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Briefing for:
Ad Hoc Airport Regional Policy Committee – Meeting 13January 22, 2009
Briefing for:
Ad Hoc Airport Regional Policy Committee – Meeting 13January 22, 2009
San Diego County Regional Airport AuthorityCity of San Diego San Diego Association of GovernmentsPort of San DiegoCounty of San DiegoMetropolitan Transit SystemNorth County Transit DistrictUnited States Department of Defense
2
About this Document
n This presentation has been prepared in advance of a meeting of the Ad Hoc Airport Regional Policy Committee.
n Minor changes to the information contained herein may be made prior to the meeting.
n This document contains concepts and analyses for consideration and discussion which will be used as context during the meeting. No decision regarding the implementation of these concepts has been made.
3
Agenda
� Destination Lindbergh parking
� Preliminary financial analysis
� Preliminary summary report
� Conclusions and next steps
4
Today’s Meeting Objectives
n Review parking requirements and plans
n Review preliminary financial analysis
5
�
Destination Lindbergh Parking
n Parking products and requirements
n Parking phasing
6
Recommended Development Plan
Passenger Terminal Public Parking Garage
Public Parking Garage
High-Speed Rail Station and HSR/Transit Parking
Consolidated Rental Car Facility
Automated People Mover
Passenger Walkway
Note: Some projects (such as the CONRAC) may be able to be accelerated due to the availability of previous planning.
7
Airport Parking Products
Four major types of parking
n Close-in parking• Highly convenient• More expensive• Nearest passenger terminal• Serves “hourly” (meeter / greeter) and “daily” (park for duration of trip) demand
n Remote parking• Less convenient• Less expensive• Typically further from terminal, often requires shuttle service• May be provided by private operators
n Rental car parking• Ready/Return
• Can be close-in or remote• Must be near to service centers (fuel / wash)
• Storage – must be within reasonable distance of Ready/Return
n Employee parking
� Destination Lindbergh Parking
8
Airport Parking Demand
n Local (resident) airline passenger growth is primary driver of demand
n Strategies to meet parking demand• Increase supply – additional capacity must meet specific type of
demand (meeter / greeter versus park for duration of trip)
• Encourage use of other modes
• Increase parking rates• Some patrons may choose less-expensive parking facilities (including off-
airport)• Some patrons may choose different access mode (e.g., pickup/drop-off,
taxicab)
� Destination Lindbergh Parking
9
Airport Parking Demand
n Providing fewer spaces than demand “requires” can result in• Increased reliance on commercial vehicles (especially taxicabs
and limousines) and increased curbside congestion as more passengers opt to be dropped off or picked up
• Increased use of off-airport parking facilities and associated shuttles
• Decreased revenue for airport to fund airport improvements
• Increased circulation in lots and increased greenhouse gas emissions
� Destination Lindbergh Parking
10
Parking Requirements Methodology
n Goals • Meet Airport customer needs and requirements• Identify and protect land for future development• Prior to implementing long-term plans, requirements will be reviewed and adjusted to
reflect changes in the parking environment, including:• Passenger activity• Passenger behavior and mode choice• Off-Airport parking supply• Economic factors
n Methodology• Based on July activity (peak month, average day)• Inputs
• Transactions• Durations• Facility occupancies• Circulation factor
• Requirements will increase at same rate as local originating passengers
n Typically, future mode changes will have minimal impact on peak period parking requirements
� Destination Lindbergh Parking
11
Parking Requirements
30.960026.44,10024.43,800NorthRental cars (ready / return)
Varies
48.06,00048.06,00048.06,000Private parking operators
48.2
4.8
29.4
30.9
--
66.6
18.0
Acres
6,000
600
6,400
3,850
--
8,300
--
2,250
Spaces
14 million
2030 (approximate)
PAL2
--
3.2
25.3
--
15.8
30.5
23.4
7.8
5.9
Acres
--
400
5,500
--
1,950
3,800
2,900
950
750
Spaces
11 million
2020 (approximate)
PAL1
--
0.8
23.0
--
14.4
49.0
--
12.4
--
Acres
--
100
5,000
--
1,800
6,100
--
1,550
--
Spaces
10 million
ITC OPENING DAY
Rental cars (storage)
NorthHigh Speed Rail
North
South (or other location)
North
South
North
South
North
Remote
Daily (close-in)
YEAR
TYPE / LOCATION OF PARKING FACILITIES
Transit User Parking
Hourly (close-in)
Annual enplaned passengers
� Destination Lindbergh Parking
12
Parking Locations
North
North & South
South
Close-in parking
Location
SouthPAL 2
(2030 and beyond)
North & SouthPAL 1
(2020-2030)
NorthToday and Opening Day
(through 2020)
Remoteparking
Location/Size of Parking Facilities
Terminal AreaTerminal Area
Close-inClose-in
RemoteRemote
Terminal North Ph 2
Terminal North Ph 2
Close-inClose-in
RemoteRemote
Gates SouthGates South
Runway
Runway
Terminal 2Terminal 2
New Terminal North
New Terminal North
Close-in
Close-in
Close-in
Close-in
RemoteRemote
New Gates SouthNew Gates South
Runway RemoteRemote
Note: Additional parking analysis to be conducted during the detailed planning phase.
