|Project Borrower / Sponsor||
City of Chicago/Chicago Department of Aviation
The project is a component of the O'Hare Modernization Program, and includes the relocation and consolidation of rental care operations and public parking into a multi-use facility at O'Hare International Airport. As part of the overall project, the existing Airport Transit System (ATS), a 24-hour rail system that serves terminals and parking structures, is being extended to serve the new facility and a new ATS station connected to the consolidated rental car facility (CONRAC) is being constructed. In addition, a new bus plaza accommodating bus services, off-airport hotel, and other commercial shuttles will directly connect with the CONRAC. Excess land surrounding the facility will be used for new commercial development.
The new facility is located on the site of a current surface parking lot located at Mannheim and Zemke Streets in the northeastern quadrant of the airport. The CONRAC will provide approximately 4,200 rental car parking spaces on levels one through three of the structure. A customer lobby will be located on level four, adjacent to the ATS station. The project will also replace approximately 3,000 uncovered parking spaces with 2,000 covered spaces dispersed over two levels of the facility with design options to allow for further expansion of the public parking. These new parking spaces will have direct access to the ATS and existing Metra Rail stop. The connection to Metra Rail will allow those riders to access terminals via the ATS as well as the Blue Line to downtown Chicago.
The CONRAC is expected to improve congestion in the area by limiting the need for rental car company shuttle buses, consolidating surface parking spaces, and providing direct access to the ATS. The project will also increase commercial development opportunities through the development of excess parking surrounding the facility.
Total eligible project costs - $876 million
General Airport Revenue Bonds - $95.6 million
Customer Facility Charge (CFC) Senior Lien Revenue Bonds - $250.5 million
Airport Development Funds - $62.4 million
CFC Revenues - $141.7 million
Passenger Facility Charge Revenues - $37.7 million
TIFIA Loan - $288.1 million
|Project Delivery / Contract Method||
Construction Manager/General Contractor (CM/GC)
Austin Power Partners (joint venture) - CM at Risk (CONRAC)
Parsons (ATS Extension)
|Project Advisors / Consultants||
Architect - Ross Barney Architects
To the Borrower
To USDOT TIFIA JPO
Bondholders, USDOT TIFIA
|Duration / Status||
CONRAC CM at Risk Contract awarded June 2013. Construction began May 2015. Anticipated project completion in late 2018.
|TIFIA Credit Assistance||
Direct Loan - $288.1 million
The CFC Senior Lien Bonds and the TIFIA Loan are secured by a gross pledge of revenues from the: 1) CFC fees collected from rental car customers (currently set at $8.00 per transaction day) and 2) the Facility Rents to be paid by the rental car companies for use of the facility. The TIFIA Loan is a subordinate bond under the CFC Trust Indenture.
Interest payments begin in 2017 and the final maturity of the TIFIA loan is 2035.
|Financial Status / Financial Performance||
The TIFIA Credit Agreement was executed on August 21, 2013.
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