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Airport seeks short‑term lease amendments and renewals to accommodate terminal construction
Summary
Airport staff requested committee approval of short‑term lease amendments and renewals for several concession locations (Pacific Gateway concessions and Books Inc.) to accommodate seismic and security‑lane construction; estimated incremental rent revenue is roughly $6.5–6.6 million over the extension periods.
Kathy Widener of the San Francisco Airport told the Budget and Finance Committee the airport seeks short‑term lease amendments for Pacific Gateway Concessions and a lease renewal with Books Inc. to accommodate seismic upgrades and security lane adjustments across terminals. The proposed changes would extend existing leases on a month‑to‑month or short renewal basis and preserve passenger services during construction.
Widener said tenants will continue to pay either a percentage of gross revenues or a minimum annual guarantee, whichever is greater. Airport revenue staff estimated expected total rent revenue during the extension and renewal periods at roughly $6.48 million; the budget analyst's table cited an estimated $6.6 million in rental revenues. The analyst recommended retroactivity for one file and recommended approval of the three files presented.
There were no public speakers on these items. The committee amended Item 5 to allow retroactivity and forwarded Items 5 (as amended), 6 and 7 to the full Board with recommendation.
