FOCUS: Des Moines International Airport – New Terminal Facility
Overview:
In 2013, the Des Moines Airport Authority embarked on the process to develop a new terminal, replacing the existing facility built in 1948 “that has reached the end of its useful economic life.” The Airport Authority is currently soliciting support for a new terminal from central Iowa communities, the state and federal government. The Program Definition Manual of May 25, 2018, includes a “Rough Order of Magnitude Cost Estimate” of $431,990,016.
Does the project make sense?
Presenter: Brian Mulcahy
Brian Mulcahy is the Director of Finance and Administration for the Des Moines Airport Authority, and has been with the Authority since 2011. In this role Brian is responsible for all financial accounting and reporting, cash management, lease and operating agreements, human resources, and risk management. Prior to joining the Authority in 2011, he held management positions in auditing, financial accounting, and operations within the insurance industry. Brian has been a member of the Army National Guard and Army Reserves for over 30 years, with over 20 years as a pilot of the UH-1 Huey and UH-60 Blackhawk. Brian has a bachelor’s degree in Accounting from Iowa State University, MBA from University of Phoenix and is an active Certified Public Accountant.
Quick Facts:
- The authority that operates the airport has been independent of the City of Des Moines since 2011. It does not receive any property tax support.
- 57.4% of the individuals that utilize the airport originate in “DSM’s Catchment Area,” The remaining 42.6% are visitors.
- The revenue sources at approximately 1/3 airline landing fees; 1/3 parking revenue; 1/3 leases and concessions.
- The airport has experienced 67% passenger growth in the last ten years.
- It is anticipated the total costs of the project will be $575,500,00. The current funding sources: Private investment on airport (Signature & UPS): $18.3M; Authority reserves/revenues/bonding: $223,2M; Regional municipalities/counties: $34M; State/Federal infrastructure grants: $300M.
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