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Airport commission adopts sublease guidelines to recover legal costs and share excess rent
Summary
Commissioners approved a new set of sublease guidelines that require application fees, legal-cost recovery and a share of surplus sublease revenue to address perceived unfairness when long-term tenants sublet airport property.
The Nantucket Memorial Airport Commission unanimously adopted new sublease guidelines April 14 aimed at ensuring fairness and recovering staff and legal costs when tenants sublet airport property.
Commissioner Levitt, who drafted the guidance with real-estate counsel Jennifer Platt, said the policy responds to examples where tenants with long-term master leases subleased space for substantially higher rents while the airport continued to receive the…
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