PHOTO: Delta will begin construction on a new state-of-the-art facility at New York's LaGuardia Airport this summer. (photo via Flickr/Thomas Lillis IV) Delta Air Lines has received the final green light to begin construction on its $4 billion, 37-gate facility at New York's LaGuardia Airport.The Port Authority of New York and New Jersey's Board of Commissioners gave final approval to a lease agreement with the airline Thursday.The Port Authority has committed a maximum amount of $600 million to the project. Delta will invest the remaining $3.4 billion and will be responsible for any cost overruns. Goldman Sachs was originally set to partner with Delta on the project but exited the deal."Following a period of fiscal review, Delta has opted to directly fund and finance the costs of its LaGuardia redevelopment project, an arrangement that Delta and Goldman Sachs agree is in the best interest of both parties," Delta told Reuters in a statement.MORE Airlines & AirportsWork on Delta's groundbreaking facility is scheduled to begin later this summer. The Port Authority's investment will include an electrical substation, parking expansion, new roadways and additional supporting infrastructure.The Delta project will be located closer to the Grand Central Parkway. The new unified airport design is aimed at providing significantly more airfield space."The transformation of LaGuardia Airport into a state-of-the-art transportation hub is key to the economic growth and strength of the entire state," New York Gov. Andrew Cuomo said in a statement. "With this action, we are taking the next major step in our work to build a new LaGuardia—an economic engine and world-class airport worthy of New York."Delta CEO Ed Bastian called the board's approval "an important step forward for our customers and employees at one of our most important hubs.""We appreciate the Port Authority of New York and New Jersey for their continued partnership in transforming LaGuardia into the world-class airport that New York travelers deserve," he said in a statement.Delta's new 37-gate facility will be able to accommodate the airline's entire fleet. In addition to sustainable technology, it will feature four concourses connected by a centralized check-in lobby, security checkpoints and baggage claim areas.READ MORE: Celebrate NYC Restaurant Week’s 25th AnniversaryHighlights will include wider concourses, additional seating, 30 percent more concessions space and a brand new Delta Sky Club featuring a Sky Deck with airfield views.Outside, enhanced taxiways will help reduce flight delays by allowing planes to maneuver more easily.Other benefits of the new terminal will include direct access between the parking garage and the airport's new Central Hall, enhanced drop-off/pick-up areas and a curbside check-in bypass that leads directly to the security checkpoint.Click here to view renderings of the project. Follow @_Pat_Clarke