Current Issues in Airport Finance€¦ · 7Current Issues in Airport Finance 2015 AAAE Basics of...

Current Issues in Airport Finance

Nora Richardson, Director, LeighǀFisher Tom Devine, General Counsel, ACI-NA

31th Annual AAAE Basics of Airport Law Workshop Washington, D.C.

November 2, 2015

Desk Reference Chapters

2, 19, 22, 23

Presentation Outline

1. Airport Capital Needs 2. Airport Capital Funding Sources

— Airport Improvement Program (Grants) — Passenger Facility Charges — Debt

3. FAA Reauthorization (Tom Devine) 4. Trends in Airline Negotiations 5. Airport Operating Revenue Sources

— Airline Revenues — Non-Airline Revenues

1. Capital Funding Needs

4 2015 AAAE Basics of Airport Law Workshop November 2, 2015

Current Issues in Airport Finance Nora Richardson, LeighFisher

-30%

-25%

-20%

-15%

-10%

-5%

0%

5%

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Pe

rce

nt

ch

an

ge

fro

m 2

00

5

Nation Large hubs Medium hubs Small hubs All other airports

Small and Mid-sized Airports Like have been Disproportionately Harmed by Capacity Reductions

Percent Change in Scheduled Seats by Hub Size from 2005 (May base)

Note: Changes shown for 2015 are based on advance published schedules. Source: OAG Aviation Worldwide Ltd., OAG Analyser database, accessed February 2015.



Source: FAA Form 5100-127.

Historical Capital Expenditures, U.S. Hub Airports

6.3 5.9

5.5 5.4 5.5 5.6

6.5 6.1 6.4 6.4

5.4 5.6 5.6 5.7

1.3 1.7

1.6 1.6 1.5 1.6

1.9 1.9

2.0 2.0

1.6 1.1 1.0 1.1

0.8 0.9

0.9 0.9 0.8 1.0

1.0 1.1

1.3 1.1

0.9 1.0 1.0 1.1

0.5 0.7

0.5 0.7 0.8 0.9

1.0 1.0

1.1 1.2

1.0 0.8 0.8

1.0

-

2.0

4.0

6.0

8.0

10.0

12.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

L M S N

(billions $) Hub Size



FAA Forecasts Modest Passenger Growth for the U.S. (enplaned Passengers)

Note: CAGR = Compounded Average Annual Growth Rate.

Source: FAA Terminal Area Forecast (TAF), January 2015.

0

200,000,000

400,000,000

600,000,000

800,000,000

1,000,000,000

1,200,000,00019

90

19

91

19

92

19

93

19

94

19

95

19

96

19

97

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14*

20

15*

20

16*

20

17*

20

18*

20

19*

20

20*

20

21*

20

22*

20

23*

20

24*

20

25*

20

26*

20

27*

20

28*

20

29*

20

30*

20

31*

20

32*

20

33*

20

34*

20

35*

20

36*

20

37*

20

38*

20

39*

20

40*

Air Carrier Regional

Historical

CAGR 1990 – 2014 = 1.7%

CAGR 2014 – 2040 = 2.0%



Airport Capital Needs

0

5

10

15

FAA NPIAS (2015-2019)

ACI Capital NeedsSurvey (2015-2019)

(in

bil

lio

ns)

Airside Terminal

Landside Other

$

$6.7

billion

$15.1

billion

Annual Airport Capital Needs ACI-NA estimates that airports

nationwide need $15.1 billion annually to meet capital needs ― ACI-NA includes comprehensive airport

capital improvement plans nationwide

― This compares to historical spending of $10+ billion annually

FAA estimates AIP-eligible projects at $6.7 B per year, but excludes: – Non-AIP eligible projects (e.g., parking

garages)

– Projects with other committed funding sources (e.g., PFCs)

– TSA projects

– Inflation



Capital Planning Is Increasingly Focused on Facility Maintenance and Renewal

Capacity-enhancing capital projects primarily focused at large hub airports

– Federally-approved funding mechanisms (AIP and PFC) and traditional planning approaches favor capacity over maintenance and renewal

– PFC capacity committed at many airports

Many terminal facilities were constructed 40+ years ago in the pre-deregulation era

– Aging building systems and deferred maintenance increase operating costs and complicate budget and financial forecasting

– Large/medium hubs must demonstrate “significant contribution” for PFCs over $3.00

“Re-life” vs. replace terminals?

