How the Center for Innovative Finance Support Office Does Business...
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About Us |
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Capacity Building |
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Outreach/Awareness |
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Research |
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Technical Assistance |
Location |
Chicago, Illinois |
Project Borrower / Sponsor |
City of Chicago/Chicago Department of Aviation |
Program Areas |
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| Fiscal Year Approved | Fiscal Year 2014 |
Mode |
Intermodal |
Description |
The project is a component of the O'Hare Modernization Program, and includes the relocation and consolidation of rental care operations and public parking into a multi-use facility at O'Hare International Airport. As part of the overall project, the existing Airport Transit System, a 24-hour rail system that serves terminals and parking structures, will be extended to serve the new facility and a new ATS station connected to the CRCF will be constructed... In addition, a new bus plaza accommodating bus services, off-airport hotel, and other commercial shuttles will be directly connected with the CRCF. Excess land surrounding the facility will be used for new commercial development. The new facility will be located on the site of a current surface parking lot located at Mannheim and Zemke Streets in the northeastern quadrant of O'Hare International Airport. The CRCF will provide approximately 4,100 rental car parking spaces on levels one through three of the structure. A customer lobby will be located on level four, adjacent to the ATS station. The project will also replace approximately 3,000 uncovered parking spaces with 2,000 covered spaces dispersed over two levels of the facility with design options to allow for further expansion of the public parking. These new parking spaces will have direct access to the ATS and existing Metra Rail stop. The connection to Metra Rail will allow those riders to access terminals via the ATS as well as the Blue Line to downtown Chicago. The CRCF is expected to improve congestion in the area by limiting the need for rental car company shuttle buses, consolidating surface parking spaces, and providing direct access to the ATS. The project will also increase commercial development opportunities through the development of excess parking surrounding the facility. |
Cost |
Total eligible project costs: $876 million |
Funding Sources |
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Project Delivery / Contract Method |
Construction Manager (CM) at Risk |
Private Partner |
N/A |
Project Advisors / Consultants |
To the Borrower
To USDOT TIFIA JPO:
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Lenders |
Bondholders, US DOT - TIFIA |
Duration / Status |
CM at Risk Contract awarded June 2013. Final construction contract expected late 2014. Anticipated project completion in December 2016. |
| TIFIA Credit Assistance | Direct Loan: $288.1 million The CFC Senior Lien Bonds and the TIFIA Loan are secured by a gross pledge of revenues from the: 1) CFC fees collected from rental car customers (currently set at $8.00 per transaction day) and 2) the Facility Rents to be paid by the rental car companies for use of the facility. The TIFIA Loan is a subordinate bond under the CFC Trust Indenture. Interest payments begin in 2017 and the final maturity of the TIFIA loan is 2035. |
Financial Status / Financial Performance |
The TIFIA Credit Agreement was executed on August 21, 2013. |
Innovations |
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Related Links / Articles |
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Contacts |
Michael Boland |
