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Committee approves and forwards eight Terminal 2 food-and-beverage leases totaling nearly $3M first-year revenue
Summary
The committee approved eight Terminal 2 airport food-and-beverage leases (roughly 16,000 sq ft) with estimated first-year concession revenue of about $2.95 million and tenant improvement costs of about $5.6 million; most leases run 12 years starting Jan. 1, 2011.
The Budget and Finance Committee moved to send to the full Board eight Terminal 2 food-and-beverage leases presented by the Airport Governmental Affairs office.
Kathy Weidner described the package as a new food-and-beverage program for the new Terminal 2, comprising eight separate leases totaling approximately 16,000 square feet. Six leases have an initial 12-year term starting Jan. 1, 2011, and two include an additional 12-year option to help offset more costly build-outs for a sit-down restaurant and a wine bar.
Budget-analyst figures estimate first-year concession revenue at about $2,950,343 (approximately $2,594,043 in percentage rent plus $356,300 in fees) and one-time tenant improvements of roughly $5.6 million. The analyst reported the lessees received the highest RFP scores and recommended approval.
Public comment at the two-minute period was brief and supportive. The committee voted to forward all eight lease resolutions to the full Board with recommendation.
