DFW Airport News Briefs - July 2013
DFW Airport To Add Two Automobile Dealerships To Its Portfolio of Commercial Leases
The Dallas/Fort Worth (DFW) International Airport Board has approved leases for a pair of car dealerships to be built on Airport property near DFW’s Founders Plaza observation park. The lease agreements were reached with developers to build a new 12.21 acre Grubbs Infiniti dealership facility, and a 9.38 acre Sam Pack Volkswagen dealership, both to be located along the Highway 114 eastbound service road at the Texan Trail exit. The creation of car dealerships on DFW property is a first for the Airport, and diversifies the portfolio of commercial development at DFW. The leases are expected to generate over $800,000 annually in ground rent revenue for the Airport once they open for business. The new developments support DFW’s Strategic Plan by increasing the economic benefits that Dallas and Fort Worth receive under the tax sharing arrangements with the surrounding cities through the Airport’s Land Leasing Policy, and they support the local economy by creating jobs and tax revenue.
DFW Art Program Gets A Touch-Up
The DFW Airport Board awarded a three-year contract to Studio Six Art Conservation of Dallas for the purpose of cleaning, maintenance and conservation of the Airport’s multi-million dollar collection of artworks. The $496,000 contract covers costs of inspections, cleaning and repair of 33 of DFW’s paintings, sculptures, mosaics and tile floor medallions located primarily in Terminal D and the Skylink people mover stations. The DFW Art Program was launched in 2005 at an original cost of about $6 million.
DFW Airport FY2014 Budget of $651 million Approved for City Council Consideration
With passengers projected to grow and record non-airline revenues, the DFW Airport Board this week approved the Fiscal Year 2014 budget at $651.3 million, which is an increase of only $1.2 million (0.2%) from the 2013 budget. The Board also approved a $10 million dollar contingency fund. The DFW Airport Budget now goes from the Airport Board to the City Councils of Dallas and Fort Worth for their approval, and given that approval the budget will take effect on October 1.
(re)defining DFW International Airport
DFW International Airport’s $2.3 billion Terminal Renewal and Improvement Program (TRIP) is (re)defining first class for this global gateway. For the latest details regarding TRIP, log on to www.dfwairport.com/redefine.