Airport Business - 21
COVER STORY
annually at 2 percent throughout the
lease term. Lower CFCs are better
for customers, better for rental car
companies and better for airports. Pine
said the method of financing used in the
deal allowed that to come to fruition.
"We like to call it set it and forget
it," Pine said. "We set the CFC at the
beginning of the lease and that's it for the
entirety of the lease. That gives clarity
to airports, rental car companies and
customers knowing what that charge
is going to be."
The facility is comprised of two
buildings - a six story parking
structure, three floors for rental returns
and three f loors of parking ran by the
Port Authority. The second is a quick
turnaround facility (QTA), which
include the carwash, garbage and other
items used in the turnaround of rental
cars. It utilizes a ramping system to
allow each rental car company to have
its turnaround
"We design these facilities not only
to meet their needs, but to have things
added to them like the ability to ramp
up electric car usage and certain things
like that," Pine said
Airports of all sizes can benefit to
a P3 project similar to EWR. It's key
to make sure the airport has control
of the facility at the end of the lease
and what the terms are when set forth.
"The financing is done off the
books for the airport, so the airport
isn't taking on any economic or
financial burdens while still controlling
the design," Pine said.
Andrew Right, managing partner,
Related Infrastructure, said the
EWR ConRAC investment was an
opportunity for Conrac Solutions
to develop a transformative piece of
aviation infrastructure in the Greater
New York City area. The facility will
support rental car demand linked to
long-term growth at Newark airport.
This project was an opportunity for
Related Fund Management (RFM), to
lead the private equity financing of a
AUGUST | SEPTEMBER 2020 \ AVIATIONPROS.COM / 21
http://www.AVIATIONPROS.COM
Airport Business
Table of Contents for the Digital Edition of Airport Business
Inside the Fence: Statistically Speaking...
Industry Update
The FBO Customer Experience Beyond COVID-19
Switching Seats: COVID-19's Impact on the Terminal
Data Security and Privacy at Commercial Airports
A Private Affair
Creating Quality Customer Service
Designing the 'Airport of the Future'
Will Peer-to-Peer Car Sharing be the Next Disruptor?
An Airport Takes Off
Totally Boggus: Clearing the Air
Proactive Technology Strategies for Airlines to Succeed Post COVID-19
Looking to Upgrade Your Sustainability Practices? Ask These Questions First
Product Profile: Runway Reliability - Stable Soils Make the Difference
Airport Business - 1
Airport Business - 2
Airport Business - 3
Airport Business - 4
Airport Business - 5
Airport Business - Inside the Fence: Statistically Speaking...
Airport Business - 7
Airport Business - Industry Update
Airport Business - 9
Airport Business - The FBO Customer Experience Beyond COVID-19
Airport Business - 11
Airport Business - Switching Seats: COVID-19's Impact on the Terminal
Airport Business - 13
Airport Business - 14
Airport Business - 15
Airport Business - 16
Airport Business - 17
Airport Business - Data Security and Privacy at Commercial Airports
Airport Business - 19
Airport Business - A Private Affair
Airport Business - 21
Airport Business - 22
Airport Business - 23
Airport Business - 24
Airport Business - 25
Airport Business - Creating Quality Customer Service
Airport Business - 27
Airport Business - Designing the 'Airport of the Future'
Airport Business - 29
Airport Business - Will Peer-to-Peer Car Sharing be the Next Disruptor?
Airport Business - 31
Airport Business - An Airport Takes Off
Airport Business - 33
Airport Business - 34
Airport Business - Totally Boggus: Clearing the Air
Airport Business - Proactive Technology Strategies for Airlines to Succeed Post COVID-19
Airport Business - 37
Airport Business - Looking to Upgrade Your Sustainability Practices? Ask These Questions First
Airport Business - 39
Airport Business - Product Profile: Runway Reliability - Stable Soils Make the Difference
Airport Business - 41
Airport Business - 42
Airport Business - 43
Airport Business - 44
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