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Prescott City Council <br /> Special Meeting April 22, 2014 Page 3 <br /> Mr. Burt said the airport needs private sector support if it is to remain an economic <br /> engine. The challenge of securing air passenger service for small markets will be <br /> steeper in the future and the financial resources for the Airport and City are severely <br /> limited. He noted that the recommended short to medium term course is to pursue the <br /> Commercial (Local) Airport option through actions which build toward, and are not <br /> inconsistent with, the long term possibility of "regional airport" scheduled passenger <br /> service. <br /> • COMMERCIAL LOCAL AIRPORT PROJECT TIMELINES <br /> The Federal Aviation Administration (FAA) will decide what projects will get funded, and <br /> what the timeframe will be for those projects. Building a strong relationship with the <br /> FAA will be essential. <br /> • ACHIEVING THE AIRPORT AREA VISION <br /> • AIRPORT AREA STRATEGIC ACTIONS FOR ECONOMIC DEVELOPMENT <br /> Mr. Burt talked about the strategic actions that will allow the City to lead and provide <br /> direction in the future. He noted that the City has identified the 8,000 acre Airport Area <br /> as a focal point of its future. <br /> o Capitalizing on the City's investment in public infrastructure in the Airport <br /> Area and create a guide to assist the development community <br /> o Create site-specific projects for hotel development <br /> o Solicit interest from and invite firms to visit Prescott that specialize in the <br /> development of conference/meeting centers <br /> o Prepare and implement a business attraction plan keyed to the <br /> opportunities and assets found in the Airport Area and Prescott region <br /> o Engage the business community in the Airport Area through the ongoing <br /> business,visitation retention/expansion program <br /> o Partner with are educational institutions to identify resources that can help <br /> facilitate private sector job creation <br /> o Establish economic development policies and incentives specific to the <br /> Airport Area <br /> • Going Forward <br /> May—June FY 15 Budget Process <br /> May— June Meetings with Stakeholders <br />