This report will evaluate the concept of using options to secure property before needed for the subsequent financing and construction of federally funded airport development. Land banking, as previously studied, entails actual acquisition of land for use up to 15 years in the future. Land options, however, are used to ensure a party retains the right to acquire land in the face of imminent or planned development, while avoiding a cost escalation as development plans become known. Land options, as defined in the next section, may range in duration from as short as 3 months to as long as several years. Although there is no established time limitation, this study found that current practice sets the terms of options at relatively short periods of time.
Report to Congress on Potential for Use of Land Options in Federally Funded Airport Projects
1997
26 pages
Report
No indication
English
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