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File #: 231153    Version: 1 Name: Lease Amendment - DFS Group, L.P. - The International Terminal Duty Free and Luxury Lease - Modify and Extend a Reduced Percentage Rent Structure to December 31, 2026 - Establish a Temporarily Reduced Minimum Annual Guarantee - $30,000,000
Type: Resolution Status: Pending Committee Action
Introduced: 11/14/2023 In control: Budget and Finance Committee
On agenda: 11/14/2023 Final action:
Enactment date: Enactment #:
Title: Resolution approving Amendment No. 4 to the International Terminal Duty Free and Luxury Store Lease No. 17-0303 between DFS Group, L.P. and the City and County of San Francisco, acting by and through its Airport Commission, which continues the temporary reduced Percentage Rent structure, but increases the percentage amount to 36% of gross revenues, commencing with Lease Year 5 (2024) and continuing through Lease Year 7 (2026), and establishing a temporarily reduced Minimum Annual Guarantee of $30,000,000 for Lease Year 5, adjusting annually in accordance with the Lease through Lease Year 7, with the original Base Rent structure recommencing in Lease Year 8 (2027), with each such rent accommodation being conditioned upon Tenant’s timely completion of the construction of its remaining facilities in Harvey Milk Terminal 1 no later than December 31, 2024, with no change to the 14-year term, to be effective upon approval of this Resolution.
Attachments: 1. Leg Ver1, 2. DRAFT Amend No. 4, 3. Original Lease 120517, 4. Amend No. 1 071320, 5. Amend No. 2 020221, 6. Amend No. 3 030921, 7. AC Reso No. 23-0256 101723, 8. AIR Memo 101723, 9. AIR Ltr 110223, 10. Form 126
Legislation Details
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