The Port Authority of New York and New Jersey is advancing a major renovation of LaGuardia Airport that may lead to $1.1 billion in bonds being sold.

LaGuardia is in Queens and is one of three major airports serving New York City.

The authority currently plans for $3.6 billion in new work for the airport. It is hoping that private funding will cover $2.5 billion. The authority would cover the remaining $1.1 billion. Most of the $1.1 billion would be generated through the sale of bonds, an authority spokesman said.

The replacement of the airport’s central terminal building will be the most costly project. The authority is seeking a private partner for this and now has four finalists in mind for the project. The authority anticipates construction of the new building to start in the second half of 2014.

On Wednesday, the authority’s board of commissioners authorized spending $230 million for the design and construction of a 3,084-space garage on the airport’s west side. An existing garage will be razed. It will be replaced with the west side garage and another garage on the east side.

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