The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

THE NASSAU Airport Development Company (NAD) believes more than $100 million has been directly injected into the Bahamian economy as a result of Lynden Pindling International Airport's (LPIA) $409.5 million redevelopment, with 70 per cent of construction workers employed on the project Bahamian.

Following a tour of the project on Friday by members of the Christie Cabinet,

NAD's chief executive and president, Stewart Steeves, said the total project is 75 per cent complete by monetary value.

"The project has a total budget of $409.5 million, so 75 per cent of that has been constructed on site; 25 per cent of the $409.5 million budget has not yet been spent to finish the project," Mr Steeves said.

"The project is 100 per cent contracted, so everything is in a contract until final completion and, looking at the value of those contracts together with a reasonable contingency, we forecast to be complete under the $409.5 million."

A total of $877 million has been raised since 2007 to fund the LPIA project in six transactions. "The last project funding will occur in August, at which time we will have a total debt of $540 million," Mr Steeves said.

The project is being constructed in three stages. The first stage was the construction of the US departures terminal, which was completed in March 2011. Stage II, which is the international and US departure gates, and international arrival terminal, is scheduled to be completed in fall 2012.

"Stage II is 100 per cent contracted, and also 75 per cent complete by value. Stage II is 100 per cent contracted. The overall project is scheduled for completion in November 2013," Mr Steeves said.

He added that are 450 workers on site now for stage II, 70 per cent of whom are Bahamian. Four retail locations, four restaurants, bars and lounges, and six hotel reception lobbies, will be housed in the terminal.

Mr Steeves added: "We are on budget and on schedule. Seventy per cent of our employees on the job site are Bahamian, and have been historically throughout the course of the project.

"In terms of the value into the economy, because it's not just employees - it's also the procurement of goods and supplies and services into the local economy - it measures into the tens of million of dollars, in fact it's probably north of $100 million."

And Mr Steeves added: "We are very pleased with the quality of work. Quality is very important to us because, as the long-term operators of the facilities, we are here to build it and operate it, and quality of construction leads to low and efficient operating costs.

"Stage III of the project, which is underway, calls for the construction of the domestic and international check-0in hall and domestic arrival facility, which is scheduled for fall 2013 completion. The terminal will have eight retail locations, six restaurants, bar and lounges, plus the bank and post office."

NAD signed a 30-year lease with the Government in April 2007 to manage daily operations at LPIA, and is responsible for most of the physical infrastructure including parking lots, terminals, runaways and taxiways.