Salt Lake City International Airport is set to issue up to $700 million in bonds this summer to fund the final phase of its $5.13 billion redevelopment program. The project, launched in 2014, is nearing completion with the last 21 gates—10 this fall and 11 by October 2026—bringing the total gate count to 84.
City Council approved the bond request in June, and with no objections during the required public hearing, the airport is now preparing for bond pricing and closing by early August. Officials anticipate issuing approximately $633.5 million but secured authorization for up to $700 million to accommodate market volatility and interest rate fluctuations.
These revenue bonds—backed by airport-generated income such as landing fees and terminal rentals—are expected to cover roughly three-quarters of total construction costs. Bond ratings are due mid-July, and airport officials remain optimistic about receiving an upgrade from Moody’s, following prior ratings from S&P and Kroll.
Salt Lake City previously issued five bond series with rates ranging from 2.9% to 5.55%. If rates exceed 6.5%, the city may postpone issuance and rely on reserve funding until conditions improve.
Upon completion, airport leadership will turn attention to long-term plans for a potential third concourse, projected to begin in the mid-2030s.