Contract Request Template (Contracts; IGAs; Leases)
Date Submitted: 1-1-2024
Requesting Agency: DEN
Division:
Subject Matter Expert Name: Kevin Forgett
Email Address: Kevin.forgett@flydenver.com
Phone Number:
Item Title & Description:
(Do not delete the following instructions)
These appear on the Council meeting agenda. Initially, the requesting agency will enter a 2-3 sentence description. Upon bill filling, the City Attorney’s Office should enter the title above the description (the title should be in bold font).
Both the title and description must be entered between the red “title” and “body” below. Do not at any time delete the red “title” or “body” markers from this template.
title
A resolution approving a proposed Third Amendment between the City and County of Denver and CI/CP, LLC concerning the operation of certain Panda Express and Freshens concessions at Denver International Airport.
Amends a contract with CI/CP, LLC., operating as Panda Express & Freshens Fresh Food Studio to add 3 years for a new total term of 10 years to continue operating the concessions at Denver International Airport, in Council District 11. No change to contract amount. PLANE 202371259-03(201737101). The last regularly scheduled Council meeting within the 30-day review period is on 2-5-2024. The Committee approved filing this item at its meeting on 1-3-2024.
body
Affected Council District(s) or citywide?
11
Contract Control Number:
PLANE-202371259-03
Vendor/Contractor Name (including any “DBA”):
CI/CP, LLC. Dba Panda Express & Freshens Fresh Food Studio
Type and Scope of services to be performed:
CI/CP, LLC., will design, build, manage, and lease Panda Express on Concourse A in the Center Core Southwest Quadrant. CI/CP, LLC., has committed to investing a minimum of $903,750 to design, and build this concession space, and to construct a new food court. To amortize CI/CP, LLC., capital investment, they will receive a contract term of 10-years. Denver International Airport (DEN) will receive the greater of either a guaranteed rent/Minimum Annual guarantee (MAG) of $593,371.16 or a percentage rent of gross sales. The percentage fee will be 17% for Food & Beverage. Minimum Annual Guarantee (MAG) is the initial calculation based on the projected gross sales by the concessionaires for the space multiplied by the proposed percentage fee listed above. MAG is recalculated each contract year and will be equal to the greater of the initial MAG or eighty-five (85%) of the total Privilege fees payable in the prior Contract Year.
Location (if applicable):
WBE/MBE/DBE goals that were applied, if applicable (construction, design, Airport concession contracts):
W/MBE
Are WBE/MBE/DBE goals met (if applicable)?
33% Airport Concessions Disadvantaged Business Enterprise (ACDBE) / 25% M/WBE
Is the contract new/a renewal/extension or amendment?
amendment
Was this contractor selected by competitive process or sole source?
Competitive process
For New contracts
Term of initial contract:
Options for Renewal:
How many renewals (i.e. up to 2 renewals)?
Term of any renewals (i.e. 1 year each):
Cost of initial contract term:
Cost of any renewals:
Total contract value council is approving if all renewals exercised:
For Amendments/Renewals Extensions:
|
Current Contract Amount (A) |
Additional Funds (B) |
Total Contract Amount (A+B) |
|
$593,371.16 Minimal Annual Guarantee (MAG) or percentage fee of 17%. [Panda Express] $282,969.56 Minimum Annual Guarantee (MAG) or percentage fee of 15.11% [Freshen’s] |
N/A |
$593,371.16 Minimal Annual Guarantee (MAG) or percentage fee of 17%. [Panda Express] $282,969.56 Minimum Annual Guarantee (MAG) or percentage fee of 15.11% [Freshen’s] |
|
Current Contract Term |
Added Time |
New Ending Date |
|
7 years |
3 years |
10 years |