HIGHFILL -- Northwest Arkansas Regional Airport staff members closed on a deal to issue bonds for a new parking deck Wednesday.
Perry Franklin, finance director at the regional airport, said the deal with Regions Capital Advantage calls for the issue of just more than $25 million of revenue bonds for the parking deck and $44 million to refinance existing airport debt.
The airport board has a contract with Nabholz Construction to build the deck at a guaranteed maximum cost of $35 million.
In addition to the $25 million bond issue, the airport board expects to put in $10 million from $25 million it has in reserve.
The order to proceed with construction is expected to be issued by Saturday. The project should take about 18 months to complete, making it ready to open about August 2018.
The board earlier this year approved plans for a 1,400 space, four-level deck with a roof.
The board agreed in March to pay Nabholz Construction $1.5 million for design work and related services for the garage, which will be built in front of the terminal.
The structure is expected to house car rental companies initially. A second deck likely will be added for car rental companies in three to five years, airport officials have said.
Construction of the deck is expected to reduce short term spaces from 491 to 274 spaces next year.