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BUILDING NEW YORK CITYS WORLD CLASS TERMINAL

LaGuardia Central
Terminal B
May 2017
Table of Contents
LaGuardia Gateway Partners 3
Our Partners 4

Roles and Responsibilities 5


LGPs Philosophy for Success 6
An Iconic Airport Terminal For New York 7
Construction Phasing 13
Changes From Day 1 23
A Model That Delivers 28

Project Financing 31

LaGuardia Gateway Partners


LaGuardia Gateway Partners

Equity Development, Construction Design & Architecture


Management & Operations

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Our Partners
We have an efficient model, focused on meeting the
operational and project needs of all its stakeholders

Port Authority FAA TSA NY Governors


of NY & NJ Office

Passengers Concession Airlines Employees


Tenants

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Roles and Parking Lots
Responsibilities Port Authority oversees
all parking lots
LGP is constructing new
West Parking Garage on
behalf of Port Authority

Airport Roadway
Network
Port Authority oversees
all airport roads
LGP is constructing new LaGuardia Central
roadways on behalf of Terminal B
Port Authority
P3 project
LGP has a 35 year lease
from Port Authority to
manage the terminal
and build the new one

Central Hall
The Port Authority will
oversee the Central Hall,
but LGP is building it and
will manage it for the Port
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LGPs Philosophy
for Success

Maximizes value and certainty


of execution and delivery

Minimizes risk

And delivers an exceptional


experience for everyone

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An Iconic Airport
Terminal for New York

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Our Solution Guarantees

Operational Integrity For Stakeholders


Meeting the needs of an airport operator, the Port
Authority, the airlines, TSA, the community and more

Exceptional Experience For


Passengers

Restore the excitement and anticipation


of flying in and out of LaGuardia
Balance efficiency and comfort; beauty
and functionality; modern and classic

Accelerated Construction Schedule


Minimal phases of construction

Financial Responsibility
Minimize risk and disruption, reduce cost while
maximizing revenue, enhance existing and future
operations, incorporate dynamic and flexible design

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Minimal Disruption to
Existing Operations
Our Goal:
Reduce the impact of construction on existing
operations while accelerating the schedule for
completion

Our Approach:
Maintain and enhance existing operations
during a six-year timeline from project start
to completion
Build a new terminal while operating
the existing one
One phase of construction
within the existing road network
Build island concourses and bridge
connections to reduce the impact of
construction

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Intelligent and
Sustainable Design
Our Goal:
Design and operate a terminal that maximizes
efficiency and the passenger experience

Our Approach:
Create one single flow for passengers
Consolidate passenger security check point
Incorporate common-use airline facilities
Expand curb facilities
Upgrade concession program
Provide natural light and
modern conveniences
Build island concourses and bridge connections

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Innovative Pedestrian
Bridges
Highlights:
Build the first dual pedestrian bridges spanning
active aircraft taxi lanes in the U.S.
Allow for improved aircraft circulation and gate
flexibility
Create two miles of new taxiway space to reduce
travel delays
Maintain existing 35 gates and 8 airline partners

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First-class Concessions
and Retail
Our Goal:
Develop a first-class retail and concession program
tied closely to New York City

Our Approach:
Infuse the terminal with artwork and iconic imagery
to create a sense of place and honor surrounding
NYC neighborhoods and communities
Recruit premium national and international brands,
along with renowned local products
Incorporate leading-edge mobile and web-based
applications
Operate innovative digital retail walls to maximize
selection

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Construction
Phasing

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Spring 2016

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Fall 2016

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Spring 2018

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Fall 2018

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Early 2020

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Summer 2020

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Late 2021

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Summer 2022

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What the Future
Looks Like
Completed Central
Terminal B

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Changes from
Day One

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Meanwhile, in Central
Terminal B
While construction is ongoing, LGP is
committing $5 million to improving the
existing Central Terminal B through:

Facility Improvements
Maintenance Renovations
Enhanced Monitoring & Information Sharing

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Facility Improvements

Washroom Enhancements
Ceilings replaced, lighting fixtures changed, deep clean and
improvements to air flow

100% of pre security washrooms already completed; Post


security washroom upgrades are underway

Food Court Renovations


West side food court enhancements complete

Design work for center food court enhancements underway

Upgrades include new tables, seating, charging stations and


more

Way-finding
In-terminal signage updates: reviewing and updating signage,
removing excess

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Maintenance Renovations

Walls
Repaired and painted common area walls of pre-security
areas of terminal; Post security underway

Lighting
Lighting throughout facility enhanced with new bulbs and
system repairs

Escalators and Elevators


50% of terminal escalators have been rebuilt to extend their
life
Elevator repairs are ongoing

Roof
Roof repairs in Concourse A are underway, to be followed
by Concourses B & C

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Enhanced Monitoring & Information Sharing

Curbside
Active curbside management and traffic monitoring
Beacon technology to be implemented to monitor
traffic and taxi wait times

Web Presence
New website and social media accounts help track
day-to-day information and long-term redevelopment
progress

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A Model That Delivers

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Why a Public-Private
Partnership?

U.S. airports will require almost


$76 billion in investment by 2019
to ensure they remain globally
competitive and meet projected
growth in passengers and cargo.

The traditional way of funding


airports through government grants
and passenger fees will fail to meet
that requirement.

Public-private partnerships
can fill that gap.
(source: Airport Capital Development Needs: 2015-2019,
Airports Council International-North America)

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The Biggest P3 in Aviation

4B

LaGuardia Central
Terminal B

JFKIAT (Terminal 4)

1.4B
1B
San Juan
International Airport

(source: P3 Bulletin Project Tracker)

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Project Financing

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Our Financing Model
Project valued at $5.1B

$1.193B

The Port Authority Project Bonds


of NY & NJ $2.4B of the capital
$1.193B supplied raised in project bonds
by Port Authority $2.410B

Bond Funded
LaGuardia Central
$1B
Terminal B
Original Issuance Premium
$1B Passenger
Facility Charge (PFC)
Owners' Equity

Reinvested Operating Revenues


and Interest Earnings
Meridiam, Skanska
and Vantage PFC Funded
$200M in equity split
between Meridiam, $69M Port Authority Funded
$200M
Skanska and Vantage $234M

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A Competitive Deal
On June 1, 2016, LGP successfully closed one of
Americas largest public-private financing offerings

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Demand exceeded
availability by a
factor of almost

institutional investors
placed orders
investors
were allocated bonds
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Positioned For Success
There were a number of incentives that contributed
to a successful debt offering to investors

Airline Agreement Essential Passenger Hub


Common use agreement with airlines Half of LaGuardias 28.4 million
removes exclusive rights to any of the passengers used Central Terminal B
terminals 35 gates in 2015

No interruption of cash flows in event Average annual traffic growth of 3.5%


of airline bankruptcy over the past five years

Gate rental payments will provide 85%


of consortiums revenue

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Sooner Than You Think
As private investors in the project, we are committed
to delivering on time and within budget

It is not just the largest By taking on the Specifically because of the P3,
investment; it is not just the construction for the bulk LGA Central Terminal B will be
most ambitious. The of the project, LaGuardia a gleaming new concourse
methodology, the how, Gateway Partners will that is spacious and bright and
is different and is informed assume the risk of well-designed and it is not just
and is educated completing it on time a dream. It is a likely picture of
and on budget. the future. And it may happen
- Governor Cuomo sooner than you think.
- Crains Business
Newsday Editorial Board

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Thank You

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