Airport Capital Improvement Program. The parties hereto recognize that capital development of the Airport will be required during the Term of this Agreement to preserve, protect, enhance, expand, or otherwise improve the Airport, or any part thereof. The Port may, therefore, incur indebtedness and make expenditures for Capital Improvements in the Airport. Except as restricted by Section 24, all costs associated with Capital Improvements in the Airline Supported Area, including finance charges, if any, shall be included in the calculations of Airline Rents. In conjunction with issuing additional bonds to pay for Capital Improvements, the Port agrees to pursue and use grant funding and other funding sources, such as PFCs, Debt Service Coverage, and Interest Rate Swaps, to the extent the Port deems reasonable.
Airport Capital Improvement Program. The parties hereto recognize that capital development of the Airport may be required during the term of this Agreement to preserve, protect, enhance, expand, or otherwise improve the Airport or any part thereof. If the City determines to undertake an Airport capital improvement (which shall include any project with a cost net of federal and state funding greater than $1,000,000) during the term of this Agreement the Airport Director, prior to undertaking construction of such capital improvement, shall: 1) convene a meeting of all Airlines to inform them of (a) the costs of such capital improvement, (b) the source(s) of funds to pay for the project and (c) the project’s estimated impact, if any, to the Airlines’ cost to conduct their Air Transportation business at the Airport; and, 2) endeavor to obtain Airline consensus to proceed with the project prior to undertaking any expenditures related to the proposed capital improvement, provided, however, that the lack of consensus by Airlines shall not preclude the City from undertaking such project(s).
