Philadelphia International Airport to announce multi-billion dollar expansion

PHILADELPHIA (WPVI) -- A long-awaited multi-billion-dollar expansion project is set to take off at Philadelphia International Airport.

At noon on Wednesday, officials are scheduled to sign paperwork resolving lawsuits over the Capacity Enhancement Program (CEP).

The program paves the way for a massive expansion project, including a longer runway, interior renovations and a people-mover to speed passenger access between terminals.

Mayor Michael A. Nutter said in a statement, "Philadelphia International Airport is the economic engine for all of Southeastern Pennsylvania," and that the project is critical to the future growth of the entire region.

Philadelphia, Tinicum Township, and Interboro School District all had to come to terms over tax issues and land rights.

The project will take at least 12 years, and other phases are still in the works.

Philadelphia International serves more than 30 million travelers each year.