CHARLOTTE — The Local Government Commission on Tuesday approved $1.5 billion in financing requests for the city of Charlotte, state officials said in a news release. This funding package will support critical infrastructure projects, including the construction of a fourth runway at Charlotte Douglas International Airport.
The city submitted six financing requests, which the commission fully authorized.
The approved financing includes significant investment in Charlotte Douglas International Airport, ranked as the world’s seventh-busiest airport for takeoffs and landings by industry organizations, the state treasurer announced.
The airport is building the new runway to address capacity concerns and to meet future demands.
The Local Government Commission’s vote specifically authorized $215 million in revenue bonds for the new runway construction.
Additionally, $175 million in revenue bond anticipation notes was approved for rehabilitating existing runways, renovating the terminal and funding other projects at the airport.
Charlotte’s successful requests also included $530 million in revenue bond anticipation notes.
This allocation will finance wide-ranging extensions, additions, improvements and replacement of water and sewer system infrastructure and equipment.
Another $505 million revenue bond was approved. The proceeds from this bond will be used to pay off a prior, short-term bond anticipation note.
The city also received approval for $65 million in revenue bonds. These funds are designated to refund existing bonds at a savings, the treasurer stated in the news release.
An additional $9 million in revenue bonds was approved. This amount will refinance outstanding transportation bonds to achieve savings and more favorable financing terms for the city.