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HomeMy WebLinkAboutECAT16-014 Delta AirlinesECAT16-014 EAGLE COUNTY REGIONAL AIRPORTDATE: EFFECTIVE 12-01-13OVERALL LEASE EXHIBITSHEET 1 OF 1NOT TO SCALELEASE SPACE (INCLUDING HALLWAYS) HALLWAY 1 - 845 SQFT: ALLOCATED 50% TO AA (422.5 SQFT) HALLWAY 2 - 129 SQFT: UNITED AIRLINES (UA)HALLWAY 3 - 137 SQFT: ALLOCATED 100% TO (DL) 25% TO UA (211.25 SQFT), 25% TO DL (211.25 SQFT) AMERICAN AIRLINES (AA) - 3133.25 SQUARE FEETDELTA AIRLINES (DL) - 1437.25 SQUARE FEETUNITED AIRLINES (UA) - 2887.25 SQUARE FEETAIR CANADA (AC) - 543 SQUARE FEET EAGLE COUNTY AIR TERMINAL CORPORATIONEagle County, ColoradoECAT_2015-16_RTS_10pct.12324-Feb-16Reconciled Terminal Building Rent Calculation 2014-15Budgeted Terminal Building Rent Calculation 2015-162014 (Budget Recon 2015Rental Market Rate=$44.53) Rental Rental Market Budget RentalComponents Share Space Recon Rate Amounts Components Share Space Rate AmountsAmerican Exclusive 3,133.25 $45.76 $143,378 Exclusive 3,133.25 $53.29 $166,971Joint 20% / 3 2,331.87 $45.76 $106,706 Joint 20% / 3 2,331.87 $53.29 $124,265Joint 80% Enp Pax 56.47% 15,800.47 $45.76 $723,029 Joint 80% Enp Pax 56.47% 15,800.47 $53.29 $842,007Total Space 21,265.58 Space Rent $973,113 Total Space 21,265.58 Space Rent $1,133,2432011B Debt Service 56.47% $649,251 $366,604 2011B Debt Service 56.47% $326,250 $184,2192013-14 Recon ($3,180) 2014-15 Recon $11,071Total Rent $1,336,538 Total Rent $1,328,534Increase ($8,004)-0.60%United Exclusive 3,097.25 $45.76 $141,730 Exclusive 3,097.25 $53.29 $165,052Joint 20% / 3 2,331.87 $45.76 $106,706 Joint 20% / 3 2,331.87 $53.29 $124,265Joint 80% Enp Pax 32.53% 9,102.29 $45.76 $416,521 Joint 80% Enp Pax 32.53% 9,102.29 $53.29 $485,061Total Space 14,531.41 Space Rent $664,957 Total Space 14,531.41 Space Rent $774,3792011B Debt Service 32.53% $649,251 $211,193 2011B Debt Service 32.53% $326,250 $106,1252013-14 Recon $16,375 2014-15 Recon $16,799Total Rent $892,525 Total Rent $897,303Increase $4,7780.54%Delta Exclusive 1,437.25 $45.76 $65,769 Exclusive 1,437.25 $53.29 $76,591Joint 20% / 3 2,331.87 $45.76 $106,706 Joint 20% / 3 2,331.87 $53.29 $124,265Joint 80% Enp Pax 11.01% 3,079.64 $45.76 $140,924 Joint 80% Enp Pax 11.01% 3,079.64 $53.29 $164,114Total Space 6,848.76 Space Rent $313,399 Total Space 6,848.76 Space Rent $364,9702011B Debt Service 11.01% $649,251 $71,454 2011B Debt Service 11.01% $326,250 $35,9062013-14 Recon ($1,510) 2014-15 Recon $24,584Total Rent $383,343 Total Rent $425,460Increase $42,11710.99%All Airlines Exclusive 7,667.75 $45.76 $350,876 Exclusive 7,667.75 $53.29 $408,614Joint 20% / 3 6,995.60 $45.76 $320,119 Joint 20% / 3 6,995.60 $53.29 $372,796Joint 80% Enp Pax 100.00% 27,982.40 $45.76 $1,280,475 Joint 80% Enp Pax 100.00% 27,982.40 $53.29 $1,491,182Total Space 42,645.75 Space Rent $1,951,470 Total Space 42,645.75 Space Rent $2,272,5922011B Debt Service 100.00% $649,251 $649,251 2011B Debt Service 100.00% $326,250 $326,2502013-14 Recon $11,686 2014-15 Recon $52,454Total Rent $2,612,407 Total Rent $2,651,296Increase $38,8901.49% EAGLE COUNTY AIR TERMINAL CORPORATIONEagle County, ColoradoECAT_2015-16_RTS_10pct.123EXHIBIT B16-Sep-15Calculation of Terminal Building