Saker Aviation enters interim concession to operate Downtown Manhattan Heliport; minimum payment $1.04M

Saker Aviation Services, Inc.

Initial 6-month term starting Dec 13, 2023, with two 6-month renewal options at City's discretion.
Operator pays greater of $1,036,811 or 30% of Gross Receipts in Initial Term; $518,406 or 30% in Renewal Terms.
Agreement is terminable at will by NYC DSBS Commissioner with no compensation to Operator.
Operator has exclusive right to operate as fixed base operator; no lease or conveyance of land/buildings.
Operator must post a $259,202.75 security deposit for the duration of the Term.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Saker Aviation Services, Inc. entered into Interim Concession Agreement with City of New York acting by and through the New York City Department of Small Business Services valued at The greater of $1,036,811 or 30% of Gross Receipts during the Initial Term and the greater of $518,4 (effective 2023-12-13).

Action: entry
Counterparty: City of New York acting by and through the New York City Department of Small Business Services
Value: The greater of $1,036,811 or 30% of Gross Receipts during the Initial Term and the greater of $518,4
Effective: 2023-12-13

Exact text from the filing

Saker Aviation Services, Inc. (the “Company”), through its fully owned subsidiary, FirstFlight Heliports, LLC d/b/a Saker Aviation Services, entered into an Interim Concession Agreement (the “Agreement”) with the City of New York acting by and through the New York City of Department of Small Business Services (“DSBS”) with an initial term beginning December 13, 2023, pursuant to a notice to proceed (the “Notice”) from the Agreement administrator, the New York City Economic Development Corporation (“NYCEDC”), received by the Company on December 12, 2023.

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Source: SEC EDGAR

accession 0001437749-23-034897

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