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WRA authorizes separate leases with Greyhound and Peter Pan for Union Station bus slips
Summary
The authority authorized two separate lease agreements: Greyhound for three bus slips at an annual starting amount of $49,585 and Peter Pan for two slips at about $33,000, each with 3% annual escalators and five-year base terms with renewal options.
The WRA voted on July 23 to authorize separate lease agreements for bus service at Union Station: one with Greyhound for the three bus slips it uses and a separate lease with Peter Pan for the two slips it uses.
Staff described a pro rata approach to rent that carries forward a 3% annual escalation and yields an annual starting amount of $49,585 for Greyhound (three slips) and about $33,000 per year for Peter Pan (two slips). Staff said the leases will have five-year base terms with three five-year renewal options. Staff also discussed that the ticketing room and office along the walkway into Union Station had been part of the original Greyhound lease but Greyhound has not staffed it recently; Peter Pan agreed to staff the space if needed.
“Greyhound has been using 3 and Peter Pan has been using 2,” staff said, describing the pro rata approach. The board moved and approved separate motions to authorize execution of both leases by roll call.
