Downtown Skyport LLC, a consortium of Skyports and Groupe ADP, has been chosen by the New York City Economic Development Corporation (EDC) to be the new operator of the Downtown Manhattan Heliport, according to the NYC City Record on Line website.
“A notice of the Franchise and Concession Review Committee and the Department of Small Business Services will be held on 12/9/2024, at 2 Lafayette Street, Room 1412, Manhattan, NY 10007 commencing at 2:30 PM relative to an intent to award as a Concession Agreement to Downtown Skyport LLC for Operation of the Downtown Manhattan Heliport at Pier 6 in Manhattan,” says the notice. “The Agreement shall be administered by the New York City Economic Development Corporation (“NYCEDC”) who shall act as the City’s administrator for all purposes with respect to the Agreement.
“The Agreement will provide for a five (5) year term with three (3) five (5) year options to renew for a total of twenty (20) years. The Initial Term is from 02/01/2025 to 01/31/2030, with renewal options outlined as follows: Renewal Option (1): 02/01/2030 to 01/31/2035; Renewal Option (2): 02/01/2035 to 01/31/2040; Renewal Option (3):02/01/2040 to 01/31/2045.
“Compensation to the City will be as follows: The greater of a minimum annual guarantee, to be increased per annum at a rate of 4% based on the schedule below, versus 42.50% of gross receipts.
Initial Term:
Year 1 USD2,750,000 vs. 42.50%
Year 2 USD2,860,000 vs. 42.50%
Year 3 USD2,974,400 vs. 42.50%
Year 4 USD3,093,376 vs. 42.50%
Year 5 USD3,217,111 vs. 42.50%
First Renewal Option:
Year 6 USD3,345,795 vs. 42.50%
Year 7 USD3,479,627 vs. 42.50%
Year 8 USD3,618,812 vs. 42.50%
Year 9 USD3,763,565 vs. 42.50%
Year 10 USD3,914,107 vs. 42.50%
Second Renewal Option:
Year 11 USD4,070,672 vs. 42.50%
Year 12 USD4,233,499 vs. 42.50%
Year 13 USD4,402,839 vs. 42.50%
Year 14 USD4,578,952 vs. 42.50%
Year 15 USD4,762,110 vs. 42.50%
Third Renewal Option:
Year 16 USD4,952,595 vs. 42.50%
Year 17 USD5,150,698 vs. 42.50%
Year 18 USD5,356,726 vs. 42.50%
Year 19 USD5,570,995 vs. 42.50%
Year 20 USD5,793,835 vs. 42.50%
For more information
https://a856-cityrecord.nyc.gov/RequestDetail/20241114011
(Image: EDC)