Airport Business - 22

COVER STORY
unique piece of transport infrastructure
in the New York City area, a geography
that RFM knows and has a corporate
presence.
"The ConRAC will provide greater
choice and an improved customer
experience for airplane passengers
seeking ground transportation options,
something we believe will be important
going forward in a post-COVID-19
travel environment," he said. "The
EWR project is the first large-scale
privately-financed ConRAC in the U.S.
and builds on Conrac Solutions' track
record as the only integrated developer,
operator and financier of ConRACs
in the U.S., further strengthening the
company's market position.
"The transaction was recognized
by leading infrastructure investment
journals as a landmark deal and we
believe the EWR project will serve
as a model for future ConRAC
developments."
Mac Bell, managing director of
infrastructure investments for Fengate

Asset Management, said the Newark
project was attractive for all the
stakeholders because it allowed them
to take on some risk in developing the
project.
"Our job is to put capital to work
on behalf of our clients. Our clients are
all pension funds," he said. "Putting all
private capital in rather than having
public capital fund the project, it allows
us to put more capital to work and take
on greater risk in having a revenue
stream that we underwrite."
Bell said it wasn't an easy deal
to f inance. They tried to do an
underwritten bond when they initially
went to the market, but the private
placement market wasn't there.
"There were some concerns about
the tenor of the project agreement," he
said. "It was a little longer than people
were used to and there's a concern about
the rental car market."
The deal team did a lot to de-risk
itself from the current rental car market
challenges.

"We're building, for lack of a better
term, a box on the Newark airport
property. There is not a lot of available
space on Newark airport, so there's a
lot of barriers to entry, which is what
a lot of infrastructure investors look
for," Bell said. "We know that no one
is going to be able to design another box
to compete with it."
Bell said the company went with a
piece of bank debt with a 10-year term,
which gives them plenty of opportunities
to refinance after construction is done.
Right said Conrac Solutions
navigated the challenge of creatively
managing and satisfying the interests
of the range of EWR ConRAC
stakeholders in order to secure
the development and investment
opportunit y. The project's key
stakeholders include the rental car
industry and the Port Authority of New
York and New Jersey.
Right said Conrac Solutions will
deliver a set of unique benefits to each
stakeholder of the EWR ConRAC

SOFTWARE FOR COMMERCIAL
VEHICLE MANAGEMENT

Generate revenue from trip-based fees
Monitor and Enforce compliance
with airport regulations
Automate taxi operations
Modular and Affordable

651-365-0700 | www.gksys.com
AviationPros.com/21056173

AviationPros.com/12438645

22 \ AIRPORTBUSINESS / AUGUST | SEPTEMBER 2020


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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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