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Airport Owner/Sponsor Role 31 The following sections of this chapter will examine in detail the key responsibilities of the air- port sponsor when planning and evaluating potential airport development projects and when negotiating their associated lease agreements. The tools, policy, and considerations addressed in these sections are designed, when implemented, to provide the airport sponsor with the foun- dation on which to evaluate the financial, operational, and regulatory desirability of individual airport development projects. 3.1 Airport Vision In order to take full advantage of development opportunities in a manner that is beneficial to both the airport sponsor and the tenant, it is necessary to understand the potential of the airport in relation to the surrounding community. This is an ongoing and often evolving process that includes the following steps: Establishing an Airport Master Plan or other visioning tool; Aligning airport and community goals; Setting a leasing policy; Providing flexibility; and Coordinating with local, state, and federal agencies, when appropriate. There are several tools that the airport sponsor has at his disposal that will assist in defining the airport's market niche, what development is realistically possible, and the anticipated demand that will drive future airport use. These tools, when used in conjunction, will provide the airport sponsor with a road map that guides future growth and establishes guidelines and benchmarks necessary to ensure the financial viability of the airport. 3.1.1 Airport Master Plan Many of the airports that have found success with leasing and developing airport property began with a vision or a strategy that served as an implementation plan for successful develop- ment. The Airport Master Plan is the predominant vehicle for such a vision or strategy, method- ically analyzing demand, forecast activity, tenant base, business clusters, utility infrastructure, environmental considerations, and airfield attributes to describe how land might be leased and developed for special-use aeronautical and nonaeronautical tenants/users. An Airport Master Plan is a comprehensive study of an airport or system of airports. It pre- scribes short-, medium-, and long-term development plans to meet future airport demand, and it puts forward recommendations for the safe, efficient, and economical development of an air- port to meet the needs of the community it serves. The plan should be thoughtful, well coordi- nated, practical, and cost effective, and it should include a realistic assessment of needs and resources consistent with the established goals and objectives. The FAA offers guidance for Air- port Master Plans in Advisory Circular (AC) 150/5070-6B. The master planning process often serves as a consensus-building forum for community leadership, stakeholders, corporate citi- zens, and members of the airport community to go through a vetting process that ultimately yields a realistic vision for the future. The vision or strategy should also consider priority of development. The Airport Layout Plan (ALP) is an important component of the Airport Master Plan and translates the goals and objectives of the planning effort into tangible airport attributes. Run- ways, taxiways, ramps, approaches, and other airport attributes are laid out, showing both cur- rent and ultimate geometries. Meteorological data are also included to match runway alignments and wind coverage to existing and proposed aeronautical facilities, and the parcels of land that