Notes
Port Of Seattle Commission briefing dated May 8, 2018, presenting the airport financial forecast and Sustainable Airport Master Plan (SAMP) impacts on cost per enplaned passenger (CPE). Projects baseline CPE of $20 in 2025 without SAMP projects, and $36 CPE in 2027 with SAMP — deemed likely not feasible. Upper limit CPE estimated at $25–$30 for 2027–2030. To achieve financial feasibility (CPE below $30), the briefing identifies three requirements: increase non-aeronautical net operating income (NOI), manage operating and maintenance cost growth, and reduce projected capital spending. Covers the Airline Lease Agreement (SLOA IV) financial framework, including aeronautical rate-setting, debt service coverage ratio of 1.25x, PFC and grant funding exclusions from rate bases, and revenue bond vs. cash-funded capital cost recovery.