20-YEAR LEASE APPROVED FOR PROUD BIRD RESTAURANT PROPERTY AT LAX

            The Los Angeles Board of Airport Commissioners today approved a 20-year lease with Runway Two-Five Corporation (RTFC) for restaurant, banquet and meeting facilities at 11022 Aviation Boulevard.  RTFC currently leases the property operating as The Proud Bird Restaurant.  The lease covers a total of 6.44 acres – 4.47 acres of off-airport industrial land with 52,072 square feet of buildings and 1.97 acres of unpaved adjacent land for historical aircraft displays. 

The lease is expected to generate approximately $4,591,320 in revenue to Los Angeles World Airports (LAWA) over the 20 years, not including annual Consumer Price Index adjustments, five-year market-rate rental adjustments, or additional fees generated by overflow parking space requested on an as-needed basis. 

            Runway Two-Five Corporation expects to invest at least $5 million into renovating the property by bringing the buildings up to current code; replacing the roof; upgrading the property, including the gift shop; and integrating displays focusing on the Tuskegee Airmen of World War II, as well as other historical aviation displays.