Agenda Item: 11b_supp
Meeting Date: October 28, 2025

AVIATION DIVISION
2026 Capital Budget

Commission Proposed Budget Briefing
October 28, 2025

Outline for Aviation Division Presentation
1. Overview of Strategic & Financial Objectives
2. 2026 - 2030 (5-year) Financial Forecast
3. 2026 - 2030 (5-Year) Capital Forecast

2

Aviation Strategic and Financial Objectives
• Aviation Division's Strategic and Business Plan Objectives
- Level of Service Optimum
- Top 25 ASQ World Ranking
- 5-Star Skytrax rating

• Ensure the airport's five-year financial outlook meets or
exceeds the financial performance targets.

- Achieve debt service coverage of >1.40 times
- Build cash balance in the Airport Development Fund to 18 months of
O&M expenses
- Consistently grow Non-aeronautical revenues

ASQ = Air Service Quality
O&M = Operating & Maintenance

3

2026 - 2030 FINANCIAL FORECAST

4

2026-2030 Financial Forecast
Budget
2026

In $000's
Aeronautical Revenue
Non-Aeronautical Revenue without GASB 87 1
Total Operating Revenue without GASB 87
Lease Income1
Total Operating Revenue with GASB 87
Operating Expense
Net Operating Income
3
Net Non-Operating Income/Expense

$

587,035
395,848 $

622,257
462,993 $

659,592
499,969 $

699,168
543,689 $

741,118
605,727

19,929

12,727

14,095

17,269

20,214

9,872
(7,897)

9,620
(8,303)

9,034
(8,474)

8,505
(8,664)

7,968
(8,856)

(11,702)
406,050 $

(12,405)
464,632 $

(12,588)
502,036 $

(12,142)
548,658 $

(12,760)
612,294

437,348 $
2,714 $
(24,580)
(100,854)
314,629 $

481,664 $
2,714 $
(24,838)
(104,950)
354,591 $

518,491 $
2,714 $
(26,202)
(104,995)
390,009 $

584,174
2,714
(26,465)
(112,945)
447,480

150,004 $

147,446 $

158,649 $

164,814

$
$
$

$

383,437 $
2,376 $
(25,327)
(100,000)
260,486 $

Net Cash Flow

$

145,564 $

3

Forecast
2030

$

Gross Debt Service (net of cap i)
CP Principal & Interest
CFC Offset
PFC Offset
Net Debt Service

2

Forecast
2029

$
$
$

2

1

Forecast
2028

615,502 $ 714,959 $ 770,095 $ 831,247 $
377,253
379,911
398,501
420,115
992,755 $ 1,094,870 $ 1,168,596 $ 1,251,362 $
(9,872) $
(9,620) $
(9,034) $
(8,505) $
982,883 $ 1,085,250 $ 1,159,561 $ 1,242,857 $

Lease Income
Lease Expense
CFC Excess
Available for Debt Service

Forecast
2027

2026 Budget figure was reduced by $9.8M related to GASB 87 Lease Interest Income
2026 Budget figure was increased by $9.8M related to GASB 87 Lease Interest Income

909,745
445,068
1,354,813
(7,968)
1,346,845

•

Aeronautical revenues
forecast higher debt
service when projects are
completed.

•

Consistent non-aero
revenue growth but future
impacts from tenant
turnover and capital
projects.

•

Average annual net debt
service is projected to grow
by 18% due to growth in
capital expenditures.

•

Includes other divisions'
projects funded by the
airport

Non-Operating Income/Expense includes ADF interest income, and election expenses.

CFC = Customer Facility Charge
CP = Commercial Paper

PFC = Passenger Facility Charge

5

2026-2030 Non-Aero Revenue Forecast
Forecast
2025
Non-Aero Revenues
Public Parking
Employee Parking includes TMA
Rental Car 1
Ground Transportation
Concessions 1
Tenant Marketing
Commercial Properties 1
International Place Office
Non-Airline Terminal Leased Space 1
Club International Lounge
Utilities
Airport Conference
Service Orgs
Total Non-aero Revenues without GASB 87
Lease Interest Income 2
Total Non-Aero Revenues with GASB 87

Budget
2026

Forecast
2027

Forecast
2028

Forecast
2029

Forecast
2030

116,403
12,892
68,153
24,578
72,799
0
22,921
12,420
8,294
19,039
10,838
200
381
368,916
(9,743)
359,174

114,531
14,856
69,549
24,896
78,369
503
24,505
14,484
8,249
16,153
10,551
228
381
377,253
(9,872)
367,381

