Funding CLT’s Future – Successful Bond Sale & Efficiency Award
The City of Charlotte and Charlotte Douglas International Airport (CLT) are experiencing a growth spurt.
A new study by the Charlotte Regional Business Alliance predicts that the Charlotte area’s population will increase by 50% by 2050, rising from 3 million to 4.6 million residents.
CLT is now the sixth busiest airport worldwide for aircraft operations and the second largest hub for American Airlines. In 2024, the Airport handled a record 58.8 million passengers, about 30% of whom were local travelers.
That’s why CLT—owned and operated by the City of Charlotte—is expanding and upgrading its infrastructure. This is done using a combination of federal grants, passenger facility charges and airport revenue bonds, but no local tax dollars.
In May 2025, the Airport priced and sold $291 million in airport revenue bonds to help finance two critical components of the Destination CLT Program—the new Fourth Parallel Runway and Concourse D renovations. The bond sale closed on June 11, 2025.
“A bond is nothing more than a loan,” said CLT Chief Financial Officer Michael Hill. “Instead of going to the bank to get a traditional loan or mortgage, the Airport makes a pool of investment bonds available for competitive sale to investors. These investors let us ‘borrow’ their money in exchange for paying an agreed-upon interest rate over time… and that is driven by the Airport’s credit ratings, which are similar to your personal credit score.”
Sound Financial Management Rewarded
CLT is one of a dozen airports in the country with an AA credit rating, the highest an airport can receive. Hill says this rating directly reflects the strength of the Charlotte region, airline passenger activities and conservative financial stewardship.
A bond is paid back through CLT’s various revenue streams, such as parking charges, concessions, passenger facility charges, airline landing fees and rents.
What makes CLT bonds so attractive for investors? A high credit rating—which gives investors confidence in a timely return with interest—and a prestigious industry award certainly help.
The Air Transport Research Society (ATRS) recently recognized CLT as the most financially efficient airport in North America's over 40 million passenger category for the third consecutive year, based on 2023 financial data. The task force analyzed 205 airports worldwide, focusing on productivity, efficiency, cost competitiveness, and financial results.
“To be recognized again by ATRS affirms the core of our mission and vision,” said Hill. “To connect the world by valuing people, partnerships and productivity and to be the hub of choice with innovative experiences and superior facilities.”
Upcoming Bonds Aim to Fuel Growth
CLT will likely return to the bond market in late Spring 2026 to complete funding for the Fourth Parallel Runway Project, which is set to open in Fall 2027.
According to Hill, anyone can purchase a CLT Airport Revenue Bond. Each bond is $5,000 in denomination and has a stated interest rate. Brokerage firms like eTrade, Charles Schwab, and JP Morgan Investments sell the bonds competitively in the secondary market.
“So, if you own mutual (bond) funds in your 401(k) or individual brokerage account, there’s a good chance you already own some CLT Bonds!”