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Committee forwards airport concession amendments and new Terminal 2 retail leases to full Board
Summary
Committee forwarded an amendment to the duty-free concession lease (exercise two 21-year options; estimated $2.4M in tenant improvements; $26.4M minimum annual guarantee) and four Terminal 2 retail leases chosen via RFP that together are expected to yield about $1.02M in first-year rent, asking staff to clarify minimum tenant-improvement language.
The Budget and Finance Committee forwarded to the full Board an airport-led package that included Amendment No. 8 to the duty-free concession (DFS) lease and four Terminal 2 retail leases (bookstore, chocolate specialty shop, electronics store and spa).
Cathy Weidner (San Francisco Airport) said Amendment No. 8 would exercise two 21-year options, maintain the base-year CPI for calendar 2011 and include an estimated $2,400,000 in tenant improvements for duty-free…
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