Despite the current downfall in airport traffic, the New York Times reported Monday that an airport panel had voted to approve $1.13 billion in funding to rennovate the Los Angeles International Airport.
The L.A. Times posted a concurrent piece stating that, "By early next year, travelers can expect to see construction on two new concourses and gates to accommodate the next generation of large commercial airliners."
The L.A. Times also reported the board approved $140 million in contingency funds for the project and approved the sale of more than $1.6 billion in revenue bonds to pay for construction and to refinance existing debt.
The board is calling the approval a huge step forward.
The New York Times reported city officials are backing the decision by awarding several contracts for the overhaul, and also reported, "The project — which will be financed with bonds, not federal stimulus money — will be the first significant renovation of the airport’s international terminal in more than 25 years."
Most major airlines went through renovations in the 1990s or early 2000s. The intention for the Los Angeles airport is to modernize many of the airport's facilities that haven't been upgraded since the city's preparation to host the 1984 Olympics.
According to the L.A. Times, "The so-called Bradley West project also calls for nine new gates that will handle the latest in large commercial airliners, such the Boeing 787 Dreamliner and the giant Airbus A380, which can be configured to carry more than 800 passengers."
The city council is reportedly on board for the project, but the projects will be voted on within the next week.
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