New Haven
In 2021, the Airport received an unsolicited bid to develop a new passenger terminal and significantly expand airfield facilities under a long-term lease. BJSA was retained by the Airport Authority to evaluate the proposal, and subsequently assist with negotiating business terms. Mr. Simon reviewed the business plan from the proposer, developed traffic and revenue projections to validate the proposal, discussed key goals and objectives with stakeholders, lead negotiations on financial aspects of the transaction, and coordinated with regulators and stakeholders to gain approval for a 43-year lease and development agreement that was finalized in 2022.
Key components of the assignment were developing a transaction structure that was acceptable to the FAA and also ensuring that sufficient revenue would be available to the Authority to support its compliance and oversight roles. BJSA continues to advise the Authority post-close, including Lease oversight, PFC issues, budget development, financial reporting, and FAA coordination
Services:
- Proposal evaluation
- Transaction assistance
- Lease negotiations
Gulf Shores
This General Aviation facility was seeking to commence commercial passenger service. BJSA was retained by the Airport Authority to assist with evaluating options to design, build, finance and operate a new commercial terminal. BJSA prepared a detailed market study of the area and competing airports, developed financial projections for a new terminal including airline and non-aeronautical revenues, reviewed initial terminal plans for PFC and AIP funding eligibility, and evaluated overall project affordability. The Authority initially considered a P3 structure and BJSA lead an RFI process followed by an RFQ and bidder negotiations.
Due to a number of factors, the Authority pivoted to an alternate funding structure and elected to proceed with the new terminal with a loan from the City of Gulf Shores in addition to FAA funds. BJSA continued to assist the Authority by preparing updated financial projections, providing input during terminal planning and design, preparing analysis of alternatives for FAA discussions, preparing a new PFC application, negotiating agreements with terminal tenants, and reporting progress updates to stakeholders. The terminal opened in May 2025.
BJSA continues to assist the Authority, and due to the success of Allegiant’s initial routes, evaluation of expansion options is already underway.
Services:
- Market study and project viability
- RFI/RFQ Process and negotiations
- Business plan development
- Airline and tenant negotiations
- PFC Application
- Budget setting and financial reporting