Rent for 2015-16Schedule 1 - Fee Schedule for Airline Rates and ChargesTerminal Building Rental Rate Per Square Foot Per YearNon-SignatoryLease Terminal Building Signatory Terminal BuildingYear Requirement at Terminal Building Terminal Building Rental RateBeginning Full Cost Rent Subsidy Rental Rate (30% Preminum)01-Dec-06 Prior $37.31 22.1% $29.06 $37.7801-Dec-07 Lease $39.99 22.1% $31.15 $40.5001-Dec-08 Years $41.82 22.1% $32.57 $42.353 Year Lease01-Dec-09 Prior $42.22 22.1% $32.89 $42.7501-Dec-10 Lease $43.75 22.1% $34.08 $44.3101-Dec-11 Years $47.17 22.1% $36.74 $47.773 Year Lease01-Dec-12 $54.8022.1% $42.69 $55.4901-Dec-13 $53.8222.1% $41.92 $54.5001-Dec-14 $57.1722.1% $44.53 $57.893 Year Lease01-Dec-15 (1) $59.21 10.0% $53.29 $69.2801-Jan-17 (2) $59.21 10.0% $53.29 $69.2801-Jan-18 (2) $59.21 10.0% $53.29 $69.28NOTES:(1) All rates are subject to year end reconciliation, rebate calculation and adjustment using actual amounts.(2) Rates for lease years beginning Dec-2016 and Dec-2017 are shown using the same projected terminal space, debt andoperating expense budget that were used for the lease year beginning Dec- 2015. The budget for lease yearsbeginning Dec-2016 and Dec-2017 are not likely to be the same as for the budget year beginning Dec-2015. EAGLE COUNTY AIR TERMINAL CORPORATION Eagle County, Colorado ECAT_2015-16_RTS_10pct.123 EXHIBIT B 16-Sep-15 Calculation of Terminal Building Rent for 2015-16 Schedule 2 - Calculation of Terminal Building Rental Rates Terminal Building Airline Rented Space Airline Exclusive Use Space - Ticket Counters, Queuing Area, Curbside Checkin, Operations Space, Baggage Offices and Office Space (Sq Ft): - American Airlines 3,133.25 - United Airlines Carriers 3,097.25 - Delta Air Lines 1,437.25 Total Exclusive Use Space 7,667.75 Sq Ft Airline Joint Use Space (Sq Ft): - Passenger Holdrooms 16,159.00 - Baggage Claim Area 9,174.00 - Baggage Conveyor Belts 1,887.00 - Baggage Cart Loading/Unloading 7,758.00 Total Joint Use Space 34,978.00 Sq Ft Total Airline Rented Space 42,645.75 Sq Ft Terminal Building Total Rental Requirement Terminal Building Budgeted Operations & Maintenance Expenses (Reference Schedule 5) $1,882,089 Terminal Building Debt Related Costs: Amortization of Debt Issue Costs and Capitalized Interest $81,238 Series 2006A Principal 435,000 Series 2006A Interest 13,004 Series 2006B Principal 472,500 Series 2006B Interest 155,181 Series 2011A Principal 367,500 Series 2011A Interest 318,425 Less PFC Revenues Applied to Debt Service (550,000) Total Terminal Building Debt Related Costs 1,292,848 Total Terminal Building Space Costs $3,174,937 Rentable Space (Sq Ft): - Rented Airline Exclusive Use and Joint Use Space 42,645.75 - F&B Concession Space 3,901.00 - N&G Concession Space 1,137.00 - RAC Concession Space 2,303.00 - Ground Transportation Space 1,099.00 - TSA Office & Breakroom Space 1,378.00 - Ground Handling/Other Space 1,153.50 / Total Rentable Space 53,617.25 Sq Ft = Full Cost Recovery Terminal Building Rental Rate Per Sq Ft Per Year $59.21 Less Terminal Rent Subsidy for 2015-16 (10.0%) ($5.92) Subsidized Terminal Rental Rate Per Square Foot Per Year for 2015-16 $53.29 x Airline Rented Space 42,645.75 Sq Ft = Terminal Building Total Space Rent $2,272,592 Joint Rent for Commercial Passenger Service Rights Purchase: Series 2011B Principal $312,500 Series 2011B Interest 13,750 Terminal Building Total Rental Requirement $2,598,842 EAGLE COUNTY AIR TERMINAL CORPORATION Eagle County, Colorado ECAT_2015-16_RTS_10pct.123 EXHIBIT B 16-Sep-15 Calculation of Terminal Building Rent for 2015-16 Schedule 3 - Allocation of Terminal Building Joint Rentals Joint Use Space Rent Allocation Terminal Building Rental Rate Per Sq Ft Per Year $53.29 x Total Joint Use Space 34,978.00 Sq Ft = Total Joint Use Space Rent: $1,863,978 Joint Use 20% Equal 2015 Projected Market 80% Allocated Space Share Enplanements Share Share Rent American Airlines $124,265 93,326 56.47% $842,007 $966,272 United Airlines Carriers 124,265 53,763 32.53% 485,061 609,326 Delta Air Lines 124,265 18,190 11.01% 164,114 288,379 Totals $372,796 165,279 100.0% $1,491,182 $1,863,978 Joint Rent Allocation for the Purchase of Commercial Passenger Service Rights Commercial Pax Service Debt Rights Market Service Purchase Share Series 2011B Joint Rent American Airlines 56.5% $326,250 $184,219 United Airlines Carriers 32.5% 326,250 106,125 Delta Air Lines 11.0% 326,250 35,906 100.0% $326,250 EAGLE COUNTY AIR TERMINAL CORPORATION Eagle County, Colorado ECAT_2015-16_RTS_10pct.123 EXHIBIT B 16-Sep-15 Calculation of Terminal Building Rent for 2015-16 Schedule 4 - Terminal Building Rent by Airline Monthly Payments American Airlines:12 Months 12/1/15 > 12/31/16 13 months Exclusive Use Space Rent $166,971 2014-15 Rent Reconciliation Adjustment 11,071 Allocated Joint Use Space Rent (20% Equal Shares) 124,265 Allocated Joint Use Space Rent (80% Enplanements) 842,007 Allocated Commercial Pax Rights Purchase Joint Rent (100% Enplanements)184,219 Total American Airlines Rent $1,328,534 $110,711 $1,439,245 United Airlines Carriers: Exclusive Use Space Rent $165,052 2014-15 Rent Reconciliation Adjustment 16,799 Allocated Joint Use Space Rent (20% Equal Shares) 124,265 Allocated Joint Use Space Rent (80% Enplanements) 485,061 Allocated Commercial Pax Rights Purchase Joint Rent (100% Enplanements)106,125 Total United Air Lines Carriers Rent $897,303 $74,775 $972,078 Delta Air Lines: Exclusive Use Space Rent $76,591 2014-15 Rent Reconciliation Adjustment 24,584 Allocated Joint Use Space Rent (20% Equal Shares) 124,265 Allocated Joint Use Space Rent (80% Enplanements) 164,114 Allocated Commercial Pax Rights Purchase Joint Rent (100% Enplanements)35,906 Total Delta Air Lines Rent $425,460 $35,455 $460,915 Total Airline Rent: Exclusive Use Space Rent $408,614 2014-15 Rent Reconciliation Adjustment 52,454 Allocated Joint Use Space Rent (20% Equal Shares) 372,796 Allocated Joint Use Space Rent (80% Enplanements) 1,491,182 Allocated Commercial Pax Rights Purchase Joint Rent (100% Enplanements)326,250 Total Airline Rent $2,651,296 $220,941 $2,872,238 2014-15 Rent Reconciliation Adjustments (Ref: RECONCILIATION - Calc of Terminal Building Rent for 2014-15) Reconciled Budgeted Rent @ Rent @ Over Paid/ $45.76/sq ft $44.53/sq ft (Under Paid) American Airlines $1,336,538 $1,325,467 ($11,071) United Airlines Carriers 892,525 875,726 (16,799) Delta Air Lines 