Bob Hope Airport officials this week authorized more than $82 million in bonds to pay for new rental car and parking facilities for a new regional transportation center.
The Burbank-Glendale-Pasadena Airport Authority signed off on the two 30-year bonds for $82.7 million at a special meeting Monday — shoring up the last major piece of funding for the center that will bring public transit and rental car facilities together for what officials hope will make for a better customer experience.
Dan Feger, the airport’s executive director, called it a “historic event” for the authority.
“I think the authority is making a real substantial investment in the community, and in the airport’s future and sustainability,” Feger said, adding that the project is a “very significant enhancement to how transportation is done in Southern California, where you have a partnership between rental car agencies, transportation agencies and airport authorities.”
The bonds approved on Monday will go toward a parking structure and new rental car facilities that will be part of the planned $108.9-million transit center, according to a report to the authority. The bonds will be repaid by revenue generated by rental car companies.