Airline scrutiny vigilant – Keep rates low and stable

– Keep reserves low (seen as form of pre-funding)

American Society of Civil Engineers Assigned US Airports a “D” Grade for its Infrastructure

2. Capital Funding Sources



Capital Funding Sources for U.S. Airports

Airport Improvement Program “AIP” grants from FAA ($3.2B per year) ― Entitlement (passenger and cargo) ― Discretionary (Letters of Intent and

other) ― Noise set-aside

State grants TSA (security infrastructure)

Passenger Facility Charges “PFCs”

($2.7B per year) Revenue Bonds

― General Airport Revenue Bonds “GARBs”

― PFC-backed bonds

Bank loans Internal cash flow Customer Facility Charges “CFCs”

(from rental car customers)

* Source: ACI-NA Capital Needs Survey, 2013-2017, February 2013.

Estimated Capital Funding by Source*

GARBs 35%

Other/

Local

13%

AIP 27%

Revenue Bonds,

35%

PFC Bonds, 6%

PFC Paygo, 11%

AIP Grants, 27%

State Grants,

3%

CFCs, 5% Other/Local,

13%



Capital Funding by Source and Airport Size

$3,520

$298

$1,573

$184

$961

$2,343

$419

$225

$131

$345

$-

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

Larger Airports Smaller Airports

State Grants

Other

AIP

PFCs

AirportFunds

(millions)

Annual Average Capital Funding, FY 2009 - 2013

Source: GAO-15-306 Airport Finance, “Information on Funding Sources and Planned Capital Development,” April 2015.

Larger airports = Large and medium hubs.

Smaller airports = small hubs, non-hubs, nonprimary commercial service airports, relievers, and general aviation airports.

Larger airports fund most improvements from debt, internally generated funds, and PFC revenues

Smaller are more dependent on AIP grants

$6,604

$3,396

Airport Improvement Program (AIP)



AIP Funding Levels



Airport Improvement Program Grants

Source: Presentation by Elliott Black at the AAAE Annual Conference, Philadelphia, June 7, 2015.

Passenger Facility Charges



PFC vs. Airport Improvement Program Grants

Source: Presentation by Elliott Black at the AAAE Annual Conference, Philadelphia, June 7, 2015.



PFCs Now Imposed by Most at $4.50 Level

Number of Airports Imposing a PFC by Level

Source: FAA, PFC Branch, as of January 1 of each year.

2014

357

23

334

2013

356

24

332

2012

356

26

330

2011

353

34

319

2010

345

42

303

335

62

273

2007

328

2009

346

50

296

2008

77

251

2006

328

92

236

2005

325

112

213

2004

314

122

192

2003

311

158

153

2002

310

208

102

2001

299

299

0

2015

359

339

20

Actual $3.00 or Below

Actual $4.00 or $4.50



PFCs Now Imposed by Most Hub Airports

PFC Approvals by Hub Size

Source: FAA, PFC Branch, as of January 1, 2015.

30 31

72

377

231

67

13

218

31

1

66 30

4 27

2 28

Potential

Actual $3.00 or Below

Actual $4.00 or $4.50

Large-hub Medium-hub Small-hub Non-hub, commercial

service, other



2.5

0.5

3.0

2.0

1.5

1.0

0.0

2014

2.8

2013

2.8

2012

2.8

2011

2.7

2010

2.7

2009

2.5

2008

2.6

2007

2.9

2006

2.9

2005

2.2

2004

2.0

2003

2.1

2002

1.9

2001

1.6

2000

1.6

1999

1.5

1998

1.4

1997

1.2

1996

1.1

1995

1.0

1994

0.8

1993

0.5

1992

0.1

PFC Outlook: Future Collections Obligated to Past Projects

Source: FAA, PFC Branch, as of May 2015.

PFC Collections:

• $90.1 billion approved

• $44.0 billion collected through 2014

• $46.1 billion of future collections

already obligated

PFC Collections by Year (in billions)

Airport Debt



Airport Bond Issuances by Volume -- Strengthening Fundamentals

Source: Securities Data Corporation; assumes all airport-related financings.

