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RIC, Park 'N Go Reach Agreement
Park N Go to Pay Gross Revenue Fee of 4.5% Retroactive to November, with 1/2% Added per Year Until 201
January 31, 2006
Richmond International Airport, VA, January 31, 2006: Today, the Capital Region Airport Commission, owner and operator of Richmond International Airport (RIC), and Park ‘N Go of Virginia, LLC, jointly announce that the parties have agreed to a gross revenue fee concession agreement phased in over an eight-year period, as follows:
Year Period Fee (%)
1 11/1/2005 - 10/31/2006 4.5
2 11/1/2006 - 10/31/2007 5.0
3 11/1/2007 - 10/31/2008 5.5
4 11/1/2008 - 10/31/2009 6.0
5 11/1/2009 - 10/31/2010 6.5
6 11/1/2010 - 10/31/2011 7.0
7 11/1/2011 - 10/31/2012 7.5
8 11/1/2012 - 10/31/2013 8.0
"We welcome the amicable conclusion of our discussions, and look forward to a long and harmonious relationship with Park ‘N Go," said airport president and chief executive officer Jon E. Mathiasen, AAE.
"We look forward to a long-term, mutually prosperous business relationship with RIC," said Park ‘N Go owner John Bona, "and the opportunity to continue to serve the traveling public."
Richmond International Airport is the gateway for Virginia's Capital Region, and offers more than 190 daily non-stop flights on AirTran, American, Continental, Delta, Northwest, United, US Airways and their regional affiliates to 22 domestic destinations. New service from JetBlue Airways begins March 31, 2006.
For Information:
Troy M. Bell, CM
Director - Marketing & Air Service Development/PIO
Richmond International Airport
Phone: (804) 226-3022
E-mail: tbell@flyrichmond.com
Jack Phillips, General Manager
Park ‘N Go of Virginia, LLC
5701 Audubon Drive
Sandston, VA 23150
Phone: (804) 652-2150, Fax: (804) 652-0682
E-mail: jbeephillips1@aol.com
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