The New Orleans Aviation Board (NOAB) has approved the sale of $53.7 million in PFC bond financing to support an ongoing terminal modernization effort at Louis Armstrong New Orleans International.
The NOAB priced its $53,640,000 Gulf Opportunity Zone PFC Bonds Series 2010 A (Non-AMT) and Series 2010 B (Non-AMT) through Melvin Securities and Morgan Keegan & Company. The proceeds of the bonds will be used for Phase II Concourse D extension, interior and exterior terminal improvements and an in-line baggage system to automate and upgrade outbound bag screening. The improvements are part of a $417 million capital improvement program to modernize Armstrong International.
Construction of the Concourse D extension and interior and exterior improvements began this Spring and are expected to be completed by late Summer 2011, airport officials said.