Bond Issue OKd for LAX Cargo Facility
The Los Angeles Board of Airport Commissioners on Tuesday unanimously approved issuing $75 million in bonds to renovate and replace air cargo facilities at Los Angeles International Airport because cargo activity has increased by 40% over the past five years.
The bonds will be issued unless the City Council reverses the commission decision within five days.
The airport has 1.9 million square feet of air cargo space, but there is demand for another 1 million square feet, said John Driscoll, executive director of the Department of Airports.
Airport Commission President Dan Garcia said the expansion will take care of immediate needs but that air cargo growth will be met by the LAX Master Plan, which intends to increase by 60% the number of travelers passing through the airport and more than double the air cargo shipments handled by the facility by 2015. The plan will move much of the air cargo operations to a chunk of land purchased on Imperial Highway between Aviation Boulevard and the San Diego Freeway.
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