Minutes Exhibit I
2300 7th Avenue May 12, 2020 Seattle, WA 98121 Port of Seattle Seattle-Tacoma International Airport 17801 International Blvd Seattle, WA 98158 Re: Airport Concessions Tenant Relief Dear Esteemed Commissioners, I wanted to take this opportunity to update you on how the current Coronavirus COVID-19 impact to my small business at Seattle-Tacoma International Airport (Sea-Tac). Warren's News & Gift, Inc. has operated at Sea-Tac as both a sub-tenant of HMS Host, and currently as a joint venture partner of Hudson News. Our current business dba Hudson News has experienced a 95% reduction in sales which is directly a result of the sudden drop in passenger enplanements. To date, the Port has completed modest tenant relief in the form of Minimum Annual Guarantee (MAG) deferment. This is not sufficient to demonstrate your stated dedication to small businesses at the airport. In our case, deferral of monthly MAG payments is simply kicking the can down the road and is not a sufficient nor adequate remedy. I believe the Port should and must more seriously consider rent abatements. Much of what I've heard over the last 2 months has centered around state restrictions on gifting of public funds. Nevertheless, other agencies like the Liquor and Cannabis Control Board are waiving expensive licensing fees for extended temporary licensing endorsements/rights to restaurants to help them to remain solvent. This gifting of public funds seemingly comes with the blessing of the Governor's office as desperate times require action and leadership. I pride myself on providing quality jobs, not just at the airport but for street-side employees alike. To this end, our Hudson venture has continued health care benefits for our employees through June 30, 2020 at the cost of $450,000 per month, for which we (as a party to the JV) are responsible for approximately $56,000 per month. All of this, we have the privilege of paying only after forking over money for ever increasing required build out costs to maintain a first class airport concessions program. These build-out 2300 7th Avenue, Seattle, WA 98121 info@thewarrengrp.com costs require us to borrow extensively to cover our share of the capital costs of developing our venture stores. None of which was lent to us by Hudson corporate, but rather by traditional lenders including Bank of America and Wells Fargo. But that's our part in maintaining a good partnership with the Port of Seattle. Today, the Port has taken somewhat passive steps such as making visible federal resources which are only marginally helpful. What's needed are active steps that provide actual relief for the businesses that depend on the Port's ability to attract passengers. That is the Port's part to play in this "partnership" to ensure a continued small business ecosystem when there is a return to normal. Thank you, Marques Warren Vice President 2300 7th Avenue, Seattle, WA 98121 info@thewarrengrp.com
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