118,139
16,390
72,222
24,834
71,959
2,086
27,721
14,884
7,966
10,687
12,349
250
423
379,911
(9,620)
370,291

122,014
18,142
73,792
25,250
80,166
2,168
28,376
15,622
8,166
11,092
12,993
275
445
398,501
(9,034)
389,466

125,934
19,981
75,209
25,668
92,047
2,252
28,956
15,742
8,372
11,513
13,675
300
467
420,115
(8,505)
411,610

129,980
22,212
77,765
26,134
95,406
2,340
29,662
16,058
8,583
21,693
14,396
350
490
445,068
(7,968)
437,100

Non-Aero Operating Expenses

(185,207)

(200,764)

(208,832)

(221,361)

(234,643)

(248,722)

Non-Aero Net Income

173,967

166,617

161,459

168,105

176,967

188,378

Less: CFC Excess
Non-Aero Debt Service
Non-Aero CP Debt Service
Lease Expenses
Lease Interest Income 2
Total Non-aero Other Costs and Income

(10,665)
(32,849)
509
(7,938)
9,743
(41,200)

(11,896)
(57,208)
(126)
(7,938)
9,872
(67,295)

(12,405)
(70,281)
129
(8,166)
9,620
(81,102)

(12,588)
(81,134)
129
(8,389)
9,034
(92,948)

(12,142)
(82,575)
129
(8,619)
8,505
(94,702)

(12,760)
(90,454)
129
(8,856)
7,968
(103,973)

Non-Aero Remaining Revenues

$

132,767

1

Excludes GASB 87 revenues classified in non-operating revenues.

2

Lease Interest Income budget as non-operating account.

YOY Revenues with GASB growth
YOY Expense growth
YOY Non-aero Other Costs and Income
YOY Non-aero Remaining Revenues

3.1%
13.4%
-19%
-0.7%

$

99,321

2.3%
8.4%
63%
-25.2%

$

80,357

0.8%
4.0%
21%
-19.1%

$

75,157

5.2%
6.0%
15%
-6.5%

$

82,265

5.7%
6.0%
2%
9.5%

$

84,405

6.2%
6.0%
10%
2.6%

6

Decline of Remaining Non-Aero Revenues
Non-Aero Remaining Revenues
500,000
300,000
100,000
(100,000)
(300,000)
(500,000)

2025

2026

2027

2028

2029

2030

Non-Aero Revenues

GASB 87 Lease Interest Income

Non-Aero Operating Expenses

CFC Excess

Non-Aero Lease Expenses

Non-Aero Debt Service

Non-Aero Remaining Revenues

CFC = Customer Facility Charge
GASB = Government Accounting Standards Board

7

2026-2030 Financial Forecast Assumptions
Forecast Assumptions:
Base O&M growth
Expenditure Growth1
Enplanement growth
Capital Expenditures ($ in millions)2
Non-airline revenue growth
Bond Interest Rate
Amortization Rate
Interest Earnings Rate
Debt Service ($ in millions)

2026 Budget
6.0%
4.4%
1.7%
852
-0.4%
5.25%
4.3%
3.3%

2027
6.0%
6.0%
1.8%
993
3.4%
5.25%
3.5%
2.0%

2028
6.0%
6.0%
0.8%
849
4.9%
5.25%
3.5%
2.0%

2029
6.0%
6.0%
0.8%
621
5.4%
5.25%
3.5%
2.0%

2030
6.0%
6.0%
0.8%
439
5.9%
5.25%
3.5%
2.0%

1

Expenditure growth includes allocation from Central Services
2
Capital Expenditures include public expenses, airport funded corporate and EDD capital projects
•

Expenditure growth differs from base O&M growth because Expenditure growth includes one-time
items such as environmental remediation and airline realignment expenses

EDD = Economic Development Division
O&M = Operating & Maintenance

8

2026-2030 Financial Forecast Metrics
Budget
2026
Key Measures
Debt Service Coverage
ADF Balance - Months of O&M
CPE
O&M per Enplaned Passenger
Debt per Originating Passenger

PFC fund balance (in $000's)
CFC fund balance (in $000's)
New Debt Service (in $000's)
Capital Spending (in $000's)
Capital Spending ADF (in $000's)
Activity
Enplaned Passengers(000's)
Enplanement Growth Rate
•
•

