Tammy Duckworth WantsAims to Improve Airports
The Airports Council International-North America estimates that U.S. airports have nearly $100 billion in infrastructure needs in the next three years to accommodate growth in passenger and cargo activity, rehabilitate existing facilities, and support aircraft innovation. To help airports get access to some of the funds they need, Senators Tammy Duckworth (D-IL) andDavid Perdue (R-GA) recently introduced bipartisan legislation to improve airport infrastructure by allowing airport projects to access cheaper public and private capital financing. The TIFIA for Airports Act would expand eligibility for Transportation Infrastructure Finance and Innovation Act (TIFIA) credit assistance to state and local airport projects. Airport projects have limited access to traditional TIFIA funding that finances surface transportation projects. The legislation would provide a $10 million credit subsidy through the existing TIFIA program, allowing airports to potentially leverage more than $200 million in capital investment. “This bipartisan legislation is a step in the right direction to modernize our nation’s aging airport infrastructure, create good-paying jobs and generate economic development,” Duckworth said. “I’m proud to be working across the aisle with Senator Perdue to make sure airport improvement projects, like O’Hare Modernization, maximize taxpayers’ investment by reducing costs and improving project deliverability.” More here.