In billions

$6.7

$10.2

$7.3

$8.1 $11.0

$7.8

$17.3

$8.3

$11.4

$8.1 $7.5

2012

$12.7

2011

$8.5

2013

$8.5

2010

$18.5

2009

$8.0

2008

$11.0

2007

$9.4

2006

$7.6

2005

$11.4

2004

$7.0

Roughly 40% of bond issuances are refundings

Revenue Bonds Special Facility Bonds

American Recovery and Reinvestment Act (ARRA) of February 2009 included two favorable temporary bond measures -- a “tax holiday” for private-activity bonds (PABs) and a new Build America Bonds program

$8.0

2014



U.S. Airports Have Higher Credit Ratings Than Airlines FY 2014 airport results - higher cash, higher coverage, higher epax, lower CPEs

Airline Ratings (S&P as of October 2015)

Southwest: BBB Alaska: BBB-

86% of Airports Fall in ‘A’ Rating Category

18

GEG

SFO

14 SAN 14

SAT 13

ATL OAK RSW

TPA CMH ORD SJC

MCO PHL SMF PIT

DCA/IAD BNA PBI GSO

PHX SDF MIA ONT

PDX OKC LIT MSY 7

SEA FLL MCI MYR

NYC ELP JAX TYS TUL

OMA DEN IND MEM PVD

MSP DFW HAW STL VPS 3

LAS CLT DTW DAY MHT

1 SNA CHS DSM CLE COS PNS

IAH/HOU BUR MDW CVG FNT GUM

LAX BOS ABQ AUS BDL ALB FAT

AA AA- A+ A A- BBB+ BBB

Source: 2015 U.S. Airport Medians Report , Standard & Poors, February 12, 2015, except for:

upgrades at ATL. CLT, MCO, and ORD during 2015.

Note: NYC = EWR/JFK/LGA

Delta: BB+ Allegiant: BB- American: BB- United: BB- Hawaiian: B+ JetBlue: B+

Only two airlines are investment grade (at least BBB)

3. FAA Reauthorization



FAA Reauthorization Process

2012 FAA Modernization and Reform Act has been temporarily extended through March 2016

Strong lobbying push by airport industry during 2015

―ACI-NA and AAAE have joined to provide unified message for airport lobbying efforts. (See airportsunited.com)

―ACI-NA has also formed a Beyond the Runway Coalition • firms/organizations that benefit from airport development

• modernizing the PFC is supported by a broad spectrum of businesses.



Status of FAA Reauthorization

Congressional focus on Highway bill and Air Traffic Control reform has stalled progress on reauthorization

―Airlines strongly oppose modernizing the PFC • A4A lobby campaign against PFC inflation adjustment

• Disconnect between airline corporate HQ and properties departments

-- The House is expected to act on FAA Reauthorization before the Senate.



AIP Funding Has Been Under Pressure

1. AIP: increasingly challenged under annual Congressional budgeting and discretionary appropriations

-- Flat from FY 2006 – 2011 ($3.515 billion)

-- Cut in FY 2012 appropriations process to $3.35 billion

-- Cut additional $253 million in FY 2013 (to end FAA

furloughs)

-- Actual amount available for grants smaller due to

additional administrative and research funding needs



Legislative Priorities for Airports

Protect AIP funding levels

Restore PFC purchasing power by modernizing the cap from $4.50 to $8.50

Provide for automatic modernization of the PFC cap on a regular basis – i.e., tie to an index with annual or set adjustments ― Such as CPI, CCI, inflation, ENR construction cost index etc.

Eliminate the significant contribution test ―Consider projects for “preservation of capacity” as meeting significant

contribution

4. Trends in Airline Negotiations

Tension Points



ULCCs are the growth segment and the savior for many smaller airports

Low frequency airlines can’t afford to lease full ticket/gate modules

Several airports have experimented with approaches to structure rates for low frequency airlines – “per-turn fees”

The network airlines are pushing for rate-setting regimes that erect barriers to entry and price the low frequency airlines out of the smaller markets, which is contrary to the “public interest” and the desire to have healthy competition

The network airlines have met with the FAA to discuss all the “bad things” that small airports are trying to do to them on per-turn mechanisms

The Per-Turn Fee Issue



The only reference in the Rates and Charges Policy is: – 1.1.3 Airport proprietors should consider the public interest in establishing airport fees, and

aeronautical users should consider the public interest in consulting with airports on setting such fees.

