Memorandum
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The document outlines a recommendation for the City Council to authorize the City Manager to negotiate and execute the 10th amendment to the lease of airport premises with Sky Chefs, Inc. This amendment proposes a five-year extension of the lease, with fixed annual increases to the concession fee, and includes a mutual one-year termination notice clause. The lease extension is retroactive from February 15, 2024, through February 28, 2029, and is expected to generate approximately $6.1 million over the five years.
Key points
- The lease amendment is for a five-year extension with Sky Chefs, Inc.
- The extension includes annual 0.5% increases to the gross receipts rent.
- The lease is retroactive from February 15, 2024, to February 28, 2029.
- A mutual one-year termination notice clause will be included.
- The agreement is estimated to generate $1.1 million annually.
Limitations
- The document contains unresolved placeholders and lacks specific dates for some actions.
- The document does not provide information on the City Council's vote or final approval.
Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.