The Port of Seattle Commission announced this week that it has approved extensions of leases for current airport, dining, and retail (ADR) tenants by up to three years.
The lease extensions give current tenants more time to recover financially from the economic crisis brought on by the global pandemic.
The Port says that these lease extensions build on prior actions to stabilize local businesses and workers while continuing to provide essential trade and travel services. The Port of Seattle is uniquely positioned to be one of the leading public agencies to help drive recovery efforts.
“The Port of Seattle Commission continues to act during this crisis, while preparing our resources for the return of our economy, and will continue to focus our efforts on protecting our workers and tenants from further hardship,” said Peter Steinbrueck, Port of Seattle Commission President. “Moving forward, we are also adding more funds to several jobs and economic development programs to help those most in need throughout our region and state.”
Summary of recent Port relief actions include:
- June 9: Extending the leases of current airport, dining, and retail (ADR) tenants by up to three years, including a temporary suspension of the Minimum Annual Guarantee (MAG) for ADR tenants through the end of 2020, and possibly extending this policy into 2021.
- May 12: Extending a four-month rent deferral to an expanded list of airport-related tenants and businesses.
- April 13: Offering four months of deferred rent relief (April through July) for qualifying business tenants and customers throughout its maritime and landside properties, which include office, retail, and restaurants, along with recreational and commercial moorage. The Port will defer moorage fees for liveaboard and other moorage customers for the months of April through June.
- April 1: Barring evictions of Port tenants due to inability to pay rent as a result of COVID-19, authorized up to four months of rent and fee deferral for tenants and concessionaires operating at Seattle-Tacoma International Airport, established principles for COVID-19 economic relief and recovery and directed the Executive Director to provide further relief as necessary.
- March 31: The Port announces it will defer the collection of trip fees from ground transportation providers.
During the height of the global pandemic, 66 percent of airport dining and retail tenants at SEA temporarily closed due to the decline in air travel. Signaling that the airport economy is on the road to recovery, 10 restaurants and shops recently reopened as passenger volumes incrementally increase.
In the Maritime and Economic Development Divisions, 74 landside businesses and tenants directly affected by the Governor’s first mandate were invited to apply for rent deferral. Of those, 45 deferral agreements have been executed. Additionally, the Port is working with 59 moorage customers who have requested moorage deferral.
The Port of Seattle’s mission is to promote economic opportunities and quality of life in the region by advancing trade, travel, commerce, and job creation in an equitable, accountable, and environmentally responsible manner.
The Port of Seattle continues to move ahead with $1.5 billion in projects, including the International Arrivals Facility, North Satellite, and Terminal 5—in partnership with the Seaport Alliance. By keeping those projects moving with millions of dollars in family-wage jobs in our communities, aiding our regional economy.