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ACRP Report 47: Guidebook for Developing and Leasing Airport Property (2011)
Airport Cooperative Research Program (ACRP)

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Crider, Rick, Preisler, Matthew, Autin, Erin, Roth, Sanders, Fulton, Stephanie, Swartzlander, Julie, Tharp, Gary, Transportation Research Board. "Case Study Summaries." ACRP Report 47: Guidebook for Developing and Leasing Airport Property. Washington, DC: The National Academies Press, 2011.

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Front Matter (R1-R11)
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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APPENDIX A Case Studies Questionnaire To Airport Sponsors The survey below was distributed to airport sponsors of nominated case study airports. Dear Airport Sponsor, On behalf of the Transportation Research Board of the National Academies, RW Armstrong is compiling a Guidebook on the Best Management Practices for Leasing and Developing Airport Property. Our objective is to develop a Guidebook for airport management and other relevant stakeholders to implement leasing guidelines, property management and development bench- marks, and sample development agreements in the context of airport improvement and expan- sion. This Guidebook will be applicable to airports of all sizes. One or more projects at your airport have been nominated based on the following criteria: project(s) completed within the past 5 years, diversity and innovative alliance(s) of stakeholders, financing model(s), and those that optimized public and private investments. In order to further evaluate the nominated project(s), we ask that you describe the project(s) in the following manner: 1. What was the name of the project? 2. When was the project completed? 3. Please describe the stakeholders involved (cities, counties, states, the FAA, and economic development entities are examples of stakeholders you might consider). 4. How did this project stimulate economic activity in terms of job creation and/or other impact to the local economy? 5. To what extent does this project produce revenue for the Airport Sponsor? 6. What, if any, innovative financial tools, grants, abatements, and/or incentives were employed in this project? 7. How, if applicable, was public and private investment leveraged in this project to entice new economic activity worthy of benchmarking by other public airports? Name of Airport: Contact Information: Case Study Summaries The following sections contain summaries of the 10 case studies used in the compilation of this Guidebook. The summaries provide a project overview, identification of the key stakehold- ers in the development and execution of the project, a listing of the key lease elements, consid- erations for the tenant, and identification of the benefits for the airport and community. 77