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-31- NYA estimates that it will carry 540,000 passengers in fiscal 1966 of which roughly 200,000 will originate or terminate at the Pan American building heliport. NYA claims that its estimate of traffic for the Pan American heliport is supported by its fleet planning study, made in conjunction with the Boeing Company, which disclosed that 40 percent of the Kennedy traffic originates or terminates in the Manhattan area convenient to the Wall Street Terminal. NYA submitted its forecast of operating revenues on three bases. The first assumes subsidy payments in the amount of $5,660,000 for the period fiscal 1966 through fiscal 1970 but without benefit of the Pan American and TWA operating agreements, except that portion of its contract with Pan American providing for added cost support of services to the Pan American building. The second is a forecast of operating results under its agreements with Pan American and TWA on the assumption that the agreements will be renewed for fiscal 1967 and 1968. The third category contemplates no scheduled operations whatsoever without Federal subsidy or financial support under the operating agreements. Under the first category NYA estimated total operating revenues and expenses for fiscal 1970 at $12,353,000 and $12,046,000, respectively, and a total subsidy need of $450,000 for tax allowances and return on investment. Federal subsidy for the five-year period was estimated at $5,660,000, payable on a decelerating basis from $1,860,000 in fiscal
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