Whats the status with the new JFK terminal?

[MiAAmi]

Any word on the progress of the new terminal at JFK?

 

[FrugalFlyer]

When is the new terminal, or a portion of it expected to be opened?
Is AA proceeding as originally planned or are they just going to build & operate a portion or the terminal and then complete the rest when the economy picks up? I thought there were some changes with the JFK terminal project given the economy and financial condition of AA.

 

[Bob Owens]

Full steam ahead. They have plenty of money now-OURS!

 

[Hopeful]

They have several more years to go on the terminal. There is no rush. The outer building with its 17 gates may be ready soon, but the "underramp" tunnel that connects it to the main terminal is not ready. Even if the tunnel is ready, there is no facilities ready yet for check in at the lobby. I was told by a supervisor in facilities maintenance that the next installments for this project were diverted to Miami's terminal because it is to be completed first. So AA having won concessions from employees for 6 years coupled with a slower paced construction process will still keep this terminal because concessions have provided the funding for it. Besides, the existing buildings at JFK are in pretty bad shape.

 

[FWAAA]

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On 5/28/2003 9:57:37 AM eolesen wrote:

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On 5/27/2003 9:23:20 PM Bob Owens wrote:

They have plenty of money now-OURS!

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Who is "they", Bob? The Port Authority? As far as I know, they''re funding the build and don''t get paid a dime until the terminal opens. The longer the construction is dragged out, the longer it takes before AA starts paying the rent.

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A review of AMR''s 10-K discloses that the Port Authority is indeed funding the construction thru tax exempt bonds - the construction (fast, slow or none at all) costs AMR very little cash until AMR begins paying rent. You''d think that at least "Detective" Owens would have read this when he found all those other hidden gems in the 10-K.

From the 10-K:
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In 2002, the Regional Airports Improvement Corporation and the New York City Industrial Development Agency issued facilities sublease revenue bonds at the Los Angeles International Airport and John F. Kennedy International Airport, respectively, to provide reimbursement to American for certain facility construction and other related costs. The Company has recorded the total amount of the issuances of $759 million (net of $38 million discount) as long-term debt on the consolidated balance sheet as of December 31, 2002. These obligations bear interest at fixed rates, with an average effective rate of 8.54 percent, and mature over various periods of time, with a final maturity in 2028. The Company has received approximately $672 million in reimbursements of certain facility construction and other related costs through December 31, 2002. Of the remaining $87 million of bond issuance proceeds not yet received, classified as Other assets on the consolidated balance sheet, $40 million are held by the trustee for reimbursement of future facility construction costs and will be available to the Company in the future, and $47 million are held in a debt service reserve fund.
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But why let the facts get in the way of a good diatribe?

By the way, construction was sped up at JFK immediately following September 11 because, at the time, Carty said it would actually LOWER overall construction expense and shave 9 months off the construction schedule. But since everything Carty ever did is suspect, he must have been lying.

 

[MiAAmi]

Right after 9-11 AA spent extra millions on the terminal to speed up construction.

 

[Oliver Stone''s Apprentice]

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On 5/27/2003 9:23:20 PM Bob Owens wrote:

They have plenty of money now-OURS!

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Who is "they", Bob? The Port Authority? As far as I know, they''re funding the build and don''t get paid a dime until the terminal opens. The longer the construction is dragged out, the longer it takes before AA starts paying the rent.

 

[Hopeful]

Moving along...not full steam ahead as in the beginning

 

[upsilon]

What's the latest on the JFK construction?

 

[NewHampshire Black Bears]

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On 7/30/2003 1033 PM Hopeful wrote:

Moving along...not full steam ahead as in the beginning

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Brother Hopeful;
This is a bit off topic, but I know you'd understand.
Even though our (EX) "uncle Bobby" had no way of knowing/hopeing that this ABORTION(concessions) would play out as it has, is'nt it peculiar(uncanny) that when all is said and done, all the main line flying will be done from BIG city to BIG city, plus International, just as he had advocated back in the late 80's/early 90's.
Likewise, (as he envisioned), AA will have moved(what's left of their "herd"/employees) from multiple "grazing pens", to just a few big ones.
If I were living/working in lil' piss hole main line stations like BDL/PHL/BWI/TPA/IND/CLE/PIT/MCI/ABQ/TUS/ etc., I sure as hell would'nt be signing any mortgage papers.
BUT, then again, WHO IN HELL COULD AFFORD TO, ANYWAY ??

Regards,
NH/BB's

 

[Hopeful]

NH/BB's:

You could be right. We have only seen the start of the changes ahead with flight and people reduction. The next phase will be the smaller Class III and Class IV stations taking a hit. They might have their flights reduced to a point where they could just maintain a presence while not being staffed with AA people!