Completing the capital projects on the Port of Pasco's high priority list may require a $3 million bond and an increase in airport parking and rental car fees.
Port commissioners debated how to pay for the projects, including the first phase of the Tri-Cities Airport terminal expansion Tuesday.
Completing all projects on the port's five-year plan would leave the port in the hole, said Randy Hayden, the port's director of planning and engineering. The port's portion of all 28 proposed projects would cost more than $19 million in the next five years.
The bulk of necessary projects are at the Tri-Cities Airport, Hayden said.
Adding about 10 tenant-driven projects such as a new hanger at the airport, finishing the airport parking lot paving project and building part of a road at the Foster Wells Business Park would bring the cost to almost $11 million, according to a port presentation.
Without added revenue, the port would end up in the hole with capital projects within the next five years, Hayden said.
The port could issue a $3 million bond paid for with passenger facility charges collected from airline tickets, said Linda O'Brien, port director of finance and administration.
If airport users don't pay for it, then the people living within port boundaries do, said Commission President Bill Clark.
The port could increase parking fees by $2 for long-term parking, and by $1 on short-term parking, Hayden said. That would generate about $540,000 per year.
Parking rental rates haven't changed in the last seven years, O'Brien said.
With the rental car companies' agreement, a $2 rental car fee would generate about $54,000 a year that could only be used for rental car facility projects, Hayden said.
No decisions were made about fees or a bond.