The problem is parking--because of roadway and terminal construction, the nation's 10th busiest airport permanently lost 3,000 parking spaces since 1995. Meanwhile, the passenger count rose from 26 million to 34 million in that time. Parking garage construction, which will ultimately increase the capacity, has temporarily taken another 4,000 spaces out of circulation, adding to the nightmare of getting in and out of the place.
To help solve the problem, the Port Authority has signed an agreement with the City of Elizabeth to lease 10 acres at the southern tip of the complex. The Port Authority will build a 1,200-car remote parking lot on the site. Elizabeth had supported a proposal to build a mini mall on the tract, but opted for the more lucrative lease agreement with the Port Authority.
The lease term initially runs for 30 years, during which Elizabeth will receive an annual rent check of $480,000. The deal also includes a one-time payment of $4.69 million, and an annual parking tax guarantee of $800,000.
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