Originally Posted by
flyerCO
I just read the agreement. It clearly shows that DL will be getting rent credits for the relocation/future improvements to T2/T3/TBIT/etc. Also mentions that the relocation of airlines will be capped at X amount to be given via rent credit.
Under the heading Fiscal Impact, the
first thing the Board Report (08/02/16) says is this:
"The acquisition costs for the planned improvements from Delta
will be recovered through future terminal rates and charges pursuant to the Rate Agreement." [Emphasis added]
Following that, the Board Report enumerates the acquisition costs for the first phase of the project. The acquisition costs for the first phase total $462+ million and include both the buyback amount and the amount for rent credits. (The remainder of the $1.9 B is still subject to a Board vote.)
In short, even though it appears with the rent credits that LAWA is absorbing a majority of the capital costs for the T2/T3 project, that is
not what is actually happening.