The political planets are lined up for a successful financial close on the replacement of the central terminal at LaGuardia Airport as a hard money bid for a pure revenue risk DBFOM concession with a project cost of over $3 billion, Wall Street sources say.
- Gov. Andrew Cuomo is committed to the P3 approach;
- Patrick Foye, the executive director of the airport’s owner, the Port Authority of New York and New Jersey, has the private sector’s trust that he can push the project through the bistate agency’s formidable bureaucracy. Bids are due next summer and a financial close could happen by the end of 2013.
- The governors of New York and New Jersey work well together;
- Gov. Christie has appointed his former chief of staff, Richard Bagger, to the Port Authority Board as head of the finance committee.