ACRP Report 47: Guidebook for Developing and Leasing Airport Property
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ACRP Report 47:
Guidebook for Developing and Leasing Airport Property
(2011)
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Overview

Authors

Description

TRB's Airport Cooperative Research Program (ACRP) Report 47: Guidebook for Developing and Leasing Airport Property explores issues associated with developing and leasing available airport land and summarizes best practices from the perspective of the airport sponsor.

The guidebook includes a diverse set of case studies that show several approaches airports have taken to develop and lease property for both aeronautical uses and non-aeronautical uses.

The project that developed the guidebook also produced two presentation templates designed to help airports in effective stakeholder communication regarding developing and leasing airport property. The templates, designed for a non-technical audience, provide content, examples, and definitions for a presentation to community stakeholders. The templates, one for aeronautical use development presentations, and the second for non-aeronautical use development presentations are available only online.

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Publication Info

141 pages | 8.5 x 11
Contents

Table of Contents

skim chapter
Front Matter i-xi
Summary 1-4
1.1 Purpose of This Guidebook 5-5
1.2 How to Use This Guidebook 6-6
1.3 Research Approach 7-9
2.1.1 Aeronautical Versus Nonaeronautical 10-10
2.1.2 Land Lease 11-11
2.1.5 Hangar Rental Agreement 12-12
2.1.7 Airline Leases 13-14
2.2 Essential Lease Elements 15-15
2.2.4 Use of Premises 16-16
2.2.6 Rent 17-17
2.2.8 Operation and Maintenance 18-18
2.2.10 Reversion/Reversionary Clause 19-19
2.2.12 Rights, Reservations, and Obligations of Lessee 20-20
2.2.15 Insurance Obligations 21-21
2.2.16 Environmental 22-22
2.2.17 Taxes and Fees 23-23
2.2.19 Defaults 24-24
2.2.21 Regulatory Compliance 25-25
2.2.25 Force Majeure 26-26
2.3.1 Noncompete Clause 27-27
2.3.2 Right of First Refusal 28-28
2.3.4 Term Extension Options 29-29
Chapter 3 - Airport Owner/Sponsor Role 30-30
3.1.1 Airport Master Plan 31-31
3.1.2 Infrastructure Inventory Analysis 32-32
3.1.4 Airport Business Plan 33-33
3.2 Grant Assurances and Federal Compliance 34-34
3.2.2 Community Considerations 35-35
3.2.3 Land Management Compliance 36-36
3.2.5 Business Practice Assurances 37-37
3.2.6 Exclusive Rights 38-38
3.2.7 Environmental Compliance 39-39
3.3 Minimum Standards and Rules and Regulations 40-41
3.5 Stakeholder Coordination 42-42
3.5.2 Economic Development Agencies 43-43
3.5.5 Colleges and Universities 44-44
3.5.7 Federal Government 45-45
3.6 Sociopolitical Considerations 46-46
3.6.3 The Economic Development Role 47-47
3.6.4 Incentives and Assurances 48-48
4.1 Existing Agreements 49-49
4.3 Funding 50-50
4.4 Land and Facility Development 51-51
4.5.1 Appraisal 52-52
4.6 Airport Revenue Maximization 53-53
4.7 External Stakeholder Resources 54-54
5.1.1 Funding 55-55
5.1.2 Quantifying Benefits - Pro Forma Analysis 56-56
5.1.3 Capital Recovery Rates 57-57
5.2.1 Return on Investment 58-59
5.2.2 Financial Effects of Lease Components 60-60
5.3.1 Debt/Equity Coverage 61-61
5.4.1 Tax-Exempt Debt 62-62
5.4.2 Private Financing 63-63
5.6 Funding Sources 64-64
5.6.1 Airport Improvement Program 65-65
5.6.3 Alternative Grant Sources 66-66
5.6.4 Private Capital 67-67
6.1.1 Airport Planning 68-68
6.1.4 Economic Impact Considerations 69-69
6.2 Lease Execution 70-70
6.2.3 Lease Rate Determination 71-71
6.2.5 Reversion 72-72
6.3.1 Project Analysis Checklist 73-73
6.3.2 Lease Agreement Checklist 74-76
Case Study Summaries 77-77
Collin County Regional Airport (TKI) 78-79
Monroe County Airport (BMG) 80-81
Coastal Carolina Regional Airport (EWN) 82-83
New Bedford Regional Airport (EWB) 84-84
Albany International Airport (ALB) 85-87
Baton Rouge Metropolitan Airport (BTR) 88-89
Pittsburgh International Airport (PIT) 90-91
Ted Stevens Anchorage International Airport (ANC) 92-93
George Bush Intercontinental Airport/Houston (IAH) 94-95
Tampa International Airport (TPA) 96-99
Project Attributes Matrix 100-101
Project Stakeholder Matrix 102-103
Appendix B - Acronyms 104-105
Appendix C - Glossary 106-122
Appendix D - References and Bibliography 123-126
Appendix E - Nominated Airport Projects 127-129
Abbreviations used without definitions in TRB publications 130-130

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