USDOT’s statutory responsibilities include: – Ensure… "the availability of a variety of … low-priced services without unreasonable

discrimination or unfair or deceptive practices (49 U.S.C. § 40101(a)(5)) – “Encourage[ing] entry …by new and existing air carriers and …strengthening of small air

carriers to ensure a more …competitive airline industry" (49 U.S.C. § 40101(a)(13))

Under airport competition plans, the USDOT encourages airports to retain common use gates for new entrants and expanding incumbents

Little Guidance Under the USDOT Rates and Charges Policy

One size does not fit all

“It is the fundamental position of the Department that the issue of rates and charges is best

addressed at the local level by agreement between users and airports…

“Airport proprietors and aeronautical users should consult and make a good-faith effort to reach

agreement. Absent agreement, airport proprietors are free to act in accordance with their

proposals, subject to review by the Secretary or the Administrator on complaint by the user . . ..” - U.S. DOT Policy Concerning Airport Rates and Charges, Introduction and Section 1.1.4



1. “Arbitrarily” discriminating based on differential rates by concourse

2. Basing per-turn fees on unreasonable usage assumptions (8 turns per gate per day)

3. Offering per-turn fee to some airlines, but not others

4. Imposing or threatening to impose ordinance rates -- not good faith negotiations

5. Disproportionately shifting costs to signatory airlines by not including a fixed fee component in their common use space allocation methodology

What is A4A Saying?

A number of airports have “gone off reservation” – some airports are:



After the Music Stops…and then there are 4

Percent of 2014 seats

24%

20%

16%

19%

79% Sources: Graphic—Money/CNN , www.money.cnn.com. Domestic seats--OAG Aviation Worldwide Ltd, OAG Analyser online database, accessed October 2014.

Collaborate Planning Approach Example – Kansas City



Deputy Director

Commercial

Development

Deputy Director

Engineering

Program

Director

AAAC

Chairperson

or Designee

Kansas City

International Airport

Director of Aviation

TERMINAL PLANNING TEAM

L&B

LANDSIDE

HNTB

DESIGN

AIRSIDE

L&B

Airport & Airline

Affairs Committee

(AAAC)

City of Kansas City

Mayor/City Council

Deputy

Director

Finance

UTILITIES & CUP

SKDesign

HNTB

MEPFP

Ross & Baruzzini

PGAL/WA

BHS

VTC

CONCESSIONS

AirProjects Inc.

FUELING

HNTB

DEICING

L&B

HNTB

Leadership Committee

Terminal Planning Team

MAJOR

RENOVATION

PGAL

WA

TERMINAL

PROGRAMMING

L&B

NEW

TERMINAL

PGAL

COST ESTIMATING

Connico

Airline

Technical Rep

AvAirPros

KCAD

Advisor

LeighFisher

Exhibit K Organizational Structure and Coordination



Exhibit K: Planning Process – And Why the Process is Needed

1. Traffic Forecasts Completed Sept. 2014

2. Facility Requirements Completed Nov. 2014

3. Alternatives 4 Planning Charrettes from Dec 2014 – May 2015

4. Recommendation Single Concept Supported by Airlines and KCAD

5. Mayor/City Council Decision

6. Voter Referendum



Top-Down Analysis of Annual Trends

Annual demand

• O&D passengers

• Connecting passengers

• Air cargo

Aircraft operations

• Derive aircraft operations using assumptions for load factors and average aircraft size

ADPM

• Derive ADPM based on annual forecasts and peak period factors (control totals for future schedules)

City-pairs

• Analysis of markets, overlapping service, new destinations, airline hubs as a basis for future schedules

Bottom-Up Analysis of City-Pairs

Traditional approach for planning forecasts typically starts with a top-down analysis

Unique Forecast Approach– Bottom-Up Used for This Process

City-pairs

• Analysis of markets, overlapping service, new destinations, airline hubs as a basis for future schedules

