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Meeting Minutes for:
Finance Committee Meeting
Yuma International Airport, Conference Room
Wednesday, May 06, 2020 at 03:30 PM
Call to Order:
The Yuma County Airport Authority, Inc. (YCAA) Finance Committee Meeting of the Board of Directors was called to order at 3:30pm on May 6, 2020 in the Yuma International Airport Conference Room, 2191 E. 32nd Street, Suite 218, Yuma, Arizona 85365. The Presiding officer was Eric Saltzer, Chairman.
YCAA DIRECTORS PRESENT WERE:
Eric Saltzer, Chairman & YCAA Treasurer
Dean Hager, 1st Vice President
Reetika Dhawan, Director
Albert Gardner, Director
Randall Nelson, Director
YCAA DIRECTORS ABSENT WERE:
None
ALSO PRESENT WERE:
Gladys Brown, Airport Director
Gerald Hinkle, Jr., Chief Financial Officer
Ken Scott, ASN Volunteer
CALL TO THE PUBLIC
There were no Public Comments.
REGULAR AGENDA
1) Discussion and possible recommendation to enter into an agreement to allow the abatement of rents from Enterprise, Budget, Avis and Hertz rent car agencies, for the months of April, May, June, July, August and September of 2020, as well as suspend the required monthly installment payment of the Minimum Annual Guarantee effective April 2020 through September 2020, due to the unprecedented events currently taking place nationally, directly impacting all lines of business, contingent upon the YCAA’s receipt of the CARES grant, and final review and approval by Airport Staff and Airport Legal Counsel.
Ms. Brown, the Airport Director provided information to the committee regarding rents and concession minimum payments due monthly from each of the Airport’s four rent car agencies followed by describing a proposal to reduce their obligations during this period of extremely low activity.
Ms. Brown shared similar measures taken by other airports in Arizona aimed toward ensuring these vital services make it through these challenging times prepared to continue services into the future.
After a brief discussion, it was the consensus of the Committee to recommend the Board of Directors authorize the proposed agreement to allow the abatement of rents due from Enterprise, Budget, Avis and Hertz rent car agencies, for the months of April, May, June, July, August and September of 2020, as well as suspend the required monthly installment payment of the Minimum Annual Guarantee effective April, 2020 through September 2020, due to the unprecedented events currently taking place nationally which is directly impacting all lines of business, contingent upon receipt of the CARES grant, final review and approval by Airport Staff and Airport Legal Counsel.
2) Discussion and possible recommendation to enter into an agreement to allow the abatement of rents due from Hertz for the rent car maintenance building for the months of April, May, June, July, August and September of 2020 due to the unprecedented events currently taking place nationally, which is directly impacting all lines of business, contingent upon the YCAA’s receipt of the CARES grant, and final review and approval by Airport Staff and Airport Legal Counsel.
Ms. Brown described the nature of an additional agreement in place with Hertz for a rent car maintenance facility and how it too has been essentially shuddered due to the lack of activity. She continued by explaining how the lease is structured with a term coinciding with Hertz’ rent car concession agreement and fixed monthly rent in the amount of $5,001. Ms. Brown described the proposal to abate these rents from April through and including September 2020.
The consensus of the Committee was to recommend the Board of Directors authorize an agreement to allow the abatement of rents due from Hertz for their rent car maintenance facility for the months of April, May, June, July, August and September of 2020 due to the unprecedented events currently taking place nationally which is directly impacting all lines of business, contingent upon receipt of the CARES grant, final review and approval by Airport Staff and Airport Legal Counsel.
3) Presentation and update regarding current construction projects, associated contracts, grant status, general aviation, marketing efforts, terminal improvements, aviation conferences, meetings and items of interest with the city and county or other federal or state agencies. This will include, but is not limited to, additional information, FAA and ADOT grant updates, an overview of projects underway, Somerton Airport and other Airport business.
Ms. Brown, Airport Director, provided an update on the status of Somerton Airport runway paving, CARES Grant and AIP Grant.
CALL TO THE PUBLIC
There were no Public Comments.
ADJOURNMENT
There being no further business before the Committee the meeting adjourned at 4:23PM.
// Approved //
Eric Saltzer
Treasurer Yuma County Airport Authority; Finance Committee Chairman | |
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