In 2013, the City of Yakima identified air service development as being a key strategic priority in order to enhance the Yakima Valley’s businesses and economy. Between 2013 and March 2020, the City has been successful in growing the airport’s passenger ridership by 31 percent and securing a fourth flight to Seattle-Tacoma International Airport. Additionally, the airport is in the process of conducting a business and passenger survey to identify how to continue this success by adding an additional destination, which will only positively impact the passenger's utilizing the airport.
As passenger ridership grew over the past 5 years, the airport experienced an increase in the number of vehicles utilizing the main terminal building’s parking lot. During peak travel times between September and April, the airport witnessed vehicle parking exceeding the current capacity and alternative parking arrangements had to be implemented to accommodate passengers. As passenger ridership recovers from the COVID-19 pandemic, the airport will continue to witness vehicle capacity exceed the current parking facilities.
This project will construct approximately 130 additional long term vehicle parking stalls northwest of the main terminal building. This will free up parking in the current parking lot to facilitate short-term parking and car rental parking in order to accommodate additional passenger traffic. This project will produce additional parking lot revenues and will be a dedicated source of funds to repay the loan. Initial loan details outline a 2% interest rate with a 20 year repayment term.
Additionally, the loan is structured to allow the airport to request a grace period of up to 3 years while the project is constructed and passengers begin to utilize the new long-term parking lot. Although airport revenues have decreased during the Coronavirus pandemic, aviation industry experts forecast the transportation industry will rebound within the next two years restoring airport revenues to further support repayment of the loan. |