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Finance Overview 67
region's economic and business competitiveness. If the airport development project can meet the
requirements for enhancing the economic competitiveness of the surrounding community, or
its need is framed in such a manner, the facility may be eligible for funds more completely
described in the Catalog of Federal Domestic Assistance (CFDA). If any of the prospective tenants
of the facility can ensure a level of private-sector employment that meets program require-
ments, the facility may be eligible for funds under CFDA 11.307. Details for each program are
provided below:
· CFDA 11.300 Public Works and Economic Development Program: Public works and economic
development investments help support the construction or rehabilitation of essential public
infrastructure and facilities necessary to generate or retain private-sector jobs and investments.
These investments attract private-sector capital and promote regional competitiveness, includ-
ing investments that expand and upgrade infrastructure to attract new industry, support tech-
nology-led development, redevelop Brownfield sites, and provide eco-industrial development.
· CFDA 11.307 Economic Adjustment Assistance Program: The Economic Adjustment Assistance
Program provides a wide range of technical, planning, and infrastructure assistance in regions
experiencing adverse economic changes that may occur suddenly or over time. This program
is designed to respond flexibly to pressing economic recovery issues and is well suited to help
address challenges faced by U.S. regions and communities.
5.6.4 Private Capital
Needless to say, from the airport sponsor perspective, private financing by the developer/tenant
for any improvements on airport leasehold is the ideal scenario. In this scenario, the airport spon-
sor is not responsible for the funding of any of the proposed improvements, but does have the
requirement to conduct due diligence on the financial soundness of a potential developer prior
to entering into a lease agreement. The ability of the developer to meet the financial obligations
dictated by the financing arrangement for the specific airport project should be verified to the
extent possible. Though the airport sponsor will not be financially liable should the developer
default, such a case could cause problems for the sponsor and management, including the need
for the airport to assume the operation and maintenance functions for the facility, potential rever-
sion of the facility to the airport, and issues with third-party tenants should sublease agreements
be in effect.
