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HomeMy WebLinkAboutECAT13-007 American Airlines Second AmendmentSECOND AMENDMENT TO EAGLE COUNTY AIR TERMINAL CORPORATION TERMINAL BUILDING LEASE 2 THIS SECOND AMENDMENT to the Eagle County Air Terminal Corporation Terminal Buildin Lease (the "Second Amendment ") is made and entered into this ay of Ap,Iih 2012, by and between Eagle County Air Terminal Corporation, a not for profit 63 -20 Corporation of the State of Colorado, hereinafter called "CORPORATION" and A m co" A r e =nc, , a corporation organized and existing under the laws of the State of IDe /au&'(_and authorized to do business in the State of Colorado, hereinafter called AIRLINE ". RECITALS The circumstances surroundin g makingthemakin of this Second Amendment are as follows: A. CORPORATION and AIRLINE are parties to that certain Terminal Building Lease effective December 1, 2006 (the "LEASE "), under which AIRLINE operates an AIR TRANSPORTATION business and leases property at the Eagle County TERMINAL BUILDING. B. Pursuant to Section 16.19 of the LEASE, the LEASE may be amended in whole or in part without further consideration upon mutual written consent of CORPORATION and AIRLINE who both herein intend to amend the LEASE. C. Pursuant to Section 2.1 of the LEASE, the Term began on December 1, 2006 Commencement Date ") and continued for thirty -six (36) consecutive months thereafter. D. Pursuant to Section 16.19 of the LEASE, the LEASE was amended effective December 1, 2009 by FIRST AMENDMENT and continues for thirty -six (36) consecutive months thereafter. E. Pursuant to Article 7 of the LEASE, AIRLINE terminal building rent shall be calculated for each year of the LEASE under certain specified terms. AMENDMENTS 1.Section 2.1 of the LEASE is amended by the Second Amendment to read in its entirety as follows: The Term of this LEASE (the "Term ") shall begin on December 1, 2012 Commencement Date ") and shall terminate in thirty -six (36) consecutive months thereafter (except as it may be terminated or extended in accordance with this LEASE), and the rentals, fees and charges shall be effective on the Commencement Date, but only in the event that the PREMISES are then tendered eek7f 3 -vo1- to AIRLINE ready for use and occupancy in accordance with the terms and provisions of this LEASE. 2.The LEASE Exhibit B is hereby replaced in its entirety by the Exhibit B which is attached to this Second Amendment and is incorporated into the LEASE by reference herein. 3.The provisions of the LEASE shall continue in full force and effect except as modified by this Second Amendment. IN WITNESS WHEREOF, the parties hereto or their duly authorized representatives have executed this Second Amendment on the day and year first written above. AIRLINE: i B :IS1WF h 777 ii Cason Title:Di , f" or • 1 Estate f Date:0 EAGL LINTY AIR T AL CORPORATION P. By: Title:AL , ,0,4n Date:412-11 Approved as to Form: By: I1 t t i . i 1 . Lt U- 0 wnunllllnlullu o I CY HIII_r w 1 I I I I 0 iii it w Q Ct w N 1 1 b J N tie :w w. :t /w O w w W CI r n`pa h m 9 Was rIII Q: ° ' tfis III W w 1WI C e z pd II III „ m U 1 UlI a sI 1 III =o 41I L III' U LE Q II H pz 1 p m N 1 I s 1II .r —I m IIIa„„ y 0.. :° I U In - -.. E 1 1,7,..`(b' is N. ` u --:.- 1 Xmg r o_1 LAN tip rc a i§A-10i i UU ww wu Y S K w 1 r rr r — ,. .w w = o 1 i7 a° w O EL 0 U L_a<a w m ¢a,3 33 X 111111E n 1 il o yN r o 71 ac,+WJa o LL In 07 g LL rc W a Z a7Ua Q W U o Vr Od m m W Q 0 w a m 0 w o m U z N w 3C 2 o m 9 c3 < o zp a o o m F -0 a N o _, 1 m F O m. I e 11111E z o L 1 i 1 16 x/op --t82 up u 5e r—d wak U 00Q$$ 3$ 6969&0 5z/ c 7 d To§§ u)c EatJ )2 - _CD Z f a" .5 822 E S 0 0 ) k\k 0 - 13 «0 E 0_ _c § C‘N C o n o + > o as 22w « 0 0 a c E (N = 22 C Ea _ o a jf 2 -70 g k }25mJ3aJa$ a7$e 2 2 W c N N N aNa N Na f //£ 2 E k\ / z cu` q 2 7 = } r j a3 0 I a cu e n Q macoItca) , - LLI E7 ar» 000 c ® R 2 f 9»m @$@ f}6 0 E @ - CI m g'I//0 0 CO C e_0 Ct aCC a) m o 22J r$A as w7cLeoa ® %a 0 mw=n=om04 m#eco M a)000(1 ) m \2 C 6 § u a § &0 0 m ». c a) a) e ,_ o m o o E 3x69 999§ § / 0 e 99 73O\88\ \ 088 zs w EAGLE COUNTY AIR TERMINAL CORPORATION Eagle County, Colorado ECAT_2012- 13_RTS.123 EXHIBIT B 14- Oct -12 Calculation of Terminal Building Rent for 2012 -13 Schedule 2 - Calculation of Terminal Building Rental Rates Terminal Building Airline Rented Soace Airline Exclusive Use Space - Ticket Counters, Queuing Area, Curbside Checkin, Operations Space, Baggage Offices and Office Space (Sq Ft): American