A, B and C) 8/ Dallas Forth Worth: Dallas Fort Worth Continuing Disclosure Statements FY Ended Septemner 30, 2018

21

Recently Announced Additional Capital Programs

Sources:1/ Dallas News, https://www.dallasnews.com/business/dfw-airport/2019/05/20/american-airlines-dfw-airport-strike-deal-build-new-3billion-terminal (accessed May 28, 2019).2/ Miami Today, https://www.miamitodaynews.com/2019/05/28/miami-international-airport-due-billions-in-upgrades/ (accessed May 28, 2019).3/ Travel Age West, https://www.travelagewest.com/Travel/USA-Canada/Inside-Los-Angeles-International-Airport-s-14-Billion-Updates (accessed May 28, 2019).4/ BizJournals, https://www.bizjournals.com/orlando/news/2018/05/17/oia-board-oks-4-27-billion-capital-improvement.html (accessed May 28, 2019).5/ Construction Dive, https://www.constructiondive.com/news/construction-progresses-on-8b-laguardia-airport-expansion/528546/ (accessed May 28, 2019).6/ Reuters, https://www.reuters.com/article/us-chicago-airport/chicago-ohare-8-5-billion-expansion-plan-approved-by-city-council-idUSKBN1H43EZ (accessed May 28, 2019).

22

MAJOR COMPONENTS

Airport Code Timeframe Cost (Billions) Terminal Airside Landside Cargo APM CONRAC

Los Angeles LAX Through 2024 $11.9 • • • • •Chicago O'Hare ORD 2018-2028 $11.0 • • • • • •LaGuardia LGA 2016-2026 $9.1 • • •Atlanta ATL 2016-2034 $8.5 • • • •San Francisco SFO Through 2026 $7.3 • •Orlando MCO 2016-2025 $4.3 • • •Salt Lake City SLT 2014-2025 $3.6 • • • •Denver DEN 2018-2022 $3.5 • •Dallas Fort Worth DFW 10 years $3.4 • •Newark EWR 2017-2020 $3.0 •Seattle SEA 2017-2022 $3.0 • •Tampa TPA 2018-2028 $1.9 1/ • • • • • •Miami MIA 2015-2023 $1.5 2/ •Average $5.5

Large Airport Hubs – Capital Programs Comparison

Notes:1/ Excludes Phase 3 of the Master Plan Program, estimated at $798 million.2/ MIA’s capital program has been revised and was presented to the Board of County Commissioner’s (BOCC) Tourism and Ports Committee on May 15, 2019. The revised CIP was presented as a $4 - $5 billion program spanning from FY2020 through FY2035. Sources: Various bond offering documents, capital plan documents, and ratings agency press releases. See Table 2 for detail.

Economic Impact (2019 Analysis)

23

24

FLL Economic Impact (FY 2018)

Jobs Economic Activity

Airport Related$5.4 Billion

Visitor Industry$9.3 Billion 1/

Subtotal: $14.7 Billion

$22.8 Billion

$37.5 Billion

Airport Related30,986

Visitor Industry103,868 1/

Subtotal: 134,854

120,532

255,386

FLL Economic Impacts

Related Users 2/

Total

SOURCE: FLL Economic Impact Analysis, Martin Associates, February 2019NOTES:1/ Visitor Industry impacts are measured for Broward County only.2/ Related users are direct producers and consumers of air freight, as well as jobs with industry sectors in the state economy that also supply the direct manufacturers and consumers of air freight. Related user jobs are not directly dependent on FLL, as they can and do use other airports for the shipment of air freight.


Next Steps and Final Approvals

25

26

Public Workshop and Final Policy Advisory & Technical Advisory Committees

Airport Layout Plan (ALP) Submittal to FAA/FDOT

Key Upcoming Milestones


master plan briefing for the board of county commissioners€¦ · master plan phase 1 concept...

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