In return, the airport received a variety of proposals for a wide array of commercial uses from which to choose. Armed with a team of experts, from financial to engineering to legal, BCT set out to thoroughly vet and evaluate the competing proposals. The evaluation process culminated with public presentations, with questions and input from a significant number of interested and impacted participants.
In late 2008, a unanimous decision was reached to select a tenant to develop and operate a large facility housing two furniture stores. A long-term lease was executed providing for an annual rent at the high-end of the range predicted by the marketing research. That project broke ground and was completed on time, and operates successfully today.
Prepared For The Downturn
In 2009, the economic slowdown was in full swing. Operations and fuel sales, long on an upward trajectory, began to flatten.
While many airports scrambled to shore up revenues, the Boca Raton Airport was prepared. At the conclusion of the past fiscal year, approximately 55 percent of BCT’s revenue was derived from non-aeronautical revenue producing tenancies.
Guided by a strong commitment to financial self-sufficiency, the Boca Raton Airport had planned ahead and secured its economic health, and that revenue diversity will serve it and the flying public well for years to come.
About the Author
Dawn M. Meyers is a partner at Berger Singerman and manager of the firm’s government and regulatory team, concentrating her practice in the areas of government contracting, airport and port regulations, environmental and land use law, administrative law, and general governmental regulation. She can be reached at firstname.lastname@example.org.
Boca authority seeks FAA approval on land use
Financial Perspective In an argument for privatization, a former FAA economist analyzes current airport business practices By H. Giovanni Carnaroli, Manager, Consulting Services, BACK...
Mayor: "This project will mark the first significant new development at Brown Field since the city took ownership of it in 1962."