ADPM

• Derive ADPM based on future schedules and airline input

Aircraft operations

• Derive aircraft operations based on future schedules

Annual demand

• Derive annual demand based on future schedules

ADPM = Average day in the peak month

Conclusion - 1.9% per year compounded growth rate from 2013 - Consensus Required gates to serve airlines - 37’ish - Consensus



Conclusions

Airlines frequently do not have as much input into Airport Master Plans and terminal development planning as they would like

Nor do they invest as much time and resources into participating in these processes as airport management would like

Sometimes this results in a “disconnect” between what an airport sponsor wants to do and what the airline industry wants and can reasonably afford

― Airlines focus on operational efficiency and costs

― Airports focus on providing capacity at reasonable customer service levels

Another disconnect is the planning horizon:

― Airlines are trying to remain profitable and sometimes think more short-term

― Airports typically think more long-term because of the planning required in capital development

MCI and the airline industry have come together to break this cycle and develop a mutually agreeable program

5. Airport Operating Revenues Sources



U.S. Airport Operating Revenues

Source: FAA, AAS-400, CATS, Report Form 5100-127, FY 2014 data, accessed October 2015. Numbers may not add to 100% due to rounding.

Large Hubs: 50.1% Airline Medium Hubs: 39.4% Airline

Small Hubs: 29.1% Airline Non-Hubs: 19.6% Airline

Passenger Airline Landing

Fees 18.9%

Passenger Airline

Terminal/Apron Payments

28.0%

Passenger Airline Other

Payments 3.2%Other Aero

Revenues 7.6%

Parking 16.3%

Rental Car 7.3%

Terminal Concession

10.5%

Land Rentals 2.6%

Other Nonaero Revenues 5.7%


Fees 14.5%Passenger

Airline Terminal/Apron

Payments 24.0%


Payments 0.9%Other Aero Revenues

11.1%

Parking 24.3%

Rental Car 11.3%

Terminal Concession

7.9%

Land Rentals 2.7%



Fees 10.1%

Passenger Airline


17.5%


Payments 1.5%

Other Aero Revenues

12.8%Parking 25.6%

Rental Car 14.0%

Terminal Concession

6.4%

Land Rentals 6.6%



Fees 7.1% Passenger Airline


11.3%


Payments 1.2%

Other Aero Revenues

34.5%

Parking 13.6%

Rental Car 10.9%

Terminal Concession

2.4%

Land Rentals 13.8%


Airline Revenues



Rates & Charges Methodology Major Airline Expense Profile (Calendar Year 2014)

Airport fees and charges

consistent 4% – 6%

Source: U.S. DOT, Form 41.

23.9%

28.6%

15.5%

7.4%

6.9%

4.4%

4.1%

2.8%

1.7%

2.0%

1.5%

1.0%

Labor

Fuel

Transport

expenses

Outsourcing

Maintenance

Depreciation

Terminal rentals

Landing fees

Aircraft rentals

FoodCommissions

Other

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

OPERATING EXPENSES OF U.S. SCHEDULED PASSENGER CARRIERS

Airport Rates and Charges as % Operating Expenses

Fuel Costs as % Operating Expenses

Non-Airline Revenues 1. Automobile Parking

2. Rental Cars

3. Transportation Network Companies (TNCs)

4. Terminal Concessions

5. Gambling

6. On-Airport Hotels

7. Commercial Development



1. Automobile Parking

Airport responses

― Requiring off-airport operators to have permit, transponder, pay trip fees

― Loyalty, frequent parker, corporate parking programs, incl expedited security screening

― Curbside valent services

― Courtesy car washes (GEG)

― Parking management tools to balance demand and “upsell” customers

―Parking guidance systems (CLE, LIT, FLL)

Off airport competitor trends

― Frequent parker programs

― Amenities (free coffee, newspapers)

― Servicing cars, laundry, pets (Park & Bark, Pet Paradise, Pet Resorts, etc.)

― Web-based booking agents book off airport lots and hotel parking at deeply discounted rates

― RelayRides – park for free and your car is rented in your absence (SFO)

https://cbsmiami.files.wordpress.com/2015/03/car-1.jpg

http://stuckattheairport.com/wp-content/uploads/2015/02/Spokane-Airport-car-wash.jpg



2. Rental Car Issues

―Permitting dual-branding, multi-branding, and co-location

•Vacant counter positions/car wash bays, and associated rent

•Potential for lower MAG?

