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Forecasts of annual itinerant passengers were taken from the <br />Master Plan Study and revised downward 30% to adjust for <br />itinerant flights for recreation purposes. While this is <br />subject to argument, no dollar value is assigned to time spent <br />for recreation travel. The value of $25.00 per hour for <br />passengers is an accepted value by FAA for estimating owners' <br />and pilots' time. The cost incurred for each of four years <br />illustrated in Table 2-6 shows that the value of time saved by <br />using Gateway rather than alternative airports on the four <br />selected years represents a value of over a half million <br />dollars. <br />TABLE 2-6 <br />VALUE OF TIME SAVED USING GATEWAY NORTH <br />RATHER THAN ALTERNATE AIRPORTS <br />Annual Annual <br />1 Itinerant 2 Hours Value of <br />Year Passengers Saved Time Saved <br />1987 4 5512 1837 $46,000 <br />1990 9275 3092 $77,000 <br />1995 17,325 5775 $144,000 <br />2005 29,050 9683 $242,000 <br />3 <br />1 Years represent 1987 estimate, and last year of each <br />development stage <br />2 From Master Plan Study Forecasts, reduced by 30% to <br />compensate for itinerant recreation trips <br />3 Based on $25/hour as average value of time, rounded to <br />1000's <br />4 Assumes airport improvements are completed in 1990 <br />In addition to the time and resultant cost savings, the <br />flexibility and versatility in general aviation stimulate <br />industry, commerce, and manufacturers to locate their plants and <br />offices convenient to a general aviation airport. Case after <br />case of business and industrial expansion to new areas reveal <br />that accessibility to an airport was a major consideration in <br />the selection of a new site. <br />Economic Impact of Itinerant Arrivals <br />The Master Plan Study included a brief discussion of economic <br />impacts to the area's economy derived from visiting pilots and <br />2-38 <br />