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6 Guidebook for Developing and Leasing Airport Property
Guidebook also provides the airport sponsor with a checklist of items to assist in collecting and
refining those terms necessary to analyze the project and form the lease agreement appropriately.
In addition, a PowerPoint template that allows the airport sponsor to provide the pertinent infor-
mation to any relevant stakeholders is included as part of this Report and is available on the Report
web page at http://www.trb.org/Main/Blurbs/64688.aspx. The study team also utilizes 10 case study
projects that present a cross section of U.S. airports to provide examples of best management prac-
tices for leasing and development agreements. Broad explanations of best practices are provided in
the text, while specific case study details are located within adjacent text boxes. Detailed depictions
of each of the 10 case study projects are listed in Appendix A.
1.2 How to Use This Guidebook
The chapters of this Guidebook provide information tailored specifically for airport sponsors to
assist in the development of airport property, while simultaneously addressing the typical concerns
and interests of stakeholders and potential tenants. With this information, the reader has a tem-
plate for completing the development process in an efficient manner, which will lead to cost
effective development, leasing, negotiating, and regulatory adaptation.
The study team also undertook a detailed analysis of substantive issues that pertain to both
public- and private-sector participants in an airport development project. These issues were high-
lighted and illustrated by real-life examples revealed in the study. Throughout the Guidebook the
reader will find text boxes with examples of unique approaches and best practices found in the indi-
vidual case studies. These examples are used to illustrate and highlight the specific lease and devel-
opment approaches from each case study and how these can be applied to the specific lease and
development topics being addressed in the main Guidebook text. The Guidebook itself is organized
into the following chapters that are designed to act as building blocks for the reader, taking them
from understanding the core components of a lease document, through the planning and financ-
ing phase of an airport development project:
· Chapter 1: Introduction--An introduction to the guidebook that explains its purpose, how the
Guidebook should be utilized, and the methodology enlisted.
· Chapter 2: Anatomy of a Lease--An overview of the different types of leases typically prevalent
on an airport with a detailed listing of the essential and optional elements that should be
included in each.
· Chapter 3: Airport Owner/Sponsor Role--An in-depth look at airport development principles
and considerations. Chapter 3 covers planning and regulatory issues to be considered by the
airport sponsor and provides insight into stakeholder dynamics and sociopolitical issues that
affect airport development and leasing.
· Chapter 4: Project Development Considerations--Identifies the substantive issues surround-
ing airport development and leasing. This chapter also illustrates nuances that affect the final
agreements between airports and tenants of the study projects.
· Chapter 5: Finance Overview--Addresses certain financial perspectives and tools that the air-
port sponsor may utilize when considering an airport development project. Discusses the inter-
relationships between financing, valuation, and lease elements, and how these relationships
affect each party entering into the lease agreement.
· Chapter 6: Summary of Best Practices--Identifies best practices and checklists for airport spon-
sors to consider, and approaches that can be adapted to suit individual airport needs when
developing airport property.
· Appendices--Include case study project summaries, a list of aviation acronyms prevalent
within the aviation industry, a glossary of relevant terms, and a bibliography.
