DIA Opens Parking Garage

Denver International Airport yesterday opened a $47.5 million parking garage that will add 1,800 spots for a total capacity of 41,000 vehicles. Parking rates at the new facility will be $18 per day.

The parking garage has been under construction since May 2006. The project was managed by FCI Constructors of Grand Junction.

The project was funded by $49 million of series 2007E senior-lien, fixed-rate airport system revenue bonds, rated A-plus by Standard & Poor’s and Fitch Ratings, and A1 by Moody’s Investors Service. The bonds were included in DIA’s $457 million of new-money debt issued in 2007.

The garage is part of a $1.2 billion capital improvement plan from 2007 through 2013, which will be financed in part by $930 million in additional debt. Projects in the CIP include the Concourse C expansion with 10 new mainline gates, new commuter jet facility, an additional apron area, rehabilitation of taxiways and runways, and improvements to baggage and building facilities.

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