Evaluating and Implementing Airport Privatization and Public-Private Partnerships (2021) / Chapter Skim
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Pages 16-24
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16 C H A P T E R 2 This chapter provides an overview of the laws and regulations that set the major parameters for airport P3 projects. Federal laws and regulations that govern airports generally apply to P3s, just as they do to any other project delivery or financing mechanisms.
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Legal and Regulatory Context for Airport P3 Transactions 17 of exemptions from certain federal obligations to allow for long-term leases or sales of public airports. The AIPP is effectively the only method for privatizing an airport for monetization or asset recycling.
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18 Evaluating and Implementing Airport Privatization and Public-Private Partnerships Grants and Fees Under the Airport Investment Partnership Program When an airport enters into an AIPP transaction, the private operator, which becomes the airport owner, can continue taking advantage of certain funding streams that were available to the airport [U.S.C.
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Legal and Regulatory Context for Airport P3 Transactions 19 One important issue that arises from the private operator's continued use of PFCs for capital expenditures relates to the prioritization of PFC projects. Given that airlines may retain some responsibility to contribute to certain capital projects after a P3, as was the case with the Luis Muñoz Marín International Airport lease, the airlines have an interest in ensuring that PFCs are applied first to projects to which the airlines would otherwise contribute, rather than to projects for which the cost would be borne solely by the private operator.
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20 Evaluating and Implementing Airport Privatization and Public-Private Partnerships timetable for selecting an operator, a description of the airport property to be transferred, financial statements, and a copy of the request for proposals that will be used in the process. The FAA has 30 days to review the preliminary application (U.S.
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Legal and Regulatory Context for Airport P3 Transactions 21 under" the AIPP statute. Because of the length and complexity of the AIPP process, potential transaction parties should make use of this availability to communicate regularly with the FAA during a proposed transaction.
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22 Evaluating and Implementing Airport Privatization and Public-Private Partnerships State and Local Laws Governing/Enabling Legislation In addition to federal laws and regulations, state and local law play an important role in authorizing government entities to use alternative project delivery for airport development projects. At the highest level, state law governs available project delivery methods within the state, in addition to the agencies authorized to use those methods and the processes for implementing a project under the available methods.
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Legal and Regulatory Context for Airport P3 Transactions 23 the Board of Airport Commissioners the ability to authorize its executive director to use alternative project delivery methods and the competitive sealed proposal selection process for select capital improvement projects related to the airport Landside Access Modernization Program. Governance structure, then, and its corresponding procurement abilities are an important determining factor for the regulatory authority to execute P3s at airports.
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24 Evaluating and Implementing Airport Privatization and Public-Private Partnerships handback date may be extended at the agency's option. P3 legislation often considers rightof-way issues, including whether the private entity has the authority or responsibility to obtain property or right of way or additional right of way (including temporary easements)
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