―Permitting concession recovery fee, including fee in definition of gross revenue

―Car sharing companies or car clubs in Europe (e.g., ZipCar and Cars2Go) offering one-way, short-term car rentals

―State regulations regarding CFCs (California, Washington)

―Rules, regulations, and fees for off-airport rental car companies

―Modernizing rental car agreements

―Paying for rental car facility improvements



2. Paying for Rental Car Improvements - Customer Facility Charges (CFCs)

―Stand alone or double barrel bonds ―New or historical investments ―Cover O&M where permitted ―Pay for allocable roadway costs ―Credit ratings improving

$-

$50

$100

$150

$200

$250

$300

Tota

l Re

nta

l Co

st

TOTAL RENTAL COSTS AND ASSOCIATED FEESTWO-DAY RENTAL OF INTERMEDIATE SIZE CAR

SELECT U.S. AIRPORTS

CFC Charge*

Other Excise Fees**

Base Rate

Source: Avis.com as compiled by LeighFisher.* Includes Transportation Facility Charges (TFCs).** Includes all taxes and surcharges.

78 of the top 100 U.S. airports

charge a CFC

The typical charge is $3-$4

per day, equating to 3-5% of the

total cost to rent a car



3. Regulating TNCs: Common Elements of Airport TNC Permits

1. Limit on term of permit

2. Payment of per-trip fees

3. Prescribed customer pick-up/drop-off and staging areas

4. Driver ID and background checks

5. Vehicle appearance standards

6. Insurance: amount, type, and applicability



3. TNCs: Current Regulatory Challenges

Challenges for regional/city regulators

1. Transportation of the disabled and blind

2. Peak period pricing

3. Fingerprinting of drivers

4. Service to economically disadvantaged neighborhoods

Possible concerns of airport operators

1. Use of curbside and staging areas

2. Ability to audit self-reported trips

3. Ability to define and modify geofence



4. Terminal Concession Trends/Globalization US companies being acquired by European companies

― In 1999, AutoGrill buys HMS Host

―April 2008, Dufry acquires Hudson Group

―August 2014, Fraport acquires AirMall (previously BAA’s US subsidiary)

―August 2015, Paradies acquired By LaGardere Travel Retail



4. Terminal Concession Trends

Macros Trends

―Focus on local brands for food and beverage

―Developer and master concessionaire approaches are becoming less prevalent at larger airports as airports cut more deals themselves (e.g., DEN, SFO, DFW)

―Outsourcing concession management (MWAA, ORD)

―Airport apps bring food to the gate (JFK, MSP, ORD, PHX, SLC, SMF)

―More open liquor policies (ORD, LAS, BNA)

Liquor Library opens in the baggage claim of McCarran International Airport's Terminal 1 late 2012

Peet’s Coffee at San Francisco International Airport.

http://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCOu5ndeq18gCFQXlJgodCyECOg&url=http://www.flysfo.com/shop-dine-relax/dining?field_alphabet_title%3D%26%26title_1%3D%26page%3D5&psig=AFQjCNGOV_BHoN0IwIsxwF6pZijtwMtXhA&ust=1445646358253479



5. Airport Gambling

―Airports with slot machines

–Las Vegas ($1.75 per e.p.)

–Reno ($1.45 per e.p.)

―Bills under consideration in Connecticut, Hawaii, Minnesota, Pennsylvania



6. Non-Aeronautical Commercial Development Trend Continues

―Upscale outlet shopping center (YVR July 2015)

―Food trucks (AUS, TPA)

―On-site pet resort facilities (ORD,MSP,DEN, JFK)

―Convenience stores/gas stations (first 7-Eleven in U.S. at LAX)

―Oil, gas, and other mineral reserves (DFW, PIT)

―Mining and sale of limestone (Opa-Locka West Airport, South Florida)

―Licensing of utility rights of way

―Sale of water rights and air rights

www.leighfisher.com

Nora Richardson LeighFisher 4514 Cole Avenue, Suite 740 Dallas, TX 75205 [email protected]

Current Issues in Airport Finance€¦ · 7Current Issues in Airport Finance 2015 AAAE Basics of...

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