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34 CHAPTER FIVE CONCLUSIONS ROAD MAP TO SUCCESSFUL AVIATION INDUSTRIAL DEVELOPMENT The literature review, survey results from 53 airports, and interviews of a subset of experts on funding mechanisms for indus- trial aviation infrastructure suggest the following strategies for success: 1. Industrial aviation infrastructure development uses a diverse set of funding mechanisms and always benefits from a team approach. Funding sources are frequently combined. Airports that have funded industrial aviation infrastructure projects have used the following tools for collaborative success: â¢ Development of project goals and objectives â¢ Documentation of current business and aviation activities and forecasts of benefits from additional industrial avia- tion infrastructure â¢ An updated airport layout plan (ALP) that reflects desired development, including infrastructure needs â¢ Development of an all-star team from each funding entity, as combining funding methods is a complex process that creates multiple opportunities for challenges and successes â¢ Well-established working relationships with state aviation, economic development, and FAA staff â¢ Essential working relationships between the airport and jurisdictional partners to ensure mutual understanding of all the options, responsibilities, challenges, and opportunities of funding mechanisms and development schemes â¢ Understanding of the needs of secured funding partners â¢ Long-term marketing and communication plans for the duration of the project â¢ Marketing, marketing, and marketing! This includes outreach to current airport users, potential tenants, and con- stituents in the local community â¢ Flexibility and patience â¢ Detailed recordkeeping. 2. Airports that are undertaking industrial aviation development can find many diverse funding sources and strategies through outreach to other airports in similar situations and with similar goals. Additional research describing specific industrial aviation developments and their funding mechanisms can provide a road map with indicators of duration, hurdles, and multiple issues that need to be factored into funding for industrial aviation infrastructure. FURTHER RESEARCH Based on the findings in this synthesis, the following topics are suggested for further research: â¢ What variables and metrics can be used to define industrial aviation development at airports? â¢ What are the metrics that can allow industrial aviation uses to access FAA funding for infrastructure development? â¢ How have successful industrial aviation airports worked with the FAA to get funding for infrastructure for potential industrial aviation tenants? Does it always have to involve airport operations area improvements used by both industry and traditionally eligible users? â¢ How do airport-owning localities (sponsors) structure industrial development incentives in accordance with FAA requirements? â¢ What are the conflicting requirements and grant assurances for various major funding sources, particularly aviation and economic development sources? â¢ How might an airportâs role in industrial aviation development evolve during the course of the project, from conception to completion?
35 â¢ What roles do marketing and property management play in project selection and funding? â¢ Which methods for determining fair market value and fair market rent are suited to industrial aviation airports? â¢ What are some models of effective goal statements that can be used in master plans and airport layout plans to facilitate industrial aviation development and infrastructure funding? â¢ What is an effective model for a land management role for the airport instead of the historical facilities development and management role? â¢ Which methods and criteria can be used to quantify public or common use infrastructure investment associated with industrial aviation development? â¢ What are the primary issues in funding non-aeronautical development at airports? â¢ What, if any, are the benefits of using specialized financial consultants for industrial aviation development at airports?