I had the opportunity to tour Las Vegas McCarran International Airport on Friday and got a look at the 1.9 million square foot Terminal 3 (T3) project that is underway. T3 is part of a $3.5 billion capital improvement plan at the airport, which will provide an annual airport-wide capacity of more than 53 million passengers.
Work underway on Terminal 3at McCarran, which will have 14 new gates.
The new terminal will provide 14 new gates, including six designed to accommodate international air traffic, and is scheduled to open in 2012. This state-of-the-art terminal was almost derailed due to the downturn in the economy, and would have been, if not for the two year Alternative Minimum Tax (AMT) holiday included in the American Reinvestment and Recovery Act (ARRA) passed by Congress at the beginning of the year. The two year AMT holiday for private activity bonds (PABs) was included in the ARRA along with a five year refinancing provision. This action opened up the bond market, which had been virtually frozen in late 2008.
The construction on McCarran's Terminal 3 is expected to create 2,400 jobs at its peak.
McCarran was able to place $550 million of bonds using the AMT holiday, and the money raised was essential for the $2.5 billion T3 project. Randy Walker, Director of Aviation at McCarran, told the Senate Democratic Steering Group in July that the funding provided by the bond sale was crucial in the continuation of the project. Walker projected that closing down the project would have eliminated 1,600 jobs, which they would have been forced to do without the infusion of money provided by the bond sale. This work is planned to continue through calendar year 2011, peaking at 2,400 jobs: jobs which would not have been maintained without Congress’ passage of the AMT exemption on PABs.
– Jane Calderwood, vice president,
government and political affairs