� Destination Lindbergh Parking
1313
Preliminary Financial Analysisn Destination Lindbergh costsn Funding sourcesn Operating and maintenance expensesn Operating revenuesn Conclusion
�
1414
Capital Development Costs
n The entire project at ultimate buildout is estimated to cost approximately $5.2 billion to $12.4 billion, in escalated dollars
n The inflation range assumed is 2% to 8% annually
n The primary focus of the analysis is Phase 1 (Opening Day) –improvements through 2015
Low Estimate(2% Escalation)
Intermediate(4% Escalation)
High Estimate(8% Escalation)
Phase 1 (Opening Day) $615 m $665 m $830 m
Phase 2 (PAL 1) $2,173 m $2,581 m $3,924 m
Phase 3 (PAL 2) $2,380 m $3,431 m $7,617 m
Total $5,168 m $6,677 m $12,371 m
PROJECT COST SUMMARY*(Escalated Dollars)
*Project costs include hard costs, soft costs, and contingencies. Excludes off-airport mitigation.
� Preliminary Financial Analysis
1515
Full Program Costs
n All of the costs for Opening Day are projects related to the Northside
n Major ITC projects on Opening Day include the CONRAC, other parking structures, the rail station and associated roadways
INTERMEDIATE COST ESTIMATES(Escalated $ ‘000)
Opening Day PAL 1 PAL 2 Total
"Traditional" Airport projects $ -- $1,380,000 $1,852,000 $3,232,000
Rental Car/CONRAC 436,000 31,000 549,000 1,017,000
Parking 82,000 216,000 859,000 1,157,000
Transit/rail 65,000 13,000 -- 78,000
Roads 48,000 299,000 139,000 486,000
Tunnel/Walkway/Land and ROW Acq. 34,000 13,000 32,000 79,000
Other projects (I-5 ramp, people mover) -- 629,000 -- 629,000
Total $665,000 $2,581,000 $3,431,000 $6,677,000
Note: Excluding off-airport mitigation costs. All costs expressed in escalated dollars. Numbers may not add due to rounding.
� Preliminary Financial Analysis
1616
Potential Funding Sources
n Funding for Destination Lindbergh can potentially come from a variety of sources
Traditional Airport Non-Traditional Airport
Federal Airport Improvement Program (AIP) grants Special facility bonds (rental car)
Passenger Facility Charges (PFCs) Third party funding (rental car customer facility charges)
Airport revenue bonds Transportation Infrastructure Finance and Innovation Act (TIFIA) loan proceeds
Internally generated airport capital
Non-Airport
State and local funding State Transit Assistance funds
Tax increment financing Proposition 1B infrastructure bonds
TransNet sales tax funds FTA Discretionary and Formula (Section 5309) funds
Transportation Development Act (TDA) sales tax funds Surface Transportation (STP) funds
Local street and road funds Congestion Mitigation and Air Quality (CMAQ) funds
State Transportation Improvement Program (STIP) funds Carbon Emissions Reduction funds
� Preliminary Financial Analysis
17
Conceptual Funding Sources� Preliminary Financial Analysis
1818
Funding Sources–Opening Day
n A funding scenario for ITC projects for the Opening Day phase ofconstruction is presented in the table below (based on intermediate cost estimate):
Capital costs (Escalated $ ‘000)
Rental car/CONRAC $436,000
Parking 82,000
Rail 65,000
Roads 48,000
Other (a) 34,000
Total $665,000
(a) Including property/ROW acquisition, and tunnel/walkway.(b) TIFIA loan, CFC-backed bonds, and Airport Revenue Bonds would need to be repaid from various revenue sources.
