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Committee forwards 12-year Minute Suites concession lease at Harvey Milk Terminal 1
Summary
The Airport sought approval for a 12-year concession lease for Minute Suites Travelers Retreat SFO LLC at Harvey Milk Terminal 1 with a $150,000 minimum annual guarantee; the Budget and Finance Committee recommended the lease to the full Board after the BLA review.
The Budget and Finance Committee advanced a 12-year concession lease at Harvey Milk Terminal 1 for Minute Suites Travelers Retreat SFO LLC. Airport staff explained the lease includes a minimum annual guarantee (MAG) of $150,000 for the first year and a percentage-rent structure; the MAG provision suspends if employment traffic returns to less than 80% of 2019 levels for three consecutive months, in which case percentage rent would apply until levels recover.
Nick Menard (BLA) reviewed the lease provisions and recommended approval. Chair Feuer moved the item to the Board with a positive recommendation and the committee approved the motion by roll call.
