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Home My WebLink AboutECAT C02-305 Continental Airline_first amendmentCoe.--se"'15'70 N4.. `/ FIRST AMENDMENT TO EAGLE COUNTY AIR TERMINAL CORPORATION "SIGNATORY AIRLINE -TYPE C" TERMINAL BUILDING LEASE THIS FIRST AMENDMENT to the Eagle County Air Terminal Corporation Signatory Airline -Type C Terminal B�ilding Lease (hereinafter "First Amendment") is made and enterecl. into this (L6day of �IpJC-mb t { 2002, by and between Eagle County Air Terminal Corporation, a not for profit 63-20 Corporation of the State of Colorado, hereinafter called "Corporation" and Continental Airlines, Inc., a corporation organized and existing under the laws of the State of Delaware and authorized to do business in the State of Colorado, hereinafter called "AIRLINE." RECITALS The circumstances surrounding the making of this First Amendment are as follows: A. The parties to this First Amendment entered into the Signatory Airline -Type C Terminal Building Lease Agreement ("Agreement") on May 29, 2001 for a one year tern from the date of beneficial occupancy. B. The parties wish to extend that Agreement for an additional one year term. Paragraph 18.9 of the Agreement provides that the Agreement may be amended in writing and executed by duly authorized representatives of the parties. C. The parties agree and acknowledge that all improvements related to the expansion of the Terminal Building as identified in the Agreement have been completed by the Corporation and accepted by the AIRLINE. AGREEMENT THEREFORE, based upon and in consideration of the recitals, promises and covenants set forth herein and those set forth in the Agreement, the parties hereto agree to amend the Agreement as follows: 1. Section 1.1 (E) which contains the defniition for "Date of Beneficial Occupancy" or "DBO" is hereby deleted. 2. Section 2.1 Tern shall be amended to read as follows: " Section 2.1 Term. This Agreement shall become effective at 12:01 a.m. local time on November 21, 2002, hereinafter called the "Effective Date", and continue for one year, expiring at 11:59 p.m. on November 21, 2003 subject to prior termination as provided in Article 14 hereof." \qv� 3. Section 4.1 Construction Expansion shall be amended to read as follows: " Section 4.1 Construction Expansion. The CORPORATION has constructed an expansion to the new passenger facility at the AIRPORT in accordance with the schematic drawings, dated December 15, 2000, prepared by the Van Sant Group (the "TERMINAL BUILDING"). The CORPORATION will also make available to airlines using 1 ie TERMINAL BUILDING an outbound curbside and airline ticket office baggag-; system. In addition, the CORPORATION has purchased the Commercial Passenger Service Rights from Vail Valley Jet Center (the "FBO")." 4. Section 4.4 Construction Completion, Section 4.5 Temporary Facilities and Section 4.7 Corporation's Improvement of Space as set forth in the Agreement are hereby deleted as all work identified in those paragraphs has been performed. 5. Section 5.1 Terminal Building Space shall be amended to read as follows: "Section 5.1 TERMINAL BUILDING SPACE A. 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 1,825 square feet EXCLUSIVE USE SPACE and four (4) ticket counter positions along with approximately 36, 328 square feet JOINT USE SPACE: EXCLUSIVE USE SPACE Ticket Counter Ticket Offices Operations Offices JOINT USE SPACE Baggage Claim Outbound Curbside Baggage System Security Screening Area Holdrooms" The remainder of Section 5.1 as set forth in the Agreement shall remain in full force and effect. 