North Terminal Project Update Construction Manager at Risk. Board Meeting December 21, 2015

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1 Update Construction Manager at Risk Board Meeting December 21, 2015

2 CMAR GMP and Contract Contract Award GMP Overview Total Capital Program Overview and Program Management Team Recommendation Design Team Recommendation and Update Sources and Uses / Financial Plan CMAR DBE Participation Workforce Development Construction Contract Airline Agreement 2

3 Guaranteed Maximum Price (GMP) Overview In August 2014, Hunt Gibbs Boh Metro, Joint Venture was selected as the Construction Manager at Risk (CMAR) for the Project Since September 2014, the CMAR has been working with the Design and Program Management team under a pre-construction services contract The Guaranteed Maximum Price (GMP) by the CMAR for the North Terminal Project is $598,979,208 CMAR is responsible for constructing the following: Terminal Building (approx. 760,500 gross sq.ft.) with 30 airline gates Airside Infrastructure (aircraft apron/taxiway connections) Landside roadway system Ground transportation staging lot Parking Garage (2,000 spaces) Central Utility Plant

4 Total Capital Program Overview and Program Management Team Recommendation Airport Projects North Terminal Project* $761.5M Enabling Projects Construction Costs: Airfield Lighting Vault Relocation $ 8.7M FAA Navigational Aid Relocations $ 9.5M Storm Water Pump Station $ 24.4M New Airport Access Road $ 2.8M $806.9M Third Party Projects Airline Fuel Hydrant System $ 39 M I-10 Interchange Project** $ 87 M Hotel Project $ 17 M $143 M TOTAL CAPITAL PROGRAM * Includes GMP, soft costs and alternates ** Estimated cost not including any land acquisition. $949.9M

5 GMP Summary North Terminal & Concourses South Terminal Parking Garage Central Utility Plant Landside Breakdown F+G Estimate (8/6/15) CMAR GMP 270,135, ,714,586 6,100,000 25,313,741 20,971,160 3,149,448 2,800,000 72,961,037 97,452,189 69,330,780 91,618,168 Airfield Site Services 13,798,428 SUBTOTAL DIRECT COST OF CONSTRUCTION 446,990, ,354,531 TAX SAVINGS (16,000,000) SUBTOTAL DIRECT COST OF CONSTRUCTION WITHOUT TAX 446,990, ,354,531 CMAR's General Requirments, Conditions, Site Sevices and Insurance 59,460,385 31,232,754 Contingency 35,518,846 18,320,859 Owner Contingency 18,682,639 Contractor Contingency 16,836,207 18,320,859 SUBTOTAL 541,970, ,908,144 Community/Workforce Development 2,000,000 1,900,000 CMAR Fee and Preconstruction Services 23,385,445 20,179,222 CMAR Bond Premium 5,011,570 3,893,364 FAA Cable Loop Enabling Project - 5,098,478 GMP TOTAL 572,367, ,979,208 Additional Project Components (Owner paid) Builder's Risk 3,300,000 Insurance Deductibles 1,000,000 Kenner Permit Fees Preconstruction Services Contract 3,061,984 4,420,000 CONSTRUCTION TOTAL 572,367, ,761,192

6 Schedule Milestone Dates 2016 January 1 Notice to Proceed Issued to CMAR January 4 - CMAR expected to begin construction January TBD - Ground Breaking Ceremony April 4-7 Site surcharge and pile driving to begin June 9 Terminal structural steel erection to begin 2017 January 19 Terminal curtain wall construction to begin February 9 Parking Garage construction to begin May 3 Terminal exterior skin construction to begin 2018 March 2 Parking Garage construction to be complete October 1 - North Terminal Opens for Operation

7 Design Team Recommendation and Update

8 Departure Curb 8

9 North Terminal Program Concourse View

10 North Terminal Program Restroom

11 North Terminal Program Sources and Uses SOURCES ($ Millions) USES ($ Millions) FAA Airport Improvement Program Grants Terminal Building TSA Grants Airside and Apron State Aviation Fund Grants Site Prep, Utilities, and Infrastructure Passenger Facility Charges (PFC) Parking Structure / Surface General Airport Revenue Bonds (2015) ($298.6M are PFC backed) General Airport Revenue Bonds (New debt required) Roadways Southside Work 7.66 Customer Facility Charges 5.64 Permits, Fees and Contingencies NOAB Capital Fund State Capital Funds TOTAL TOTAL

