The Port Authority of New York and New Jersey has approved a revised proposal for a new Delta Air Lines terminal at New York’s LaGuardia Airport.
The $4 billion project will be funded mostly by airline itself, which will no longer rely on financing by Goldman Sachs, as originally planned.
"Following a period of fiscal review, Delta has opted to directly fund and finance the costs of its LaGuardia redevelopment project, an arrangement that Delta and Goldman Sachs agree is in the best interest of both parties," a Delta spokesperson told Fox Business.
Funding will come from direct investments and debt financing, Delta said.
The Port Authority will contribute $600 million to the cost while Delta is on the hook for any budget overrun.
"This agreement with Delta will create construction jobs and long-term permanent airport jobs that will help boost the region’s economy," said Port Authority Executive Director Pat Foye.
The new terminal will have 37 gates with work slated to begin later this summer, lasting until 2026.
"This is an important step forward for our customers and employees at one of our most important hubs and builds on years of Delta’s investment in New York," said Delta CEO Ed Bastion.
