HomeMy WebLinkAboutECAT C04-082 US AirwaysFIRST AMENDMENT TO THE
EAGLE COUNTY AIR TERMINAL CORPORATION
"'SIGNATORY AIRLINE -TYPE D"
TERMINAL BUILDING LEASE
WITH
US AIRWAYS, INC.
This FIRST AMENDMENT (hereinafter "FIRST AMENDMENT") to the "Signatory
Airline -Type D" Terminal Building Lease between Eagle County Air Terminal Corporation, a
not for profit 63-20 corporation of the State of Colorado (hereinafter "CORPORATION") and
US Airways, Inc., a corporation organized and existing under the laws of the State of Delaware
and 441horized to do usiness in the State of Colorado (hereinafter "AIRLINE") is made this
L _ ay of 2004.
RECITALS
WHEREAS; on November 18, 2003, CORPORATION entered into a "Signatory
Airline -Type D" Terminal Building Lease with AIRLINE (hereinafter "AGREEMENT") for the
purpose of leasing certain portions of the TERMINAL BUILDING and granting operating
privileges thereon to AIRLINE; and
WHEREAS, pursuant to Section 18.19 of the AGREEMENT "this Agreement may be
amended only in writing, and executed by duly authorized representatives of the parties hereto';
and
WHEREAS, the parties now desire to amend the original AGREEMENT to include the
following agreed upon terms.
NOW, THEREFORE, in consideration of the mutual promises set forth herein and in
the original AGREEMENT, the parties agree as follows:
AGREEMENT
1. Article 5, Section 5.1 A of the AGREEMENT shall be amended to read as follows:
AIRLINE hereby leases the following areas (hereinafter referred to as
AIRLINE's "EXCLUSIVE USE SPACE" and "JOINT USE SPACE") in the TERMINAL
BUILDING being more particularly delineated on Exhibit A as the same may be amended
from time to time, and constituting approximately 36,328 square feet JOINT USE SPACE
and 0 square feet EXCLUSIVE USE SPACE:
EXCLUSIVE USE SPACE:
NONE
JOINT USE SPACE:
Baggage Claim
Outbound Curb -side Baggage System
Holdrooms
The remainder of section 5.1 shall remain in full force and effect.
2. The Airport Terminal Expansion Airline Space Plans, attached to the AGREEMENT
as Exhibit A shall be replaced and superseded by the revised Airport Terminal Expansion
Airline Space Plans attached hereto as Exhibit A and incorporated herein by reference.
3. The Calculation of Terminal Rent for Ski Season 2003-04, attached to the
AGREEMENT as Exhibit B shall be replaced and superseded by the revised Calculation of
Terminal Rent for Ski Seasons 2003-04 attached hereto as Exhibit B, which may be amended
from time to time as set forth in the AGREEMENT.
4. Except as herein expressly amended or supplemented, the terms and conditions of the
AGREEMENT shall remain in full force and effect.
5. If any conflict exists between the provisions of this Amendment and the
AGREEMENT, the provisions of this Amendment shall control.
6. This Amendment shall be binding on the parties hereto, their heirs, executors,
successors and assigns.
IN WITNESS WHEREOF, the parties hereto have executed this First Amendment to
the "Signatory Airline -Type D" Terminal Building Lease between Eagle County Air Terminal
Corporation and US Airways, Inc. on the day and year first written above.
2
CORPORATION:
EAGLE COUNTY AIR TERMINAL
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The foregoing instrument was subscribed and sworn to before me this day of
, 2004 by
Witness my hand and official seal.
