COVER STORY and this broad set of benef its for all stakeholders is what makes this an appealing investment. For the rental car industry, the project will give them a brand-new facility at Newark with state-of-the-art quick turnaround (QTA) operations which will improve operational efficiencies for the entire industry. The facility's location and walkability from the airport terminal will also improve rental car competitiveness versus taxis and rideshares. The Port Authority will benefit by gaining a piece of critical aviation infrastructure without needing to use their own balance sheet to finance construction and can reduce airport curbside congestion by consolidating existing rental car operations. "The project equity and debt investors can benefit through exposure to rental car demand at a gateway city airport which we believe can deliver an attractive return on their invested capital over the long term," he said. "Finally, P3 FINANCING CAN BE APPLIED TO MOST ANY ASPECT OF THE AIRPORT AS LONG AS A CREDITWORTHY COUNTERPARTY IS SIGNING THE CONCESSION. EWR passengers will be given greater and easier access to rental cars which expands their overall choice of ground transportation options." Bell said the returns are competitive on the Newark project relative to an availability-based P3 projects. Conrac Solutions has a very strong relationship with rental car companies, which also made it appealing. "You can rarely compete with those because from a risk-return profile perspective, the risk is very low because all you have to do is build the asset and make sure it's available for use," he said. Bell said municipal bonds offer lower cost access to money than those offered via a P3 investment, but it offers an opportunity for private capital to take on risk and cushion for cost over runs and other obstacles. "If people have a lot of other projects at the go and don't have a lot of time or want to insure themselves and get the COMMANDER 30i jbtc.com/aerotech GREAT RELIABILITY | EASY TO OPERATE | EASY TO MAINTAIN AviationPros.com/10746968 AviationPros.com/10131811 24 \ AIRPORTBUSINESS / AUGUST | SEPTEMBER 2020http://ezliner.com http://www.jbtc.com/aerotech http://www.AviationPros.com/10746968 http://www.AviationPros.com/10131811