TITLE
Consider a memorandum/resolution approving a retail concession lease agreement with Bynemns Ltd at the Killeen Fort Hood Regional Airport.
SUMMARY
AGENDA ITEM
Bynemns Ltd. Retail Concession Lease Agreement
ORIGINATING DEPARTMENT
Aviation
BACKGROUND INFORMATION
Representatives of Bynemns Ltd, Killeen, TX have approached staff with a request to operate a retail sales business in the terminal building at Killeen-Fort Hood Regional Airport offering discount club memberships with various retail businesses in the central Texas area.
DISCUSSION/CONCLUSION
Staff has negotiated a concession lease agreement with Bynemns Ltd., d/b/a Bynemns Independent Solutions, for the operation of a retail discount membership business at the Killeen-Fort Hood Regional Airport with a term of January 1, 2016 through September 30, 2016. The tenant will have the option to extend the term on a month-to-month basis for up to twelve additional months. Tenant will pay minimum basic rents and fees of $579.31 plus 10% of monthly gross revenues over $2,400.
FISCAL IMPACT
This agreement is expected to generate approximately $7,000 in annual revenue to the airport enterprise fund account #525-0000-324.05-00 (Airport Rent & Concession).
RECOMMENDATION
City Council approve the attached concession lease agreement with Bynemns Ltd. to be effective January 1, 2016, and to authorize the City Manager to execute same.