This resolution approves an amendment to a lease agreement that allows for three new retail locations at Terminal 2 of the airport, extending the lease for 12 years starting October 1, 2025. The minimum annual payment of $2,300,000 will remain unchanged.
Resolution approving Amendment No. 1 to the Terminal 2 Retail Market and Harvey Milk Terminal 1 Specialty Retail Stores Concession Lease No. 20-0156 between MRG San Francisco Terminal 2, LLC, as tenant, and the City and County of San Francisco, acting by and through its Airport Commission, as landlord, for the addition of three locations to the premises of the Terminal 2 retail market, for a term of 12 years to commence on October 1, 2025, through October 1, 2037, with no adjustment to the Minimum Annual Guarantee of $2,300,000.
How it got here
The legislation originated from the need to amend an existing concession lease at San Francisco International Airport to add new retail spaces.
The Airport Commission awarded the Terminal 2 Retail Market and Harvey Milk Terminal 1 Specialty Retail Stores Concession Lease No. 20-0156 to MRG San Francisco Terminal 2, LLC.
The Airport Commission approved Amendment No. 1 to the Lease, adding a permanent news wall and two temporary specialty retail stores to the Terminal 2 premises.
The Airport Commission forwarded the proposed resolution for Amendment No. 1 to the Board of Supervisors for approval.
The Budget and Finance Committee recommended the resolution for approval to the Board of Supervisors.
The Board of Supervisors adopted the resolution approving Amendment No. 1 to the Lease.
The Mayor approved the resolution, finalizing the amendment to the concession lease.
Reconstructed from attached documents & the official record
