Citing the economic downturn and airline capacity cuts at Wichita Falls, Texas Municipal Airport, the Hertz Corp. has asked the city for some relief.
Hertz, which operates one of two rental car agencies at the airport, in November asked the city for financial relief from the minimum annual guarantee spelled out in its agreement that began in February 2004. The company said it is experiencing a significant downturn in airport rental car concessions.
Airport staff has reviewed concession history, the agreement and other factors, and on Feb. 3, City Council members will review a resolution that would include amendments that would change the minimum annual guarantees and also align the term and fees paid with the agreement the city has with the other car rental agency.
The resolution would lower the minimum monthly payment to roughly $5,262 from the current $9,583.33. The airport would continue to receive that minimum monthly payment or 10 percent of gross rentals, whichever is greater.
Although the change would lead to a reduction in concessions collected by the airport, the airport felt it was worthwhile to continue having two rental car agencies for people who use the airport.