(The Center Square) – Financing requests by Charlotte of $1.5 billion from North Carolina’s Local Government Commission are approved, setting the stage for the continent’s seventh busiest airport to get a fourth runway.
The 10,000-foot fourth parallel runway is expected to open in the fall of 2027. The commission’s blessing is required by state statute, determining whether the money borrowed is adequate and reasonable for proposed projects and debt can be reasonably repaid.
The commission, chaired by first-term Republican state Treasurer Brad Briner, has oversight for taxpayer money in more than 1,100 local government units.
Specifically, Charlotte is approved to issue $215 million in revenue bonds for the runway work; and it is approved $175 million in revenue bond anticipation notes for existing runway rehabilitation, terminals and other projects at the airport.
To finance wide-ranging extensions, additions and improvements of water and sewer system infrastructure and equipment, Charlotte was approved for $530 million revenue bond anticipation notes; to pay off a prior short-term bond anticipation note, Charlotte was approved for a $505 million revenue bond; to refund existing bonds at a savings, Charlotte was approved for $65 million in revenue bonds; and to refinance outstanding transportation bonds to achieve savings and more favorable financing terms, Charlotte was approved for $9 million in revenue bonds.
Charlotte, according to the city website, for general obligation bonds has top ratings with the Big 3 of Standard & Poor’s (AAA), Moody’s Investors Service (Aaa) and Fitch Ratings (AAA). The ratings mean the city has the highest available and it means best terms for taking on debt.
Only San Antonio and Austin in Texas, and Columbus in Ohio are among the 15 largest cities in the nation with triple-A ratings in each of the nation’s Big 3 for its taxpayers.
Charlotte Douglas, its website says, serves 188 destinations through three foreign flag carriers, seven major carriers and 15 regional carriers.
Charlotte’s estimated population is 944,742, growing by 70,055 since the COVID-19 outbreak. The Queen City is 14th largest in the nation, second among the eight South Atlantic states, and 7th in the 16-state South as defined by the U.S. Census Bureau.
