A new $240 million, 11-story parking ramp is planned for Terminal 1-Lindbergh at the Minneapolis-St. Paul International Airport.

On Monday, the Metropolitan Airports Commission (MAC), which operates MSP, approved the expenditure — the largest contract awarded in its 74-year history. The bid exceeds the one let to build the Blue Line LRT stations and tunnel at the airport.

The ramp will be built east of the existing blue and red parking ramps en route to Terminal 1 and will provide both public and rental-car parking.

The MAC on Monday awarded a $229.3 million contract to PCL Construction Services Inc. of Burnsville, although the overall budget for the project is $240 million. PCL is building the new InterContinental Hotel at the airport, as well as the connector bridge between concourses A and G.

MAC Chairman Dan Boivin said he was initially skeptical about building another parking ramp in the age of ride-sharing services such as Uber and Lyft, increasing transit options, and the expected onset of autonomous cars. But after further review, “it looks like it will fit in,” Boivin said.

The existing gold and green parking ramps at Terminal 1 will be reaching the end of their useful life within the next 20 years, according to the MAC. “The demise of those ramps creates significant opportunity and flexibility for MAC to redevelop or redefine the use of that space,” a staff memo states.

MAC Commissioner Patti Gartland, who represents the St. Cloud area, asked whether parking fees will increase; parking revenue will help pay down the bonds used to finance the project.

“It’s predominantly outstate folks who use the ramps. My concern is they’re going to be bearing a disproportionate amount of the burden,” Gartland said.

Parking ramp fees at Terminal 1 range from $26 to $36 a day, but there are numerous options for cheaper parking at Terminal 2 (Humphrey), the Quick Ride ramp and from private vendors off-site.

MAC Chief Financial Officer Steve Busch said, “Our No. 1 concern is to pay down the debt service to the bonds.” He said parking rates could remain flat for a number of years — but they might increase, as well.