Estimating Market Value and Establishing Market Rent at Small Airports (2020) / Chapter Skim
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3 1.1 Setting the Stage ACRP Research Report 213: Estimating Market Value and Establishing Market Rent at Small Airports is designed to assist airport sponsors, airport management and staff, property developers, and others involved in property management and leasing at small airports with understanding industry best practices involving property development, establishment and adjustment of market rent, and leasing. Implementation of these industry best practices will assist in efforts to maximize an airport's financial self-sustainability, as encouraged by Assurance 24, Fee and Rental Structure, of the FAA Airport Sponsor Assurances.
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4 Estimating Market Value and Establishing Market Rent at Small Airports (or Airport Improvement Program–funded) airport by the current or prospective lessee, airport sponsor, or airport management and staff.
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Introduction 5 Chapter 3: FAA Guidance and Policies focuses on the applicable FAA guidance and policies that relate to estimating market value and establishing and adjusting market rent. Applicable FAA airport sponsor assurances, orders, policies, advisory circulars, and other guidance materials are examined.
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6 Estimating Market Value and Establishing Market Rent at Small Airports The key interest from the airport perspective is ensuring compliance with the Assurances and other legal requirements. As well, the airport seeks to establish a methodology, consistent with industry best practices, to estimate market values and to establish and adjust market rents for land and improvements by type, use, and basis.
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Introduction 7 As outlined throughout this report and specifically in Section 3.2 under Order 5190.6B, the Airport Compliance Manual, the requirement for market rates (value or rent) varies between aeronautical and nonaeronautical land and improvements.
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8 Estimating Market Value and Establishing Market Rent at Small Airports T-Hangar Lease Agreement Under this scenario, an airport sponsor utilizes market rent on a retail basis (as opposed to a wholesale rent basis) to lease small and medium T-hangars directly to the end user (i.e., aircraft owners and operators)
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Introduction 9 1.6 Identification of the Types of Developers and Lessees Multiple types of entities serve as developers and lessees of aero nautical and non-aeronautical property at small airports. Developers and lessees can include government entities (federal and state agencies typically acting as a lessee only)
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