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City flags planned $1B-plus airport revenue bond to support terminal project

San Antonio City Council · January 21, 2026

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Summary

Staff told council it will seek approval in April to issue approximately $1 billion to $1.2 billion in airport revenue bonds to finance a terminal development program tied to a $1.3 billion guaranteed-maximum-price contract with Hensel Phelps, with a market sale in June and closing in mid-July.

City staff told the council they plan to seek authorization in April to issue roughly $1 billion to $1.2 billion in airport revenue bonds to finance terminal development and enabling CIP projects.

Troy said the city has about $740 million of outstanding airport-related debt and that council approved a guaranteed-maximum-price contract with Hensel Phelps in December (about $1.3 billion). He told the council staff are finalizing a finance plan and intend to present an issuance request in April, go to market in June and close close on financing in mid-July.

Why it matters: airport revenue bonds would be a large non-ad valorem financing vehicle dedicated to airport projects and would not be supported by the city's debt-service ad valorem tax rate. Councilmembers were alerted to the timing so they could consider the airport financing alongside general-obligation bond discussions.

Next steps: staff said they will return with an issuance resolution in April and with additional financing details prior to any issuance.