This resolution approves a modification to an existing lease agreement between San Francisco's Airport Commission and TACA International Airlines, extending the lease term until June 30, 2023, with an estimated rent of approximately $4.3 million during this period. The extension will take effect once approved by the Board of Supervisors.
Resolution approving a Lease Modification to 2011 Lease and Use Agreement No. 10-0096 between the City and County of San Francisco, acting by and through its Airport Commission, and TACA International Airlines, S.A., which extends the term through June 30, 2023, with an estimated rent of $4,301,668 during the extension term, to commence upon approval by the Board of Supervisors.
How it got here
The legislation originated from the need to extend the lease agreement between the City and TACA International Airlines due to the impacts of the COVID-19 pandemic.
Avianca and certain subsidiaries, including TACA, filed for protection under Chapter 11 of the Bankruptcy Code, impacting their lease agreements.
The Planning Department determined that the Lease Modification is exempt from review under the California Environmental Quality Act (CEQA).
TACA assumed the Lease pursuant to the Bankruptcy Code and has met its financial obligations under the Lease.
The Airport Commission approved the Lease Modification to extend the term of the 2011 Lease and Use Agreement with TACA through June 30, 2023.
The Board of Supervisors adopted a resolution approving a two-year extension of the 2011 Lease and Use Agreement for 39 airlines, including TACA.
The Board of Supervisors approved the Lease Modification to the 2011 Lease and Use Agreement with TACA, extending the term through June 30, 2023.
Reconstructed from attached documents & the official record
