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OCR for page 17
17 lived in Vandalia. The facility contributed to the local tax Keep in touch with the community so that it is base. Since UPS shut down the hub, numerous houses have informed and that the airport understands community been built near the airport. DAY has maintained an active preferences. dialogue with the community as various reuse options were Work with the FAA throughout the reuse process, pursued. The community has indicated a preference for a especially if the new tenants are engaged in nonaero- tenant that will bring more jobs rather than a tenant that will nautical activity. just use the land and building for storage or warehousing. Go to many trade shows and virtual trade shows to recruit tenants. The market for tenants may be broader than the airport perceives; therefore, good exposure PROSPECTIVE REUSE may bring surprising results. Treat prospects extremely well and respond quickly to After a 4-year search, a potential tenant is negotiating with their requests. Encourage prospects to consider the air- all of the parties. Industrial Realty Group LLC signed a letter port as a local agent that can help them. Typically, pros- of intent with the city of Dayton in March 2010 that proposes pects are from another location. An airport can build a mix of aeronautical and nonaeronautical uses for the facil- important relationships through good deeds and assis- ity. The project would include 200,000 ft2 for a maintenance tance. The Dayton Property Development Team often hangar so that access to the airfield would be preserved for will meet with a prospect's contractors and estimators an aeronautical use. to help advance the feasibility and due diligence on a property. LESSONS LEARNED DAY considered the advantages of owning outright the Menlo Facility and finding a new tenant versus actively As the city of Dayton has developed its marketing program marketing the facility with the understanding that building for reuse of the UPS Menlo Facility, several principles orga- negotiations would ultimately take place between UPS and nized the effort: the prospective tenant. Given how long it has taken to find a new tenant, the airport is pleased to have the ground lease Work with all of the parties to make a good agreement. cash flow and no additional costs for facility maintenance.