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Committee recommends board review of Singapore Airlines Cargo lease and Cathay Pacific modification at SFO
Summary
The committee recommended sending to the full board a new direct lease with Singapore Airlines Cargo for 101,428 sq ft at SFO and a modification to Cathay Pacific's lease that adds administrative space and increases annual rent by about $41,095.
The Budget and Finance Committee recommended that the Board of Supervisors review two airport lease matters at San Francisco International Airport.
Kathy Weidner of the airport described Agreement LO70255, a proposed direct lease with Singapore Airlines Cargo covering 101,428 square feet of cargo warehouse and office space plus paved truck-dock and employee parking. Weidner said the annual rent under the proposed seven-year lease (with three one-year options) would be $1,338,860 and that the agreement formalizes a direct lease after a prior sublease with Delta Airlines. The budget analyst noted the previous sublease rate had been slightly higher because utilities had been included; the new lease places utility payments on Singapore Airlines.
Weidner also presented Modification No. 1 to lease L990321 with Cathay Pacific Airlines to add 332 square feet of administrative office space and to roll a permitted 48 square feet into the lease; she said the change would produce an additional $41,095 in annual rent.
For both items the budget analyst recommended approval and the committee voted without recorded opposition to forward the items to the full board with recommendation.
