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32 Guidebook for Developing and Leasing Airport Property make up the airport are shown, along with the history of acquisition, to provide insight as to how the airport developed over time. From an airport leasing and land development perspective, the ALP identifies both existing air- port development and planned airport development. The ALP may be very detailed in some areas, such as showing additional rows of T-hangars precisely laid out to function with existing ramp and hangar facilities, or it may be purposely vague in other areas, such as preserving a sizable parcel for a future FBO, ensuring the land area is adequate to meet the minimum standards requirements. While the Airport Master Plan may be updated every 7 to 8 years, or longer, the ALP is mandated by FAA Grant Assurance 29 to be up to date at all times. As the capital improvement plan described in the Master Plan is implemented, and more often than not, modified as time goes on, the ALP is updated to show the improvements and airport development. As new parcels of land are acquired, buildings are constructed, and aeronautical facilities are improved over time, the ALP serves as a living archive if updated appropriately. In some cases, airports take visioning and strategic planning to a broader scale, deploying strate- gic plans or business plans that consider the greater region, relationship between modes of trans- portation, and transportation infrastructure beyond aviation. It is important to look at business activities and clusters within the community and region that might provide synergy to airport development and analyze opportunities that exist because of proximity of the airport and those business activities. These macro studies can provide a broader vision and a more refined strategy for leasing and developing airport property, but they too must tie back to and be consistent with the Airport Master Plan and the Airport Layout Plan. All of these visioning strategies strive to identify opportunities and niches for the airport to pur- sue, as well as prioritization. Some opportunities are quite obvious; others may be more dependent on the business climate in the community, and some opportunities may come completely un- expectedly. A master or strategic plan should be flexible enough to accommodate creative and emerging opportunities. An airport might want a specific service or type of development because it will spur other activities, but market demand will ultimately drive airport development. Exam- ples of airport development that might be desired and described within the Airport Master Plan include FBOs, hangars, and aircraft service providers. Beyond the pure aeronautical developments described within a Master Plan are examples such as express cargo, which can spur nonaeronauti- cal development such as freight forwarding, trucking, third-party logistics, and other activities that directly involve local and regional business and commerce. In short, focusing on key development that is consistent with a strategy or a vision may take priority over other types of development because of the opportunity for synergy that might exist. 3.1.2 Infrastructure Inventory Analysis It is important for airport stakeholders to be aware of the airport's current infrastructure. Up-to-date records--maintained by the airport and made available to stakeholders--can help stakeholders identify problems and potential shortcomings. Keeping a detailed inven- tory of the airport's infrastructure at the ready will assist the airport sponsor and community stakeholders in marketing the airport to potential tenants and ease the development planning process. An Airport Master Plan will typically inventory an airport's infrastructure assets in detail, thus making the Master Plan the ideal starting point for an infrastructure inventory. However, several years may pass before an Airport Master Plan is updated, so construction of any improvements in the interim period may not be reflected in this document. The airport sponsor will need to keep records of airport infrastructure independent of the Master Plan, focusing on leasable land and facilities, as well as land and facilities that are currently under lease. While the most important