$
$
$
$
$
$
$
$

1.56
18
21.11
21.72
236
55,572
50,272
27,840
852,371
103,765

27,031
1.7%

$
$
$
$
$
$
$
$

Forecast
2027

Forecast
2028

Forecast
2029

1.48
18
24.31
22.61
268
60,200
49,323
76,850
993,458
97,350

1.42
18
26.06
23.78
293
61,616
51,687
126,934
849,302
91,200

1.41
18
27.91
25.01
308
63,849
61,134
174,447
621,320
98,972

$
$
$
$
$
$
$
$

27,517
1.8%

27,737
0.8%

$
$
$
$
$
$
$
$

27,959
0.8%

Forecast
2030

$
$
$
$
$
$
$
$

1.37
18
30.40
26.30
312
32,007
32,518
209,695
438,924
102,195

28,182
0.8%

Debt service coverage decreases between 1.35x and 1.37x in 2030-2032 and will increase to 1.40x in 2033.
Debt Service Coverage is based on the Airport only calculation per Signatory Lease Operating Agreement (SLOA).

ADF = Airport Development Fund
CFC = Customer Facility Charge

CPE = Cost Per Enplanement
O&M = Operating & Maintenance

PFC = Passenger Facility Charge

9

2026 - 2030 CAPITAL FORECAST

10

$5.9B AV Capital Program over 10 Years
2026-2035
Capital Spending
$ in Millions
Actual Capital Spending
CapEx Forecast
$979

1,000
900

$832 $836

•

$300M CIP reduction in 2026
POF versus 2025 POF
- 2026 POF CIP is $6B over
10 years compared to
$6.3B over the same 10
years in the 2025 POF CIP

•

Around 66% of first 5-year
capital spending is from Mega
projects with a budget of
$300M or more

•

10-year forecast includes $290M
for Sustainable Airport Master
Plan (SAMP) Preliminary
Planning & Design

$840

$684

700

$612

600

$517 $518

500

$444

$430

$399

400
$312

$433

$312

200
100
0

$5.9B AV CIP Spending
- $3.7B CIP spending
forecast in first 5-year
(2026-2030) period
- $2.2B CIP spending
forecast in second 5-year
(2031-2035) period

2026 Plan of Finance

800

300

•

2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

CIP = Capital Improvement Program

POF = Plan of Finance

11

2026 - 2030 Capital Project Forecast Summary
Cash Flows (Figures in $000s)
2025

2026

2027

2028

2029

2030

2026 - 30
TOTAL

Mega Projects
S Concourse Evolution
Baggage Optimization
2026-2030 Airfield Pavement Program
Main Terminal Improvement
C Concourse Expansion
SEA Gateway
Subtotal - Mega Projects

39,529
14,551
5,400
526
129,188
150,483
339,677

137,762
120,752
71,507
836
119,813
96,470
547,140

278,951
160,897
76,662
100,000
11,568
20,327
648,404

211,427
163,553
82,937
100,000
557,917

218,638
103,907
81,666
50,000
454,210

218,638
33,452
74,320
326,410

1,065,415
582,561
387,093
250,836
131,381
116,797
2,534,082

Other Capital Projects
SAMP Preliminary Planning / Design
Proposed New Projects
CIPs Reserves
Subtotal

485,383
7
6,837
492,227

393,359
8,673
24,758
426,790

243,986
3,494
1,560
26,499
275,540

123,837
37,418
58
37,457
198,770

86,138
37,514
34,157
157,809

59,115
35,203
8,819
103,137

906,436
113,629
10,291
131,690
1,162,046

-

(138,044)

55,217

82,826

-

-

835,887

979,162

839,513

CIP Cashflow Adj Reserve
Total Proposed CIP

•

831,904

612,019

429,546

0
3,696,127

2026 capital spending has been reduced by $138M CIP Cashflow Adjustment and moved to 2027 and 2028. CIP Cashflow Adjustment was
implemented to adjust CIP cashflows to better reflect expected project spending trends in aggregate. This adjustment affects the timing of
spending only.

