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1 <br />i <br />41) A major hurdle to qualify for Federal AIP funds must be <br />overcome through inclusion of Gateway Industrial North into <br />the National Plan of Integrated Airports System (NPIAS). <br />Once included into the NPIAS, the airport becomes eligible <br />for AIP funds, but it must be realized that limited funds <br />are available and actual receipt of a grant offer depends on <br />funding availability and project priority. Qualifications <br />for entry into the NPIAS should be vigorously pursued as a <br />top priority. <br />42) The most likely means of funding the local share is through <br />the issuance of G.O. bonds or through creation of a tax <br />increment district and issuance of tax increment G.O. bonds. <br />The minimum local funds considered for a bond issue should <br />include the local funding share for both Stages I and II <br />without hangar development. The minimum bond issue required <br />for this development plan is $502,000. Issued at 8% for a <br />20 year term, the annual debt retirement would be <br />approximately $51,100. <br />Including hangar development (maximum of 20 units) would <br />require a bond issue of approximately $700,000. Annual <br />debt retirement based on a 20 year term at 8% would be <br />approximately $71,300. <br />43) The proposed development plan indicates that annual opera- <br />ting and maintenance (O&M) costs should be in the area of <br />$17,000, in the near term post -construction period, or ap- <br />proximately 1.5% of Stage I construction costs excluding <br />land acquisition. <br />44) Major revenue centers expected to offset O&M costs are <br />Divison of Aeronautics O&M aid providing up to $5,000 <br />annually and -leases to airport tenants. <br />45) While the airport is not expected to operate on a self- <br />sufficient level in the near future, it should be viewed as <br />an investment in a major part of the City's infrastructure. <br />2-7 <br />