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Committee recommends approval of 10‑year Books Inc. lease at SFO Terminal 2
Summary
Airport staff and the Budget and Legislative Analyst briefed the committee on a proposed 10‑year lease with Books Inc. at Terminal 2, carrying a $220,000 minimum annual guarantee that may be suspended if enplanements remain below 80% of 2019 levels; the committee forwarded the lease to the full board with a positive recommendation.
San Francisco International Airport staff asked the Budget and Finance Committee to approve a 10‑year lease with locally owned Books Inc. for Terminal 2 retail space, with a minimum annual guarantee (MAG) of $220,000 and a suspension clause if enplanements fall below 80% of 2019 levels for three consecutive months.
The airport representative outlined the MAG and the contingency described in the lease that would substitute percentage rent if passenger traffic remained depressed. The Budget and Legislative Analyst reviewed the lease terms and recommended approval, noting the MAG totals roughly $2.2 million over ten years if reinstated.
Committee members expressed support for a local independent bookstore occupying the terminal retail space; there were no public callers on the item and the committee forwarded the item to the full Board with a positive recommendation (roll call recorded three ayes).
