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SERVICES PROVIDED |
PROJECT DESCRIPTION |
Business Case Analysis
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When Congress amended the Military Leasing Act in 2001 it gave military departments the authority to lease underused non-excess property for cash or in-kind payment.
The 45th Space Wing, which operates the 16,000-acre Cape Canaveral Air Force Station in Florida, looked at real property under its control (1,500 facilities and 4.6 million square feet of office space) to see if any acreage could be a candidate for an enhanced use lease.
The best candidate for an enhanced use lease was a parcel of approximately 100 acres of CCAFS property at Port Canaveral. The 45th Space Wing shares the port with the Canaveral Port Authority, an independent state agency that oversees cargo and passenger shipping operations. The CCAFS port property is land that, if not owned and operated by the military, would be part of the commercial port.
Port Canaveral is growing in both cargo and passenger shipping, but has limited land for expansion. A logical area of expansion would be into the military segment of Port Canaveral that surrounds the Middle Turning Basin.
ZHA prepared a business case analysis of the options for offering some or all of the CCAFS proposed property for enhanced use lease. The analysis determined the property's fair market value and compared it to valuations of other similar port properties on the Eastern Seaboard and the Gulf of Mexico. The study of the proposed EUL parcel and the operations of current tenants on the property resulted in four alternative scenarios for property configurations and tenant dispositions. Of the four alternatives, the business case analysis recommended one-the alternative that would bring the most in-kind benefit to the 45th Space Wing.
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