PHILADELPHIA-The City of Philadelphia and US Airways announced they have agreed to terms on a two-year lease extension for Philadelphia International Airport that will facilitate $734 million in new capital investment at the airport.

The agreement does not include the development of a controversial dollar fifth runway at the airport, according to the Philadelphia Inquirer. The city and US Airways also agreed to continue to work on details of the planned expansion of the airport through 2025 that has been estimated to cost $6.4 billion to $10.5 billion.

The lease extension includes airport enhancements such as:

• A 1,500 foot extension of runway 9L-27R that increases the total runway length to 12,000 ft, providing the capability to accommodate large, long-haul aircraft;

• A redesigned and enhanced Terminal B and C ticketing area, which will include a new, automated baggage handling and screening system and a new, more spacious, centralized passenger security screening checkpoint to provide for greater efficiency and enhanced passenger flow;

• Replacement of the current rental car facility surface lots with a new, multi-story consolidated rental car facility;

• An initial design for an automated people-mover system between concourses that will make it easier for passengers to connect to other flights;

• Airside improvements to include new taxiway/aircraft holding bays/apron to better queue for departure;

• Continued rehabilitation of other existing airport infrastructure projects to include security upgrades, roof and window replacements, escalator upgrades, airport restrooms, roadways, concession programs and flight information display systems.

See story in the Philadelphia Inquirer.