Structuring a financial plan for the new Denver International Airport required a complex and multifaceted cooperative effort. Faced with a development project of unprecedented magnitude, the City and County of Denver needed a financial plan that would:

• Maximize equity contributions from federal grants, passenger facility charges (PFCs), and Airport System funds
• Provide for the defeasance of outstanding debt from Stapleton International Airport
• Attract airline support by assessing airline costs on a fair and mutually satisfactory basis
• Develop a market for an extraordinary volume of airport revenue bond debt

Leigh Fisher Associates served as the airport consultant throughout the project's 10-year development period and advised the City on an extensive range of financial policy issues as the project's financial plan evolved. Working with the City's Finance Policy Group, Leigh Fisher Associates formulated and helped implement strategies for (1) securing a $501 million Letter of Intent under the FAA's Airport Improvement Program, (2) leveraging PFC revenues, and (3) defeasing Stapleton debt. To ensure airline support, Leigh Fisher Associates developed the rates and charges concepts embodied in the airline use and lease agreements that would become the project's legal and financial anchor. In addition, Leigh Fisher Associates prepared financial feasibility studies supporting the issuance of over $5 billion of airport revenue bonds and participated in briefings with the rating agencies, institutional investors, and providers of credit support to establish the bond market.

Client
City and County of Denver

Services
-Financial Planning and Advisory
-Financial Feasibility and Reporting
-Airline Negotiations and Relations