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Mayor announces 10-year airport lease agreement expected to generate $330 million for city over next decade
Summary
Mayor Gavin Newsom and Airport Director John Martin announced a negotiated 10-year lease and use agreement with airlines that preserves the airport's annual service payment and is projected to generate about $330 million in additional revenue over the next 11 years.
Mayor Gavin Newsom and San Francisco Airport Director John Martin announced at the Board of Supervisors meeting that the city has reached a negotiated 10-year lease-and-use agreement with airline carriers serving San Francisco International Airport.
John Martin introduced the announcement and Mayor Newsom described the agreement as a negotiated settlement that preserves the airport’s longstanding annual service payment to the city. Newsom said the negotiated agreement, combined with one remaining year under the old contract, “should generate another $330,000,000 of revenue to the city and county of San Francisco.” He said the annual service payment program — a share of concession revenue paid to the city’s general fund…
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