NOTE: Amounts shown exclude off-Airport mitigation costs.
Funding Sources (Escalated $ ‘000)
TIFIA loan proceeds (b) $221,000
CFCs & rental car cos. (b) 255,000
Airport revenue bond proceeds (b) 124,000
Federal Airport grants 10,000
Other (non-Airport sources) 55,000
Total $665,000
� Preliminary Financial Analysis
1919
Annual Operating and Maintenance (O&M) Expenses
n On Opening Day, the facility is projected to incur approximately$12.9 million in annual O&M expenses (2015 dollars)
• Different entities would bear the O&M cost burden • The Authority would bear about 30 percent of this cost directly
Project elements O&Mresponsibility
O&M cost - 2015
(2009 dollars) (escalated dollars)
ITC tunnel/Overhead passenger gateway Airport Authority $500,000 $580,000Parking (airport-related) Airport Authority 1,800,000 2,087,000
Roads Airport Authority 1,155,000 1,339,000Subtotal $3,455,000 4,006,000
Transit station & alignment, and related Parking Station operator $600,000 $696,000
Rental car/CONRACCustomer service area Rental car companies $1,875,000 $2,174,000
Ready/return area Rental car companies 2,850,000 3,305,000Vehicle storage Rental car companies 2,000,000 2,319,000Rental car support/QTA Rental car companies 370,000 429,000Subtotal $7,095,000 $8,227,000
Note: Assuming 2.5% annual inflation in operating costs.
� Preliminary Financial Analysis
2020
Annual Operating Revenues
n On Opening Day, the facility is projected to generate approximately $30.0 million in annual operating revenues (in 2015 dollars)
• Operating Revenues would be dedicated to the payment of debt service (CFC-backed bonds, airport revenue bonds, TIFIA loans), as well as topay O&M expenses
• Need to identify a specific revenue stream for TIFIA loan payments
Project elements Source ofRevenue Recipient
Revenues - 2015
(2009 dollars) (escalated dollars)
Parking (airport-related) Air travelers & meeters/greeters Airport Authority $1,626,000 $1,886,000
Rail station Concessions Station operator 250,000 283,000
Parking (transit) Transit/rail commuters Station operator 1,218,000 1,413,000
Subtotal – Station operator $1,468,000 $1,696,000
Rental car/CONRAC
Customer Facility Charge Customers (CFC) Authority (SpecialFacility Project)
$15,246,000 $15,246,000
Rental car company space rental Space rental 10,100,000 11,127,000
Subtotal – Rental car related $25,346,000 $26,373,000
Capital costs
Note: Assuming 2.5% annual inflation
� Preliminary Financial Analysis
2121
Conclusions
n There is a significant potential for the Opening Day phase of the Destination Lindbergh program to be financed in a viable manner
n Key assumptions include:• TIFIA loan availability; identification of repayment sources• Financial markets return to “normal”• Inflation does not materially exceed 4% annually• CONRAC should be sized according to CFC funding capacity
n Project holds considerable merit as a unique intermodalfacility and therefore it could become eligible for a wide arrayof “special” funding in the form of grants or low-interest loans• Such funding cannot be assured, given the availability and
competitive nature of these funding sources
� Preliminary Financial Analysis
2222
Conclusions (continued)
n Beyond Opening Day, no conclusions can currently be made regarding PAL 1 and PAL 2 funding viability
n However, the Opening Day phase of the project stands alone, and has independent utility
Our recommendation:
n During detailed planning, focus on reducing capital costs (while maintaining functionality) to enhance financial viability
� Preliminary Financial Analysis
23
Preliminary Summary Report
n Handout at Committee Meeting
�
24
Conclusions and Next Steps
n Project schedule
n Next steps
�
25
Schedule
6. Intermodal ConceptDevelopment
Dec2009 Jan
9. Final Vision and Concept
8. Community Input C
7. Preliminary Vision
5. Community Input B
4. Context andOpportunities
3. Forecasting
2. Goal Setting/Community Input A
1. Vision Structure
Task FebNovOctSeptAugJulyJuneMay2008 April
Legend
Project Task
MeetingReport
Time now
� Conclusions and Next Steps
26
Next Steps
n Continue to refine financial analysis
n Prepare final summary report
� Conclusions and Next Steps
27
Thank You!
n Questions
n Comments
n Discussion
� Conclusions and Next Steps