Airport Development Funding - Is your consultant flying blind?
The pursuit of airport development funding often results in an elusive undertaking at best. In our industry, we often hear complaints from communities that they have lost hope trying to fund their major airport project. Their failed attempts result in lost time and momentum causing considerable frustration.
In order for a project to compete favorably, it must be packaged to leverage the most Federal and State funds available. Putting together a competitive package is what BF&S does best. Often there are necessary incremental steps and crucial conversations that take place well before the project is a "go" on the Federal/State level. Some ill-advised communities make the mistake of simply presenting the same old approach with no attempt to re-packaging their funding request.
Another common mistake by communities is the lack of forethought when it comes to providing their local share. We have seen firsthand what happens when a community competes well for federal funds only to realize they haven't adequately planned for their local match and regrettably lose a major infusion of monies. The BF&S approach is to help communities flush out any potential revenue source to ensure that funds arenít lost. Uncovering local resources is normally done well in advance or in tandem with the infancy stages of a project. Tax Incremental Finance Districts, Economic Development Corporations, Duty Free Zones, Foreign Trade Zones, Technical Development Parks are all valid options for matching dollars. What revenue source does your community have that you may not have considered?
Are funding outcomes by chance or can they be controlled? By teaming with an experienced consultant who uses a proactive approach and has a successful track record, your project will have a competitive advantage. BF&S places high importance on the front-end persuasive tasks so we can package and deliver quality projects on-time and within budget.
When considering a potential development project for your airport, think about creating a dream team to help you with all facets of your project planning. Is your consultant implementing skill and forward thinking to provide you with the competitive edge it takes to bring your project to fruition, or are they simply flying blind?