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KENNER, La. -- Flanked by members of the New Orleans Aviation Board, Mayor Mitch Landieu announced plans to build a new airport on the current site of Louis ArmstrongInternational Airport.

According to a statement from the mayor, the 'new, state-of-the-art airport terminal' will be built 'on the north side of current airport property'.

'Creating a new, modern airport is integral to our success as a world-class travel destination and hub for commerce,' said Mayor Landrieu.

'It makes economic sense and will create over 13,000 jobs in construction. Recently, significant progress has been made to improve the air service, facilities and customer experience at Armstrong International. But this option provides us the ability to build on these improvements and create the world-class airport that this city deserves.'

According to the mayor's office, the plan has a projected price tag of $826 million, of which the north-side terminal project will cost $650 million, a $72-million power plant project, $87 million for a flyover addition from Interstate-10 and $17 million for a potential on-site hotel.

The City of New Orleans, however, will not fund 'any part of the project,' said a statement from the mayor's office. Instead funding will come from various airport self-generated funds along with federal and state aviation grants.

'Pending completion of environmental reviews, which will include extensive community engagement, construction is expected to commence in 2014, with completion in 2018,' said a statement from the mayor's office, with the completion planned for the 300th anniversary of New Orleans.

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