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The Port Authority of New York and New Jersey has granted to Delta Air Lines Inc. and a Goldman Sachs-managed fund, a 33-year lease contract for the design, construction and financing of a new 37-gate terminal at LaGuardia Airport.

Delta and West Street Infrastructure Partners III (managed by Goldman Sachs), are contributing US$300 million in equity and US$3.6 billion in debt financing. According to sources, the debt will likely be issued through bonds. The whole project budget is estimated at certain US$4 billion. 

In July 2016, the Port Authority contributed with US$600 million financing for the construction of the facility and surrounding the structures.

This project is on top of LaGuardia Central Terminal B Redevelopment Project, which reached the financial closure in early June 2016.

As we reported in June 2015, LaGuardia Gateway Partners (LGP) consortium is in charge of the design, operation, financing and maintenance of the project under a P3 contract with a lease term through 2050.