The Federal Aviation Administration has issued a letter of intent to contribute millions of dollars to Philadelphia International Airport’s Capacity Enhancement Program.
The contribution of $465 million from the FAA marks the agency’s second-largest single award ever made, according to the City of Philadelphia.
In addition to the federal funds, the $6.4 billion Capacity Enhancement Program (CEP) would be financed by Airport Revenue Bonds, which will constitute two-thirds of the funding, along with other funding sources, according to the city.
“This substantial award demonstrates the FAA’s commitment to our planned Airport expansion, which is vital to the economic fortunes of the region and to the Airport’s status in the increasingly competitive global aviation marketplace, Mayor Nutter said in a statement.
The CEP enables Philadelphia International Airport to enhance its operations and be more competitive in the region.