12 North Terminal Program Financial Plan Bonds: Approximately $95.43M in additional General Airport Revenue Bond proceeds needed by 2017 Financial analysis based on conservative 5.5% interest rate and 36- month capitalized interest period Airlines agree to underwrite payment of these bonds (per residual airline agreement) The Cost Per Enplanement (CPE) is projected to be below our goal of $10 through 2025 Short Term Borrowing: Short term borrowing of approximately $39M is anticipated to meet construction cash flow given timing of certain project sources Allows Airport to maintain 1 year of unrestricted reserves ($50M) throughout construction period

13 DBE Participation Construction Goal 33.09% CMAR proposed $532,599,258 in direct construction costs of which: $474,864,944 in contracts is proposed for award $57,700,000 million is scheduled to be bid after further design and value engineering Of the contracts proposed for award 28.42% or $143,061,710 is currently committed to be awarded to DBE firms. Of the remaining $57.7 million in contracting opportunities the CMAR has proposed a DBE goal of 69.2% which would yield $39.4 million in additional DBE spending. The current DBE commitments and the plan for additional contracting would bring the total participation to $185,505,710 or 34.3% of direct construction costs.

14 DBE Participation Construction Goal 33.09% FAA Civil Rights Office, Airport DBELO, and City Office of Supplier Diversity review of CMAR s DBE commitment and plan. To assist DBE and small firms, Airport implementing the following pay procedures: 20-day Airport turn-around on payment of invoices Requiring use of B2G payment tracking software to monitor and verify CMAR/prime payments to subs and DBEs DBEs required to be paid by CMAR/prime within 7 days of payment by Airport

15 Workforce Development The CMAR committed to $2M for workforce development. This effort is being led by the City s Office of Workforce Development. The Construction Contract will require prime contractors and their subcontractors to use the City of New Orleans as its first source for recruitment, referral and placement. Employment Pathway includes: o Targeted Outreach & Recruitment o Assessment & Job Readiness Training o Technical Skills Training Five Opportunity Centers will source candidates through the Office of Workforce Development: o Goodwill Industries o JOB1 o STRIVE New Orleans o Total Community Action o Urban League of Greater New Orleans Implementation will be monitored by two Workforce Coordinators.

16 CMAR Construction Contract Overview Contract negotiations took place over the past few months, resulting in the construction contract on the Board agenda today. The following highlights some of the key general limiting conditions in the contract: Liquidated Damages capped at $5M Not the same costs and risks of insurance and indemnity as a normal Airport contractor would. HGBM has waivers of consequential damages and liability limitations. The limited damages provisions favor the CMAR over typical terms Limited unit price information available for work subcontracted as lump sum All contract changes (including change orders) to be first approved by Airlines Allowances for interiors (capped at $45M in the GMP) and work not bid/subcontracted (capped at $12.7M in the GMP) at time of contract execution will be competitively bid and paid on a cost plus basis. 60-day allowance for excessive rain / surcharge settlement beyond 240 days (no cost change order with no LDs charged and CMAR will not charge general conditions) CMAR Contingency of $18.4M to cover: costs in excess of budgeted scopes of work not yet contracted; mitigating scheduling and weather impacts; unanticipated costs; or anything that might improve/benefit the project.

17 Airline Agreement Signatory airlines are entitled to approve major capital improvement projects. Delta, Southwest and American airlines participated in CMAR contract negotiations on behalf of the signatory airlines. The new airline agreement includes the following provisions: Airlines agree to the new total project cost Agreement term will extend approx. 8 years (2023) Airlines agree to pay (in rates and charges) the debt service attributable to completion in October 2018 A steering committee (3 signatory airlines, Director, COO & CFO) will meet regularly to discuss status of Project construction, change orders, etc. Airline contribution (starting in 2018) to general purposes account will return to $3M annually Airline approval is required for any Change Orders/construction contract changes

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