6e supp
Item No.: 6e_attach Meeting Date: December 2, 2014 Doug Fox Site Improvements, Lease Amendment and Property Transfer Doug Fox Parking Lot N S 160th St Doug Fox Parking Lot S 170th St Most Recent Commission Actions 7/9/2014: Commission approved lease with ATZ, Inc. and a total project cost of $5.118 million 10/8/2013: Commission approved increase to project costs, total of $6.503 million Net Present Value: $3.46 million Internal Rate of Return: 11.1% Payback Period 8 years Doug Fox Parking Lot, North End Construction expected to take up to 6 months longer than originally planned due to: time taken to complete value engineering effort increased scope of paving due to unknown conditions delayed permitting from Washington State Department of Labor and Industries weather delays constructing improvements to the facility while maintaining tenant operations For this delay, requesting additional $427k. Also requesting approval of transfer of sewer mains and manhole to Valley View Sewer District. Doug Fox Parking Lot New Operations Building, South End Lease specifies relief if project is delivered late Have negotiated relief that accounts for delayed project completion as well as delay in delivering key elements of the project (signage, operations building and entrance/exit facility) Relief includes 9 month extension of lease term and equivalent deferral of increases in percentage rent and Minimum Annual Guarantee Rent and utility credits totaling $25k Completion of tenant improvements including infrastructure for the ATZ security cameras and variable messaging signs. With increased construction cost, tenant relief and updated forecast for revenues from the facility operator: Net Present Value: $1.24 million, Internal Rate of Return 9% Payback Period 10 years Future Use of the Property Until the Master Plan is completed in 2016, it is impossible to state future use of property. If determined that this can stay as a parking facility, there are multiple options. If determined that there is need as an alternative use, could end lease after first term and redevelop. Importance of this Facility During the past 15 years, the Doug Fox Parking Lot has generated nearly $46 million in revenue to the Port. The new investment that has been made in this facility sets it up to be a significant, long-term contributor of non-aeronautical revenue.
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