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Business Courier: CVG board votes to give vendors a break as it faces its own budget crunch

Cincinnati Business Courier / Chris Wetterich / September 22, 2020

The board that oversees Cincinnati/Northern Kentucky International Airport voted unanimously Monday to relax about $2.3 million in rent for vendors at the airport even as it faces its own financial challenges.

Most vendors have to pay the airport a minimum annual guarantee, regardless of whether they profit. The Kenton County Airport Board voted to allow them to pay a percentage of their overall sales as rent to the airport from April through the end of the year.

About 20 of the 55 restaurants and shops at CVG are open, said CEO Candace McGraw.

The Federal Aviation Administration asked airports to enter into negotiations with vendors over lease terms.

CVG’s vendors will continue to have to pay utility charges and if they received money from the Paycheck Protection Program within the federal CARES Act, it would offset some of the rent relief CVG is offering.

No vendors have permanently closed, but that could be a possibility next year if business conditions do not improve, McGraw said. The airport also could extend the program into 2021.

FULL STORY HERE (subscription-based)