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Committee signs off on multiple Port Control contracts and expands airport line-of-credit to $476 million
Summary
The committee approved a package of Port Control professional-service and procurement contracts (insurance brokerage, wayfinding audit, concrete services, wetland mitigation, financial and asset-management consultants) and authorized increasing the airport line-of-credit to a not-to-exceed $476 million to support terminal modernization projects.
The Finance, Diversity & Inclusion Committee on Nov. 17 approved multiple Port Control items to support Cleveland Hopkins International Airport’s terminal modernization program and near-term operational improvements, and it authorized a change in financing capacity.
Dennis Kramer, assistant director of airport development, briefed the committee on a planned owner-controlled insurance program (OSEP) and a seven-year insurance-brokerage contract to consolidate coverage for the terminal modernization program. He said bundling insurance could reduce contractor cost burdens and open opportunities for smaller firms.
The committee also approved a wayfinding audit…
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