Revolving Funds for Sustainability Projects at Airports (2019) / Chapter Skim
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Pages 31-43
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From page 31... ...
31 Once the overall structure of the GRF has been selected and key stakeholders are secured, the airport is ready to determine financial systems and begin investment. Chapter 4 provides information on the next three steps of implementation, highlighted in Figure 11: 4.1 Step 5: Secure Seed Capital 4.2 Step 6: Establish Fund Governance and Procedures 4.3 Step 7: Launch the Fund 4.1 Step 5: Secure Seed Capital 4.1.1 Introduction to GRF Funding Requirements The process of securing seed capital can range from a straightforward allocation of available funding to a laborious multi-month process of consulting decision-makers.
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32 Revolving Funds for Sustainability Projects at Airports of the users of this report. A GRF is not limited to using a single source of capital, and airports can mix and match sources based on their individual circumstances.
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Phase 2: Implementation -- GRF Activation Steps 33 revenue use limitations within a GRF.) Airport lease structures may constrain the use of cost-recovery revenue for a GRF, as described in Section 3.1.3.
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34 Revolving Funds for Sustainability Projects at Airports by revenues from a specific facility. Bonds work well as a capital source for a GRF when paired with the savings-reclamation model but could also be used directly as seed capital for the GRF.
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Phase 2: Implementation -- GRF Activation Steps 35 • Discretionary Funding is a subcategory of AIP consisting of the money remaining after FAA apportions funds into its major entitlement categories. Discretionary funding's first priority is set-aside projects (airport noise and the Military Airport Program)
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36 Revolving Funds for Sustainability Projects at Airports Programs (Molar 2011) (see the section on state funding opportunities)
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Phase 2: Implementation -- GRF Activation Steps 37 Table 1. GRF funding options summary.
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38 Revolving Funds for Sustainability Projects at Airports Finally, GRFs often aim to grow over time to enable increasingly large investments in the future. Growth can occur by procuring additional seed capital from outside sources, from ongoing budget allocations, or from earnings from the GRF itself.
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From page 39... ...
Phase 2: Implementation -- GRF Activation Steps 39 team could realistically review and fund on an annual basis. Also consider the average term of project repayment, because that determines the amount of money that will revolve to the fund each year to be reinvested in new projects.
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40 Revolving Funds for Sustainability Projects at Airports GRF Model. The savings reclamation model of capitalizing a GRF is compatible with any funding source.
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Phase 2: Implementation -- GRF Activation Steps 41 Lease Compatibility Deployment of a GRF in airport leased space requires coordination with tenants. Ideally, an airport discusses a potential GRF with an airline or concessionaire as part of the contract negotiation process.
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42 Revolving Funds for Sustainability Projects at Airports and awareness of the fund. Third, it reduces the burden that falls on any one member of the committee.
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Phase 2: Implementation -- GRF Activation Steps 43 to efficiently manage the fund and to ensure that its capital remains effectively invested. Advance preparation also demonstrates positive momentum to airport stakeholders.
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