Charleston International Airport will pay out $37 million in management fees to oversee the $162 million overhaul of its aging terminal, bringing the price tag for the entire project to $199 million.
The management fees were disclosed for the first time Thursday during a special meeting of the Aviation Authority in which board members also learned the projectís reconciled construction cost would come in about $12 million more than the original $150 million projection.
The airport board will meet Thursday to determine how it will pay for the massive makeover of the 27-year-old terminal.
Itís expected to be financed mostly by borrowing money through the issuance of bonds, Aviation Authority Chairman Chip Limehouse said.
Airports Director Sue Stevens emphasized that the $162 million construction cost is only an estimate and it could rise or fall as bids come in.
Because of cost overruns, the airport will lose one of the new gates it hoped to add as well as a canopy across the front of the building and other cosmetic items on its wish list.
Read more in Fridayís editions of The Post and Courier.
Reach Warren L. Wise at 937-5524 or twitter.com/warrenlancewise.
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