COVER STORY AUTHOR Joe Petrie Port Authority embraces P3 development for Newark's new ConRAC facility. AUTHOR Joe Petrie THE PORT Authority of New York and New Jersey is utilizing a P3 program to build a new consolidated renta-car facility (ConRAC) at Newark Liberty International Airport (EWR). The new ConRac will be located next to the new Terminal One at EWR. The facility will include a six-story parking structure of mixed parking and rental car operations. It will have 3,369 facility parking spaces and is designed for potential growth. The Port Authority of New York and New Jersey started talking to rental car companies several years ago about building a new consolidated facility at EWR. The authority was looking to the rental car companies to lead on the project both from the design- 20 \ AIRPORTBUSINESS / AUGUST | SEPTEMBER 2020 build standpoint and the finance and operations point of view. Dan Pine managing principal of CS Capital, part of Conrac Solutions said the agreement allows access to different markets for debt, which allows a more efficient financing method, which allows for lower capitalized interest. It has a lower debt ratio and allows customer facilities charges (CFC) to be lower. "Ultimately, the airport will control every facet of the project through the execution of a lease agreement with the project company," he said. Under the terms of the 35-year lease of the facility, the CFCs escalate