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Hollywood Burbank Airport reports $360 million bond sale, terminal on track for October ribbon cutting
Summary
Airport executive reported a $360 million bond sale, financing the replacement passenger terminal, and said construction is 6 months from completion with a planned October 5 ribbon cutting. Council and staff were briefed on airline changes and new nonstop routes.
The Hollywood Burbank Airport (Burbank Glendale Pasadena Airport Authority) told the City Council on May 19 that construction on the replacement passenger terminal is advancing and that airport officials have closed a $360 million bond issue to finance the project.
Airport Executive Director John Hatanaka told the council the bond sale priced recently and closed last week; proceeds are now held by the project trustee. Hatanaka said the financing achieved a true interest cost of roughly 4.718% and that more than 80% of the bonds were insured, reducing borrowing costs for the airlines that will operate at the new terminal.
Project update: Hatanaka said work is well underway in multiple zones of the new facility: area A (gates 1–3) is more than 95% complete with hold‑room furniture and signage installed; ticket counters and kiosks have started to be installed in the future ticketing hall; baggage claim will have three carousels; and the flight information/ gate signage and cameras are being installed. Hatanaka said the airport has logged roughly three million craft hours on the site and averages about 843 workers on site each day.
Air service and schedule: Passenger activity dipped slightly in 2025 (airport staff cited airline departures from west‑coast markets, Spirit Airlines' bankruptcy and a federal shutdown), but the airport has secured new service and said Alaska Airlines launched Hawaii service May 13 and Southwest will begin nonstop Honolulu flights on Aug. 4. Two carriers (Breeze and Allegiant) filled gaps created by earlier airline departures.
Timeline and finance: Hatanaka said construction remains on a schedule targeting an October 5, 2026 ribbon-cutting, and that the airport priced and closed a $360 million bond issue with final maturity in 2056 to fund the terminal buildout. He thanked city staff and partners for coordinating infrastructure work (power, water) while crews complete interior finish and systems installation.
Why it matters: The new terminal is the largest capital project before the city and includes a new library/civic center campus adjacent to the site; the financing, airline additions and a construction ribbon date give residents and businesses a clearer timeframe for how the airport's operations and traffic patterns will change in the next year.
Bottom line: The airport reported successful financing and steady construction progress; officials asked the council to continue interagency coordination as opening approaches.