6. Section 6.1 TERMINAL BUILDING Capital Improvement Program shall be amended to read as follows: "Section 6.1 TERMINAL BUILDING Capital Improvement Program. A. The parties recognize that capital development of the TERMINAL BUILDING may be required during the term of this Agreement to preserve, protect, enhance and expand or otherwise improve the TERMINAL BUILDING or any part thereof. B. The CORPORATION has incurred indebtedness and made expenditures for capital improvements at the TERMINAL BUILDING, and all costs associated with capital improvements including fi -iancing costs, if any, shall be included in the calculations of TERMINAL BUILLING REQUIREMENT." 7. The final sentence of Section 7.2 Base Rent and Base Rent Premium shall be amended to read as follows: "The Base Rent and Base Rent Premium shall be paid in four equal monthly installments on December 1, 2002, January 1, 2003, February 1, 2003 and March 1, 2003 ." 8. The final paragraph of Section 8.2 (A) Base Rent Allocation Among Air Transportation Companies shall be amended to read as follows: "CORPORATION has calculated the base rent equivalent square footage rate based on the actual space constructed and rented by all AIRLINEs. That calculation is attached hereto as Exhibit B." 9. Section 14.1 Events Permitting Termination of Agreement by AIRLINE is hereby amended by the deletion of paragraphs 14.1 (A) and 14.1 (B). Those sections no longer apply due to completion of the Terminal Building. 10. Article 17 (1) and (2) are hereby amended as follows: "(1) Mr. Ed Storer, Manager Eagle County Air Terminal Corporation P.O. Box 850 Eagle, CO 81631 Telephone: (970) 524-8246 Fax: (970) 524-8247 and also Eagle County Attorney P.O. Box 850 Eagle, CO 81631 14� \W� (2) AIRLINE ATTN: Dan Benzon - Sr. Manager Telephone: 713- 3 2 4- 6 9 04 Fax: 713-324-6954 " 11. Any reference to Exhibit A in the Agreement or this First Amendment shall mean the Exhibit A which is attached to this First Amendment and incorporated herein by reference. 12. Any reference to Exhibit B in the Agreement or this First Amendment shall mean the Exhibit B which is attached to this First Amendment and incorporated herein by reference. 13. The terms of the Agreement shall continue in full force and effect except as modified by this First Amendment. IN WITNESS WHEREOF the parties hereto have executed this First Amendment on the day and year first written above. CORPORATION: EAGLE COUNTY AIR TERMINAL CORPORATION By: <,--�e.. ki..e Tom C Stone, Presi ent AIRLINE By; Vice President Corporate Real Estate (Title) AIRL AMERI- azo LURB511 ITS SP TILKET I'Ib'-F A= 6015E STM 66 5E 00 5F OREM BREN T3 5P STLRP! 66 SF TOf63 w A1 I53 SP 56 5P 191 � 343 5P 2918 SF o 13 AIRLIN AIRLIN TM. .� WP MK4l NQA NIMR(RM UV Iml C KLd Po PI41 RS6iN2 N VA IXgl'BI14 K�RW�94M cQOrtWY® Wtl VMt. EXHIBIT EA COUNTY AIR TERMINAL CORPOTION ECATALRENT0203.123 Calculation of Terminal Rent for Ski Season 2002-03 (Total Errors Are Due to Addition of Calculated Amounts) Exclusive and Joint Use Space; RatelSq Ft Calculation Exhibit B 23,Jul-02 Exclusive Sq Ft RatelSq Ft Space Rent American 4,512 $45.23 $204,098 United 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 Total Exclusive Space/Rent 11,202 $506.718 Total Joint Use Space 36,328 Total Exclusive and Joint Space 47,530 Terminal Rent per Section 8 $2,150,000 Total Exclusive and Joint Space 47,530 Calculated Rental RatelSq Ft $45.23 Terminal Rent per Section 8 $2,150,000 Less Exclusive Space Rent (506,718) Total Joint Rent to Allocate $1,643,282 Less FBO Business Purchase Joint Rent (635,925) 20% 80% Total Joint Space Rent to Allocate $1,007,367 $201,471 $805,886 Joint Space Rent Allocation Joint 20% Equal 2001 Actual Market 80% Allocated Space Share Enplanements Share Share Rent American $40,294 80,772 47.6% $383,292 $423,587 United 40,294 45,371 26.7% 215,302 255.596 Delta 40,294 12,109 7.1 % 57,462 97,756 Northwest 40,294 16,489 9.7% 78,246 118,541 Continental 40,294 15,085 8.9% 71,584 111.878 Total $201,471 169,826 100.0% 805 886 $1,007,357 FBO Business Purchase Joint Rent Allocation FBO FBO Business Market Business Purchase Share Purchase Joint Rent American 47.6% $635,925 $302,456 United 26.7% $635.925 169,895 Delta 7.1 % $635.925 45,343 Northwest 9.7% $635,925 61,744 Continental 8.9% $635,925 56,487 100.0% $635,925 Page 1 of 2 EACH COUNTY AIR TERMINAL CORPObON ECATALRENT0203.123 Calculation of Terminal Rent for Ski Season 2002-03 (Total Errors Are Due to Addition of Calculated Amounts) Components of Airline Terminal Rent Excludes Refund of Net Concession Revenue Share After Year End Exhibit B 23-Jul-02 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) 40,294 Allocated Base Rent - Joint (80% Enplanements) 383,292 Allocated Base Rent - FBO Business Purchase (0%/100%) 302,456 Less Adjustment Due to AA $750,000 Cap (180,141) Total American Rent United (10 Year Lease): Allocated Base Rent - Exclusive Allocated Base Rent - Joint (20% Equal Shares) Allocated Base Rent - Joint (80% Enplanements) Allocated Base Rent - Business Purchase (0%/100%) Less Adjustment Due to UAL $850,000 Cap Total United Rent Delta (I Year Lease): Allocated Base Rent - Exclusive Allocated Base Rent - Joint (20% Equal Shares) Allocated Base Rent - Joint (80% Enplanements) Total Space Rent Base Rent Premium (25%) Allocated Base Rent - FBO Business Purchase (0%/100%) Total Delta Rent Northwest (1 Year Lease): Allocated Base Rent - Exclusive Allocated Base Rent - Joint (20% Equal Shares) Allocated Base Rent - Joint (80% Enplanements) Total Space Rent Base Rent Premium (25%) Allocated Base Rent - FBO Business Purchase (0%/100%) Total Northwest Rent Continental (1 Year Lease): Allocated Base Rent - Exclusive Allocated Base Rent - Joint (20% Equal Shares) Allocated Base Rent - Joint (80% Enplanements) Total Space Rent Base Rent Premium (25%) Allocated Base Rent - FBO Business Purchase (00/6/100%) Total Continental Rent Total Airline Rent: Total Base Rent - Exclusive Total Allocated Base Rent - Joint Total Base Rent Premium Allocated Base Rent - FBO Business Purchase (00/6/100%) Less Adjustment Due to AA $750,000 Cap Less Adjustment Due to UAL $850,000 Cap Total Rent Page 2 of 2 1750,000 $131,995 40,294 215,302 169,895 0 $557,485 $48, 944 40,294 57,462 $146,700 36,675 45,343 $228,718 $57,179 $39,128 40,294 78,246 $157,668 39,417 61,744 $258,830 $64,707 $82,553 40,294 71,584 $194,431 48,608 56,487 $299,526 $74,881 $506,718 1,007,357 124,700 635,925 (180,141) 0 $62,500 $46,457 $2,094,559 $196,768 $108,957 DISTRIBUTION Originals to: 1. Contj(act Book , C; to . l� 7-4)A? -0 0 4 4. Copies to: 1. Accounting 4. OFFICE OF THE COUNTY ATTORNEY (970) 328-8685 FAX (970) 328-8699 EAGLE COUNTY, COLORADO N wember 15, 2002 Mr. Dan Benzon, Sr. Manager, Airport Affairs CONTINENTAL AIRLINES Corporate Real Estate, Dept. HQSPP P.O. Box 4607 1600 Smith Road Houston, TX 77002 Dear Mr. Benzon: Eagle County Building ^711 P.O. Box 850 500 Broadway Eagle, Colorado 81631-0850 Please find enclosed a fully -executed original of the First Amendment to Eagle County Air Terminal Corporation "Signatory Airline -Type C" Terminal Building Lease. Please call our office if you have any comments or questions. Thanks! Sincerely, Lucy Grew Administrative Assistant Enc.