383,343 358,759 (24,584) Totals $2,612,407 $2,559,952 ($52,454) 1 of 2 EAGLE COUNTY AIR TERMINAL CORPORATION Eagle County, Colorado ECAT_2015-16_RTS_10pct.123 EXHIBIT B 16-Sep-15 Calculation of Terminal Building Rent for 2015-16 Schedule 5 - Budgeted Operations & Maintenance Expenses Amended Actual Budget Budgeted Operations & Maintenance Expenses FY 2014 FY 2015 FY 2016 Supplies: Janitorial $12,339 $2,000 $2,000 Office 125 0 500 Medical 265 500 500 Miscellaneous 0 0 0 Total Supplies $12,729 $2,500 $3,000 Annual Growth Rate - -80.4% 20.0% Professional Services: Accounting $9,500 $9,781 $10,074 Consulting 15,811 15,000 15,000 Advertising Services 519 500 500 Legal 3,583 10,000 10,000 County Management Fee 387,638 394,282 406,110 Trustee Fees 11,000 11,000 11,000 Other Professional Services 5,178 4,000 5,600 Total Professional Services $433,229 $444,563 $458,284 Annual Growth Rate - 2.6% 3.1% Security Expenses: Personnel $0 $3,500 $3,500 Total Security Expenses $0 $3,500 $3,500 Annual Growth Rate - - 0.0% Building Maintenance: Building Repairs $24,372 $26,555 $26,000 Baggage Handling 52,734 59,362 58,000 Electrical 10,479 10,000 10,000 Plumbing 1,157 7,500 5,000 HVAC Service 23,771 22,915 24,598 Signage 1,384 5,000 5,000 Doors & Windows 9,946 14,000 21,525 Roof 7,717 5,000 5,000 Total Building Maintenance $131,560 $150,332 $155,123 Annual Growth Rate - 14.3% 3.2% Utilities: Natural Gas $45,999 $47,700 $47,700 Electric 137,538 134,187 109,513 Telephone 9,104 12,000 12,000 Water & Sewer 15,876 15,840 16,315 Trash 18,441 14,400 15,000 Total Utilities $226,958 $224,127 $200,528 Annual Growth Rate - -1.2% -10.5% 2 of 2 EAGLE COUNTY AIR TERMINAL CORPORATION Eagle County, Colorado ECAT_2015-16_RTS_10pct.123 EXHIBIT B 16-Sep-15 Calculation of Terminal Building Rent for 2015-16 Schedule 5 - Budgeted Operations & Maintenance Expenses Amended Actual Budget Budgeted Operations & Maintenance Expenses FY 2014 FY 2015 FY 2016 Grounds Maintenance: Snowplowing $6,455 $4,000 $3,500 Landscaping 12,280 25,000 20,343 Pavement Maintenance 4,735 30,000 30,000 Maintenance & Repairs 5,427 10,000 10,000 Irrigation Repair 0 0 0 Total Grounds Maintenance $28,897 $69,000 $63,843 Annual Growth Rate - 138.8% -7.5% Janitorial Services: Janitorial Contract Service $277,105 $288,490 $290,268 Total Janitorial Services $277,105 $288,490 $290,268 Annual Growth Rate - 4.1% 0.6% Other Purchased Services and Expenses: Insurance $23,639 $23,639 $26,002 Equipment Repair 2,306 3,500 3,500 Fire Alarm Monitoring & Repair 8,182 9,810 9,810 Vehicle Expense 8,520 8,556 8,556 AirIT Maintenance 39,816 37,088 48,896 Miscellaneous 720 3,684 3,684 Total Other Purchased Services and Expenses $83,183 $86,277 $100,448 Annual Growth Rate - 3.7% 16.4% Customer Service $25,173 $25,800 $25,800 Annual Growth Rate - 2.5% 0.0% Ground Lease $232,110 $239,074 $246,246 Annual Growth Rate - 3.0% 3.0% Other Expenses: Depreciation - ECAT Funded $297,593 $344,617 $344,617 Minor Capital Outlay 69,577 0 0 Terminal License Fees (21,263) (6,605) (9,568) Total Other Expenses 345,907 338,012 335,049 Annual Growth Rate - -2.3% -0.9% Total Operations & Maintenance Expenses $1,796,851 $1,871,675 $1,882,089 Annual Growth Rate - 4.2% 0.6%