CIP = Capital Improvement Program
SAMP = Sustainable Airport Master Plan

SEA = Seattle-Tacoma International Airport
AFLD PVMNTS = Airfield Pavements

12

Mega Projects Drive Capital Program

$ in Millions

979

1,000
900

832

840

836

800
700

612

600

517

500

518

430

400

399

433

312

300
200
100
2025

•
•
•
•

2026

2027

2028

Mega

$100-$300 budget

2029

2030

$20-$100 budget

2031

2032

< $20 budget

2033

2034

2035

CIP Reserves

Total 2026-2030 mega projects of $2.5B include Baggage Optimization, C Concourse, SEA Gateway, S Concourse Evolution and Airfield
Pavement, and Main Terminal Renovation
10-year CIP Reserves of $670M
Spending forecast includes Sustainable Airport Master Plan Preliminary Planning & Design for $114M
Excludes other divisions' projects funded by the airport

CIP = Capital Improvement Program
SEA = Seattle-Tacoma International Airport

13

2026 - 2030 Capital Forecast
Category

Number of
Projects*

Total 5-year
Cash Flow*

Regulatory & Contractual

18

$1.1B

Renewal & Replacement

57

$1.8B

Business Needs

32

$470M

Noise

4

$42M

SAMP Design Pre-approval
in SLOA Agreement

1

$114M

Reserves & Small Capital

7

$151M

119

$3.7B

TOTAL

Reserves &
Small Capital
4%

Renewal &
Replacement
49%

*Excludes other divisions' projects funded by the airport
CIP = Capital Improvement Program
SAMP = Sustainable Airport Master Plan

Business
Need
13%

SLOA = Signatory Lease & Operating Agreement

Noise
1%

Regulatory
30%

SAMP
3%

14

Summary of Proposed New Projects
Cash Flows (Figures in $000s)
Justification
Asset Stewardship
Asset Stewardship
Business Need
Asset Stewardship
Asset Stewardship
Asset Stewardship
Asset Stewardship
Asset Stewardship
Asset Stewardship
Asset Stewardship
Business Need
Asset Stewardship

Category
Renewal Replacement
Renewal Replacement
Business Need
Renewal Replacement
Renewal Replacement
Renewal Replacement
Renewal Replacement
Renewal Replacement
Renewal Replacement
Renewal Replacement
Business Need
Renewal Replacement

CIP
C802126
C802123
C802119
C802130
C802127
C802114
C802115
C802113
C802128
C802122
C802117
C802120

Description
PC AHU Replacement
Checkpoint Security Grill
Master Park Landlord Improv
BRITE Replace 16L 16R
Pumphouse Valve & Vent Replace
Employee Parking Lot C improve
Rubber Removal Truck
Toll Plaza Drain Channel Repla
Parking Garage Dry Standpipe
Access Control Mezzanine Doors
JetBlue Zone 2 Ticketing CUSE
Swale Pond Improvement

BRITE = LED in-pavement runway guard lights for RWY 16L and 16R
CUSE = Common Use Systems Equipment

Cost Estimate
4,065
2,700
1,800
1,800
1,700
1,300
1,150
776
500
489
359
350
Total
16,989

2025
160
150
1,465
800
160
726
1,150
568
500
489
180
350
6,698

2026
3,500
1,337
335
1,000
1,540
573
208
180
8,673

2027
405
1,155
1,560

2028
-

PC AHU = Pre-Conditioned Air Handling Unit

58
58

2029

2030

-

-

2026-2030
Total
Total
Cashflows
3,905
4,065
2,550
2,700
335
1,800
1,000
1,800
1,540
1,700
573
1,299
1,150
208
776
500
489
180
360
350
10,291
16,989

15

Aviation 2026-2030 Capital Budget Key Takeaways
Financial Forecast

• Consistent non-aero revenue growth but future revenue impacts
from tenant turnover and capital projects
• Debt service coverage at 1.56x in 2026
• 6% O&M growth rate starting in 2027
• 18 months of O&M cash on hand in 2026
• CPE forecast for 2026 is $21.10

Capital Forecast

• $3.7B capital spending over the next five years
• 12 new capital projects totaling $10.3M in spending over the next
five years

CPE = Cost Per Enplanement
O&M = Operating & Maintenance

16

QUESTIONS?

17

APPENDIX

18

5-year Forecast Landing Fee, FIS Fee,
Apron Fee and Terminal Rate

Landing Fee
FIS Fee
Apron Fee
Terminal Rate

Actual
2024
$
5.27
$
16.15
$
0.69
$ 157.90

FIS = Federal Inspection Services (US Customs)

