Provided by the Lafayette Regional Airport
LAFAYETTE, LA (December 5, 2024) – The Lafayette Regional Airport Terminal Project has officially concluded under budget, with surplus funds being returned to the Lafayette Airport Commission (LAC). The surplus funds will be used for future projects that will improve customers’ travel experience.
At its November meeting, the LAC approved the final change order received from the contractor, Lemoine-Manhattan Joint Venture. This milestone recognizes completion of all project punch list items, with only warranty-related work remaining, which will be addressed at no additional cost to the LAC.
The total contract cost for the project is $99,044,368.60, leaving $504,026.40 unspent.
The LAC and its staff elected to use the Contract Manager at Risk (CMAR) model for the project as opposed to the traditional “Bid and Build” model used for projects of this scale. Under the CMAR model, the contractor assumes responsibility for any budget overages, creating a strong incentive for efficiency. This model proved highly effective, allowing the terminal to open on schedule in January 2021 and ultimately delivering the project under budget.
“The completion of the Lafayette Regional Airport Terminal Project reaffirms the airport’s commitment to fiscal responsibility, the use of effective project management strategies, and operational excellence,” said Executive Director Steven Picou.
“For a project of this size and scope, bringing it in under budget and on time is unprecedented for our community,” said LAC Chair Samuel Pierre. “Congratulations to our general contractor, project managers and subcontractors, Mr. Picou and our staff for working so hard on this historic achievement,” Pierre added.
