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feasibility will depend on whether the capital investment required to implement the plan will be able to produce the reve- nue (which may be supplemented by local subsidies) required to cover annual costs attributable to capital investment plus the annual cost for administration, operation, and maintenance. The terms of economic feasibility should be based on short, inter- mediate, and long-range forecasts (ap- proximately 5, 10, and 20 years). (4) Financing. After the economic feasibility of the master plan has been established, financing must be obtained for capital improvements proposed in the plan. Fi- nancing may be raised from taxes, general obligation bonds, revenue bonds, govern- ment assistance, or a combination thereof. The establishment of financing is the final step in the master plan process. There- after, the final design and construction of improvements proposed in the plan can be implemented, 6. Feasibility of the Plan. The technical and economic feasibility of master plan considerations must be analyzed throughout the development of the plan. In the establishment of airport requirements, the planner must decide whether it is feasible to ex- pand the existing airport or look for a new airport site. In the site selection process, the feasibility of constructing an airport at each possible location must be considered and, in some instances, it may be deter- mined that the existing airport site should be expanded after all. After site selection, the feasibility of various airport concepts must be tested before the final air- field/terminal area/access plan is adopted. Finally, in the establishment of a financial plan for developments proposed in the master plan, a detailed economic feasibility study must be made of capital investment versus anticipated revenues. This study will provide 6 the stimulus for establishment of required financing and the eventual implementation of the plan. 7. Public Hearings. The Airport and Airway Development Act of 1970 requires that airport sponsors must afford the opportunity for public hearings for projects involving the location of an airport, a new airport runway, or a runway extension. When master plans involve the selection of an air- port site, sponsors are urged to afford the opportunity for public hearings as a part of the site selection process rather than wait until the time when an appli- cation is made for an ADAP grant for land acquisition. Under the FAA's Planning Grant Program, Federal funding of master plan elements beyond the site selec- tion phase may be deferred pending the results of public hearings in order to assure that the site will not be rejected after all master planning steps are completed. Likewise, if master plans propose new airport run- ways or runway extensions, sponsors are urged to afford the opportunity for public hearings at the time the master plan is presented to the public for approval rather than wait until the time when application is made for Federal development grants for particular segments of the runway improvements proposed in the master plan. Public hearings held at the times of site selection 410 and master plan approval will be earlier than those required for development projects by the Airport and Airway Development Act. However, if the public hearings are held at the times of site selection and master plan approval, the need for public hearings_ at the time of application for development projects may be forestalled by the earlier public acceptance. Airport sponsors should refer to Advisory Circular 150/5100-7, "Requirement for Public Hearings in the Airport Development Aid Program," for guidance on meeting the latest statutory requirements for affording the opportunity for public hearings with respect to airport development projects.