Budget
2025
$
4.89
$
17.05
$
0.80
$ 151.54

Budget
2026
$
5.15
$
16.28
$
0.83
$ 167.69

Forecast
2027
$
5.41
$
15.08
$
1.01
$ 198.48

Forecast
2028
$
5.61
$
15.40
$
1.05
$ 216.68

Forecast
2029
$
5.89
$
16.51
$
1.17
$ 231.52

Forecast
2030
$
6.38
$
17.93
$
1.29
$ 253.50

19

2026-2030 PFC Forecast
Budget
2026

Forecast
2027

Forecast
2028

Forecast
2029

Forecast
2030

Available PFCs to Spend
Beginning Balance

$

51,031,638 $

55,572,317 $

60,199,644 $

61,616,368 $

63,848,943

Collections
Interest income
PFC Revenues

$
$

102,053,053 $
2,487,626
104,540,679 $

103,886,593 $
1,594,589
105,481,182 $

104,717,687 $
1,649,173
106,366,860 $

105,555,427 $
1,671,718
107,227,145 $

106,399,871
1,702,488
108,102,359

Available PFC Revenues

$

155,572,317 $

161,053,499 $

166,566,504 $

168,843,513 $

171,951,301

Interest income rate

3.25%

2.00%

2.00%

2.00%

2.00%

31,029,619 $
5,191,571
31,440,223
26,305,546
3,493,041
1,550,000
990,000
-

31,027,282 $
5,208,447
33,593,239
24,991,211
3,493,676
1,550,000
990,000
-

31,025,321 $
5,196,651
37,950,162
24,797,458
3,440,544
1,550,000
990,000
-

31,023,868 $
5,179,368
38,194,412
24,654,412
3,402,510
1,550,000
990,000
-

40,137,624
4,254,360
37,956,642
24,653,844
3,402,221
1,550,000
990,000
-

100,000,000 $

100,853,854 $

104,950,136 $

104,994,570 $

112,944,690

PFC - USAGE
Revenue Bond DS Offset:
Third Runway
Baggage - Existing
STS/STEP
IAF
NSAT - Building
NSAT - Apron
NSAT - PLB
NSAT - GUTL
Future Project
Total (B)

$

$

• $100M of PFC funds
budgeted in 2026 for
debt service offset
• $56M year end
balance forecasted in
2026
• Future application
will spend down the
balance for Pay-Go

Pay-Go PFC spending:
Total Pay-Go PFC spending (C )

$

-

$

27,000,000

Total PFC Usage (A+B+C)

$

100,000,000 $

100,853,854 $

104,950,136 $

104,994,570 $

139,944,690

Ending Balance

$

55,572,317 $

60,199,644 $

61,616,368 $

63,848,943 $

32,006,611

NSAT = North Satellite
PFC = Passenger Facility Charge

$

-

$

-

$

-

20

2026 - 2030 Capital Funding Plan
1,000,000
900,000
800,000
700,000
600,000
500,000
400,000
300,000
200,000
100,000

$ in 000's

0
2026

2027

Future Bond

Prior Bond

2028

ADF

2029

AIP

PFC

Tax levy

2030

CFC

Includes CIPs from Central Services and other divisions of $59M
ADF = Airport Development Fund
AIP = Airport Improvement Plan

CFC = Customer Facility Charge
CIP = Capital Improvement Plan

PFC = Passenger Facility Charge

21

Proposed New Project Descriptions
•

PC AHU Replacement: 16 PC Air Handling Units (AHUs) have burst heating coils. These units provides heating
from Central Mechanical Plant (CMP) so pilots do not use jet-fuel powered aircraft auxiliary power units.

•

Checkpoint Security Grill: Checkpoint 4 security gate has had repeated maintenance issues, causing injuries to
staff.

•

Master Park Landlord Improvement: Reimburse Master Park for pre-possession improvements.

•

BRITE Replacement 16L & 16R: Project will purchase the materials needed for the autonomous LED inpavement runway guard lights for RWY 16L and 16R.

•

Pumphouse Valve & Vent: Four pump valves need to be replaced immediately to comply with NFPA-25 code
churn testing and prevent potential fines.

•

Employee Parking Lot C Improvement: Per lease agreement, this project will complete tasks that were not
part of the property owner's responsibilities to have the site operational for employee parking.

•

Rubber Removal Truck Purchase: Purchase one rubber removal truck to remove rubber that accumulates from
plane landing. Rubber removal helps with operations as it reduces friction of the runways.