My commission expires:
Notary Public
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EAGLE COUNTY AIR TERMINAL CORPORATION
ECATALRENT0304C USAir noexdu.123 Exhibit B
Calculation of Terminal Rent for Ski Season 2003-04
(USAirways-1 Year Lease; 25% rent premium; no exclusive space)
08-Oct-03
Exclusive and Joint Use Space: Rate/Sa Ft Calculation
Exclusive
Sq Ft
RatelSg Ft
Space Rent
American
4,512
$45.23
$204,098
United Express
2,918
$45.23
131.995
Delta
1,082
$45.23
48,944
Northwest
865
$45.23
39,128
Continental
1,825
$45.23
82,553
USAirways
0
$45.23
0
Total Exclusive Space/Rent 11,202 $506,718
Total Joint Use Space
36,328
Total Exclusive and Joint Space
47,630
Terminal Rent per Section 8
$2,150,000
Total Exclusive and Joint Space
47,530
Calculated Rental Rate/Sq Ft
$45.23
Terminal Rent Net of United
Less Exclusive Space Rent
Total Joint Rent to Allocate
Less FBO Business Purchase Joint Rent
Total Joint Space Rent to Allocate
Joint Space Rent Allocation
$2,150,000
(506,718)
$1,643.282
(631,750)
20% 80%
$1,011,532 $202,306 $809,226
Joint
20°% Equal
2002 Actual
Market
80% Allocated
Space
Share
Enplanements
Share
Share
Rent
American
$33,718
80,046
45.6%
$369.145
$402,862
United Express
33,718
41,648
23.7%
191,605
225,323
Delta
33,718
16,509
9.4%
76,134
109.852
Northwest
33,718
15,088
8.6%
69,581
103,298
Continental
33,718
16,133
9.2%
74,400
108,118
USAirways
33,718
6,150
3.5%
_ _ 28,362
62,079
Total 1202,306 175,474 100.0% $809,226 $1,011,532
FBO Business Purchase Joint Rent Allocation
FBO
FBO
Business
Market
Business
Purchase
Share
Purchase
Joint Rent
American
45.6%
$631,750
$288.185
United Express
23.7%
$631,750
149,583
Delta
9.4°%
$631,750
59,437
Northwest
8.6%
$631,750
54,321
Continental
9.2°%
$631.760
58,083
USAirways
3.5°%
$631.750
22.142
100.0°%
$631,750
Page 1 of 2
4mp/
EAGLE COUNTY AIR TERMINAL CORPORATION
ECATALRENT0304QUSNr_noexdu.123 Exhibit B
Calculation of Terminal Rent for Ski Season 2003-04
(USAirways-7 Year Lease; 25% rent pr=:mlum; no exclusive space)
08-Oct 03
Components of Airline Terminal Rent
Excludes Refund of Net Concession Revenue Share After Year End
1st Year 2nd Yr & Later
American (10 yr lease):
Annual Payments (4) Payments (12)
Base Rent- Exclusive
$204,098
Allocated Base Rent - Joint (20% Equal Shares)
33,718
Allocated Base Rent - Joint (80% Enplanements)
369,145
Allocated Base Rent - FBO Business Purchase (0%/1 nfw6)
288.186
Less Adjustment Due to AA $750,000 Cap
(145.146)
Total American Rent
$750,000 $62.500
United Express (3 Year Lease):
Allocated Base Rent - Exclusive
$131.995
Allocated Base Rent - Joint (20% Equal Shares)
33,718
Allocated Base Rent - Joint (80% Enplanements)
191.605
Total Space Rent
$357,317
Base Rent Premium (00%)
0
Allocated Base Rent - Business Purchase (0%1100%)
149,583
Total United Express Rent
$506,900
$126,725
Delta (3 Year Lease):
Allocated Base Rent - Exclusive
$48.944
Allocated Base Rent - Joint (20% Equal Shares)
33,718
Allocated Base Rent- Joint (80% Enplanements)
76,134
Total Space Rent
$158,795
Base Rent Premium (00%)
0
Allocated Base Rent - FBO Business Purchase (0%/100%)
59.437
Total Delta Rent
$218.232
$54,558
Northwest (3 Year Lease):
Allocated Base Rent - Exclusive
$39,128
Allocated Base Rent - Joint (20% Equal Shares)
33,718
Allocated Base Rent -Joint (80°% Enplanements)
69.581
Total Space Rent
$142,426
Base Rent Premium (00%)
0
Allocated Base Rent- FBO Business Purchase (0%1100%)
54,321
Total Northwest Rent
$196.747
$49,187
Continental (3 Year Lease):
Allocated Base Rent- Exclusive
$82.553
Allocated Base Rent - Joint (20% Equal Shares)
33.718
Allocated Base Rent - Joint (80% Enplanements)
74,400
Total Space Rent
$190,671
Base Rent Premium (00%)
0
Allocated Base Rent - FBO Business Purchase (0%/100%)
58,083
Total Continental Rent
$248,754
162,188
USAirways H Year Lease):
Allocated Base Rent - Exclusive
$0
Allocated Base Rent - Joint (20°% Equal Shares)
33,718
Allocated Base Rent - Joint (80% Enplanements)
28,362
Total Space Rent
$62,079
Base Rent Premium (25%)
15.520
Allocated Base Rent- FBO Business Purchase (0%/100%)
22.142
Total USAirways Rent
$99,741
$24,935
Total Alrllne Rent
Total Base Rent- Exclusive
$506.718
Total Allocated Base Rent -Joint
1,011,532
Total Base Rent Premium
15.520
Allocated Base Rent- FBO Business Purchase (0%/100%)
631,750
Less Adjustment Due to AA $750.000 Cap
(145,146)
Total Rent
$2.020.374
$292,658 $62.500
Page 2 of 2
DISTRIBUTION
Originals to:
1.
Contract Boo
2.
3.
4.
pe2 a
Copies to:
I.
Accounting
2.
3.
d
