Will LaGuardia cost $5.3B or $4B? Depends on your math!

But how much it cost to clean?

The redevelopment of LaGuardia will cost an estimated $5.3 billion, or it will cost $4 billion — it depends on who you ask.

The Port Authority of New York and New Jersey on Thursday unanimously approved the $5.3 billion redevelopment program for LaGuardia Airport. But Pat Foye, who was appointed by Gov. Andrew Cuomo in 2011, railed against news reports that the cost of the project swelled to $5.3 billion, saying that the estimation incorrectly included funds previously approved (under different governors) for the project — even though Thursday’s resolution included those numbers.

Other commissioners, including Michael Fascitelli, agreed, saying that the agency couldn’t approve money approved in the past. Foye pointed out that the design-build contract — with a Skanska USA-led team tasked to build a new Terminal B — has a fixed price of $4 billion. The project also has a fixed completion date of 2023.

But Chairman John Degnan, an appointee of New Jersey Gov. Chris Christie, disagreed, saying that the $1 billion approved in 2004 for planning and design for Terminal B and other components of redevelopment — like the East End Garage and the demolition of certain hangars — and another $406.6 million authorized for the construction of the West Garage should be included in the project’s total cost estimation. He said that Foye shouldn’t “artificially deflate” the cost of the airport overhaul by excluding previous costs, comparing the arithmetic to laying the foundation for a house, and then not including the cost of the foundation when the house is completed 10 years later.

“Let’s be honest when we talk to our public,” Degnan said. “The cost of this project is $5.3 billion.”

Foye praised the project as the largest public-private partnership in the country, noting that the design-build team (LaGuardia Gateway Partners) will be contributing $1.8 billion to the project. Design-build, a project delivery system that Cuomo is seeking to expand in the state, is often touted for streamlining the development process and for shifting cost and time risks to the construction team.

Degnan pointed out that by not constructing the terminal itself, the Port Authority is forgoing operation revenues for the next 30 years.

“There’s no free money. We’re paying for it all,” he said. For the full article click here - http://therealdeal.com/2016/03/24/will-laguardia-cost-5-3b-or-4b-depends-on-your-math/?utm_source=internal&utm_medium=popular_widget&utm_campaign=posts_popular

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