BRITE = LED in-pavement runway guard lights
LED = Light-Emitting Diode

CMP = Central Mechanical Plant
NFPA = National Fire Protection Association

PC AHU = Pre-Conditioned Air Handling Unit
RWY = Runway

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Proposed New Project Descriptions (cont'd)
• Toll Plaza Drainage Replacement: This project will replace two channel drains at the Toll Plaza exit
booths that have been deteriorating, sections of which have already failed.
• Parking Garage Dry Standpipe: Replace two (2) and modify three (3) dry fire suppression
standpipe systems located within the parking garage, ensuring full compliance with NFPA-25
standards.
• Access Control on Mezzanine Doors: This project will install access control and cameras for three
sets of doors on the mezzanine level of the Main Terminal. This project aims to prevent unauthorized
access.
• JetBlue Zone 2 Ticketing CUSE: Per SLOA Renewal, JetBlue does not qualify for Preferential Gate.
This project will replace the JetBlue preferential ticket counters in Zone 2 ticketing with Portstandard CUSE ticket counters and equipment.
• Swale Pond Improvement: Stormwater quality treatment improvement required to meet the
NPDES permit with the WA DOE for the Swale ponds.
CUSE = Common Use Systems Equipment
NFPA = National Fire Protection Association

NPDES = National Pollutant Discharge Elimination System
SLOA = Signatory Lease & Operating Agreement

WA DOE = WA Dept of Ecology

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Construction 50%

Concourse C Expansion
Scope: Add 4 floors to the existing 3-floor C1 Building.
Includes: Airport Dining and Retail space, office space, and
lounge space, amenities such as nursing room, meditation room,
and sensory room.

Authorized Program Budget: $400M
Schedule: Q2 2026
Design Complete Q1 2023
Early Work Packages Start Q2 2022
Full Construction Starts Q2 2023
Substantial Completion Q2 2026

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Phase A - Construction 90%

SEA Gateway/North Main
Terminal Redevelopment
Program
Scope: Alaska Airlines is designing and constructing a tenant
reimbursement agreement program to redevelop their Ticketing
and other support areas of the Main Terminal to improve
passenger check-in, bag drop, and security screening capacity.

Phase B - Construction 70%

Authorized Program Budget: $546M
Schedule: Q1 2021 - Q2 2026

• Design Start:

Q3 2021

• Phase A Construction: Q3 2022 - Q4 2025
(Bridge/Promenade & Baggage Claim)
• Phase B Construction: Q3 2023 - Q3 2026
(Ticketing, Mezzanine & Checkpoint 5)
SEA = Seattle-Tacoma International Airport

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100% Construction Complete

Concourse A Building
Expansion for Lounges Project
Scope: Tenant Reimbursement Agreement project with Delta
Air Lines to design and construct a building addition at the end
of the A Concourse that will house a new Delta Sky Club, a new
Delta One lounge, and an expanded shared-use lounge Club @
SEA.
Authorized Project Budget: $142.6M
Schedule: Q2 2021 - Q3 2025
Construction Q3 2022 - Q3 2025
TCO - 6/17/2025

SEA = Seattle-Tacoma International Airport
TCO = Temporary Certificate of Occupancy

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60% Design In Progress

S Concourse Evolution
Scope: This project will seismically and structurally strengthen
the South Concourse, complete the effort of bringing all its
building systems up to date, completely replace the lower-level
FIS facility, and remodel and expand the retail, dining, and club
space on the upper floors of the facility.
Target Estimated Budget Range: $1.9B - $2.5B
Schedule: Q4 2021 - TBD
Design Begin Q3 2023
Construction NTP Q3 2025
Substantial Completion TBD

FIS = Federal Inspection Services (US Customs)
NTP = Notice to Proceed

SEA = Seattle-Tacoma International Airport
SSAT = South Satellite

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PDD Initiated in 2022

Main Terminal
Improvements Program
Targeted Estimated Program Budget:
$400M
Current Scope: Includes limited infrastructure work,
replacement, update, and addition of building life safety
systems and associated architectural elements in the Main
Terminal of SEA.
Program Schedule TBD

PDD = Project Definition Document
SEA = Seattle-Tacoma International Airport

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In TRA Negotiations

Concourse A Duty Free
Scope: Design and construct a walk-through Duty Free on
Concourse A, adjacent to the new IAF exit for connecting
passengers. This 11,000 sq. ft. project will be delivered via
a Tenant Reimbursement Agreement (TRA).
Target Estimated TRA Budget: $46M- $72M
Schedule: Q3 2024 - Q4 2027
In TRA negotiations until Q4 2025
Design Completion Q1 2027
Construction Q1 2027- Q2 2028

IAF = International Arrivals Facility
NTP = Notice to Proceed

SEA = Seattle-Tacoma International Airport
TRA = Tenant Reimbursement Agreement

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