San Francisco’s airport plans to spend $4.1 billion over the next decade to fund a major upgrade to its facilities. The expenditures will lead to the creation of more than 36,000 jobs, according to San Francisco Mayor Ed Lee, who announced the figures today.
The San Francisco International Airport Commission will vote on the budget at its meeting on Tuesday. The main source of money for these capital projects will be general revenue bonds.
“SFO’s 10-year capital improvement plan ensures that our airport can achieve its goal to create a world-class facility, and continue to be a vital source of job creation in the Bay Area,” said Lee. “SFO is an engine which helps power our local economies, bring tourism and jobs to the entire region and this investment in our infrastructure keeps that engine running strong.”
Capital improvement projects funded by the plan include renovations to the Terminal 3 concourse and security checkpoint areas as well as a full renovation of Terminal 1’s boarding area B and the creation of a 400-room luxury hotel within the airport grounds, pending environmental approval.
SFO is coming off a record-setting year for passenger traffic. Last year traffic at San Francisco’s airport reached 44.5 million travelers passing through the facility. The estimate for this year’s traffic calls for about the same number of travelers.