Evaluating and Implementing Airport Privatization and Public-Private Partnerships (2021) / Chapter Skim
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Pages 78-82
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From page 78... ...
78 C H A P T E R 8 Introduction Many airports seek final regulatory approval from a city council or airport governing board to award the contract after a proposer is selected. The period between the announcement of the selected proposer (called the "preferred proponent")
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From page 79... ...
Procurement -- Preferred Proponent to Financial Close 79 owner of the preferred proponent does not mean that the proposer will become the private partner, nor is legal risk eliminated at this phase. Transactions can be derailed after the selection of a preferred proponent.
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From page 80... ...
80 Evaluating and Implementing Airport Privatization and Public-Private Partnerships Wayne Airport. Noise-related challenges from local communities resulted in noise abatement procedures that require curfews and limitations on the aircraft that can service the airports.
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From page 81... ...
Procurement -- Preferred Proponent to Financial Close 81 Financial Close In addition to commercial close, the private partner must reach financial close with its funding partners and lenders to start the project. Reaching financial close entails satisfaction of all predicates to receipt of financing by the private partner, including of any conditions precedent.
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From page 82... ...
82 Evaluating and Implementing Airport Privatization and Public-Private Partnerships The Federal Aviation Administration's Airport Investment Partnership Program At this point, the guidebook has described the full procurement process for projects procured using a P3. If a project is a privatization, however, one path that can be taken is involvement in the FAA's AIPP.
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