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.... Local News

21st September 2010
PROJECT HEWANORRA UNDERWAY
Sherlana Ernest

(Photo) Hewanorra International Airport

“After months of exhaustive review and a thorough due diligence process, the Government of Saint Lucia has agreed to approve the proposals of the Saint Lucia Air and Sea Port Authority (SLASPA) on the Hewanorra International Airport Redevelopment Project,” were the proud words of Prime Minister Stephenson King, in his September 15 address to the nation.
The very next day, at a Thursday morning press conference, SLASPA officially announced that preparatory work has begun, in terms of contracting a group of companies at ‘a cost of USD $140,000,000.00 to redevelop the Hewanorra International Airport.’
The new facility was architecturally designed by Miami-based Heery S&G Architects International. This renowned company has had years of experience in designing airport terminals. As listed by the P.M. and SLASPA, the contracted group of companies includes:
* Asphalt & Mining (St Lucia) Ltd. utilizing their finance consultants of Branch Banking & Trust (BB&T) will be engaged in Project Finance and Administration.
* Heery International / S&G Architects will be responsible for Architectural Design, Architectural Construction Administration and Architectural Project Management.
* TY Lin International will be the lead Design professional, Engineering Construction Administration, Engineering, Project Management; and
 
 

* Delant Construction will be engaged in the Construction Management and Terminal Building Construction.
The Hewanorra International Airport (HIA) redevelopment project, set to commence in 2011, cost a seemingly staggering US$140 million. The break down entails (a) US$8.25 million towards Architectural & Engineering Fees, (b) US$2.25 million towards Transaction/Financing Fee, and (c) US$129.5 million towards Construction.
According to Prime Minister King, “There is no Government guarantee, nor will SLASPA have any of its properties mortgaged or debentures placed against its revenue. Rather, debt security will be mainly in the form of rights to a specific revenue stream through a lockbox mechanism, as well as a cash reserve.”
Thus Funding will be done through loan financing to be repaid over twenty five years at a fixed interest rate of less than six percent. In a statement released by SLASPA, it was made clear that the HIA redevelopment project is ‘a self-financing endeavor financed through the implementation of an Airport Development Charge (ADC) of US$35 per passenger.’

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