Airlines 3,730 United Air Lines Carriers 3,166 Delta Air Lines 1,564 Total Exclusive Use Space 8,460 Sq Ft Airline Joint Use Space (Sq Ft): Passenger Holdrooms 16,159 Baggage Claim Area 9,174 Baggage Conveyor Belts 1,887 Baggage Cart Loading /U nloading 7,758 Total Joint Use Space 34,978 Sq Ft Total Airline Rented Space 43,438 Sq Ft Terminal Building Total Rental Requirement Terminal Building Budgeted Operations & Maintenance Expenses (Reference Schedule 5)1,755,961 Terminal Bui (ding Debt Related Costs: Amortization of Debt Issue Costs and Capitalized Interest 151,137 Series 2006A Principal 455,000 Series 2006A Interest 82,142 Series 2006B Principal 217,500 Series 2006B Interest 163,036 Series 2011A Principal 330,000 Series 2011A Interest 353,975 Less PFC Revenues Applied to Debt Service 550,000) Total Terminal Building Debt Related Costs 1,202,790 Total Terminal Building Space Costs 2,958,751 Rentable Space (Sq Ft): Rented Airline Exclusive Use and Joint Use Space 43,438 F &B Concession Space 3,901 N &G Concession Space 1,137 RAC Concession Space 2,303 Ground Transportation Space 1,099 TSA Office & Breakroom Space 1,378 Ground Handling Service Space 740 Total Rentable Space 53,996 Sq Ft Full Cost Recovery Terminal Building Rental Rate Per Sq Ft Per Year 54.80 Less Terminal Rent Subsidy for 2012 -13 (22.1%)12.11) Subsidized Terminal Rental Rate Per Square Foot Per Year for 2012 -13 42.69 x Airline Rented Space 43,438 Sq Ft Terminal Bui (ding Total Space Rent 1,854,368 Joint Rent for Commercial Passenger Service Rights Purchase: Series 2011 B Principal 562,500 Series 2011B Interest 78,569 Terminal Building Total Rental Requirement 2,495,437 EAGLE COUNTY AIR TERMINAL CORPORATION Eagle County, Colorado ECAT_2012- 13_RTS.123 EXHIBIT B 14- Oct -12 Calculation of Terminal Building Rent for 2012 -13 Schedule 3 - Allocation of Terminal Building Joint Rentals Joint Use Space Rent Allocation Terminal Building Rental Rate Per Sq Ft Per Year 42.69 x Total Joint Use Space 34,978 Sq Ft Total Joint Use Space Rent:1,493,211 Joint Use 20% Equal 2012 Projected Market 80% Allocated Space Share Enplanements Share Share Rent American Airlines 99,547 97,714 55.8%666,382 765,929 United Air Lines Carriers 99,547 61,038 34.8%416,262 515,809 Delta Air Lines 99,547 16,412 9.4%111,925 211,473 Totals 298,642 175,164 100.0%1,194,569 1,493,211 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 55.8%641,069 357,616 United Air Lines Carriers 34.8%641,069 223,388 Delta Air Lines 9.4%641,069 60,065 100.0%641,069 EAGLE COUNTY AIR TERMINAL CORPORATION Eagle County, Colorado ECAT_2012- 13_RTS.123 EXHIBIT B 14- Oct -12 Calculation of Terminal Building Rent for 2012 -13 Schedule 4 - Terminal Building Rent by Airline Four Equal Rental Payments American Airlines:Annual Due 12/1, 1/1, 2/1 and 3/1 Exclusive Use Space Rent 159,212 2011 -12 Rent Reconciliation Adjustment 66,202) Allocated Joint Use Space Rent (20% Equal Shares)99,547 Allocated Joint Use Space Rent (80% Enplanements)666,382 Allocated Commercial Pax Rights Purchase Joint Rent (100% Enplanements)357,616 Total American Airlines Rent 1,216,555 304,139 United Air Lines Carriers: Exclusive Use Space Rent 135,167 2011 -12 Rent Reconciliation Adjustment 3,249) Allocated Joint Use Space Rent (20% Equal Shares)99,547 Allocated Joint Use Space Rent (80% Enplanements)416,262 Allocated Commercial Pax Rights Purchase Joint Rent (100% Enplanements)223,388 Total United Air Lines Carriers Rent 871,116 217,779 Delta Air Lines Exclusive Use Space Rent 66,778 2011 -12 Rent Reconciliation Adjustment 35,107) Allocated Joint Use Space Rent (20% Equal Shares)99,547 Allocated Joint Use Space Rent (80% Enplanements)111,925 Allocated Commercial Pax Rights Purchase Joint Rent (100% Enplanements)60,065 Total Delta Air Lines Rent 303,209 75,802 Total Airline Rent: Exclusive Use Space Rent 361,157 2011 -12 Rent Reconciliation Adjustment 104,557) Allocated Joint Use Space Rent (20% Equal Shares)298,642 Allocated Joint Use Space Rent (80% Enplanements)1,194,569 Allocated Commercial Pax Rights Purchase Joint Rent (100% Enplanements)641,069 Total Airline Rent 2,390,879 597,720 2011 -12 Rent Reconciliation Adjustments Ref: RECONCILIATION - Calc of Terminal Building Rent for 2011 -12) Reconcialed Budgeted Rent @ Rent @ Over Paid/ 34.27/sq ft 36.74/sq ft Under Paid) American Airlines 1,044,268 1,110,470 66,202 United Air Lines /Continental Airlines 882,563 885,812 3,249 Delta Air Lines 243,894 279,001 35,107 Totals 2,170,725 2,275,283 104,557