Originally projected to cost about $1 billion, the plan to construct a new single terminal at Kansas City International Airport is edging ever closer toward a price tag of $2 billion.
Plans to increase the size of the terminal, coupled with fewer federal grants and higher financing costs for the project, have driven the expected price to $1.92 billion, roughly double the price estimated when Kansas City voters approved the airport renovation last year.
That new estimate includes $401 million in financing costs.
Geoffrey Stricker, managing partner of Edgemoor, the Maryland-based developer behind the project, points to a 40 percent increase in the project’s size as a driving factor in the bigger budget. There have been increases since last year in the planned number of gates, space for plane parking and size of holding areas, he said.
Airlines that use KCI will foot the bill for the project. They have mostly been mum on the rising costs of the renovation.
Read more: Kansas City Star