Fresno Yosemite International Airport Receives Approval for $35 Million Infrastructure Financing
The California State Infrastructure and Economic Development Bank approves $35 million to fund Airport improvements
Fresno, CA (March 4, 2019) – Fresno Yosemite International Airport (FAT) today announced California State Infrastructure and Economic Development Bank (IBank) approval of the Airport’s $35 million infrastructure loan for the 3-level parking structure related to FATforward, FAT’s parking and terminal expansion program.
IBank finances public infrastructure and private development that promotes economic development and improves the quality of life in California communities. Approval of the Airport’s $35 million loan is a result of the expansion program’s strong alignment with IBank’s mission. The 30-year loan at a 3.15 percent is the largest to date under IBank’s Infrastructure State Revolving Fund Program.
Recognizing the value of the project to the region in terms of its economic contribution and job creation, the Airport received State legislative and Fresno City Council support for IBank’s loan. FAT’s FATforward initiative represents approximately 1,220 direct, induced and indirect jobs and $182 million in economic impact activity.
“At a time when airports across the nation are challenged with funding infrastructure needs, IBank’s approval advances Fresno Yosemite International Airport’s effort by investing in this major parking project to accommodate the region’s growth,” said Director of Aviation Kevin Meikle. “The investment aligns with efforts to meet capacity demands of the future by providing safe, efficient, and modern facilities while maintaining a high level of service expected by travelers and guests.”
“IBank is thrilled to help support infrastructure and economic development in the Central Valley. We recognize the importance of the Fresno Yosemite International Airport as a catalyst for growth and economic impact in the region and are proud to invest in the community,” said Nancee Robles, Acting Executive Director, California Infrastructure and Economic Development Bank (IBank).
FATforward is the largest expansion program in the Airport’s history; a $115 million multi-year; multi-phased program that will include Terminal and parking expansions, and a new and expanded International Arrivals facility. Expected to be operational by late 2022, the expansion will provide a world-class transportation facility capable of meeting the demands of the region and serve as a convenient, friendly airport with the best traveler amenities for years to come.
Fresno Yosemite International Airport currently offers Valley passengers daily non-stop flights to Chicago (resumes March 2019), Dallas, Denver, Las Vegas, Los Angeles, Phoenix, Portland, Salt Lake City, San Diego, San Francisco, Seattle, and Guadalajara and Morelia, Mexico on domestic and international carriers. Fresno Yosemite International Airport is a municipally owned entity operating as a self-supporting enterprise. No City of Fresno general funds are used to operate Fresno Yosemite International Airport or Fresno Chandler Executive Airport.
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