Citing recent signs of hope in the global economy Port of Seattle Commission voted to restart construction on the new rental car facility to serve Seattle-Tacoma International Airport. The June 30 vote followed the recent sale of revenue bonds to finance the facility scheduled to open in 2012. Construction on the $419 million 23-acre site will generate up to 1000 new jobs in 2009. When the facility opens in 2012 construction activities will have created over 3000 local family-wage jobs and generated nearly $2 million in tax revenues for the City of SeaTac.
Earlier this year AGC supported state legislation that paved the way for the Port of Seattle to take this step. Craig Holt Project Executive for Turner Construction Company and Tom Balbo Vice President for Business Development at Ferguson Construction testified on behalf of that legislation before the Senate Transportation Committee.
Commissioner Gael Tarleton noted the many trades that are represented by those building the facility. Restarting construction on the rental car facility is our local economic stimulus package she noted. The thousands of family-wage jobs that this project creates represent the livelihoods of families all across the region.
The commission vote is good news for King County and the whole region said Port of Seattle CEO Tay Yoshitani. Nearly 200 workers will be back to work by August and a facility that will generate millions in local business revenues is back on track.
Construction on the project was suspended in December because of the meltdown in global credit markets. Commissioners voted to put the project on hold until markets recovered and bonds could be sold to finance the facility. Last week the port announced the successful sale of $317 million in revenue bonds.
The City of SeaTac is very excited that the port is now able to resume construction of the rental car facility said SeaTac Mayor Ralph Shape. We will derive important tax revenue from both the construction of this project and the ongoing operations once the facility has opened. The facility will also generate new jobs for our residents.
The five-story structure will meet the long-term increase in demand for rental cars as Sea-Tac Airport reaches up to 45 million passengers per year. Once completed the RCF will accommodate approximately ten full-service rental car companies house 5400 vehicles and open additional parking at the main terminal garage. The project includes a bus maintenance facility off-site road improvements and main terminal improvements. Consolidating operations and bus service for rental car services supports the Port of Seattles commitment to sustainable business practices. Once completed the port will apply for LEED certification for the rental car facility.
Jack Beaudoin VP and General of Turner Construction said We are delighted to see the Rental Car Facility come back to life and to get our crews back on the site to finish this much-needed regional project. We have believed all along in the viability of this project and the fact that it was shovel ready allows our subcontractors to get back to work very quickly providing an important boost to our regional economy and the families of the thousands of workers this project will touch. Were ready to go back to work.