SMF-Terminal-B_Attachment_G_Pro_Forma.xlsx

XLSX spreadsheet 80 KB Posted

Attached to
Request for Proposals – Sacramento International Airport (SMF) Food & Beverage Concessions - Terminal B Pre-Security
Solicitation number
2024-RFP-0437
Issued by
Sacramento County, San Francisco City, California

About this file

Written by GovTribe AI ·

The document is a Pro Forma financial spreadsheet for a Request for Proposals (RFP) issued by the Sacramento County Department of Airports for food and beverage concessions at Sacramento International Airport's Terminal B. The RFP seeks qualified operators to develop and manage multiple pre- and post-security food and beverage concepts, including locally branded full-service restaurants, nationally branded fast food, coffee shops, and specialty dining options across eight primary units. The contract is for a 10-year term, with proposed opening dates ranging from 2024 to 2026, and covers approximately 24,000 square feet of concession space across different locations within the terminal.

The financial pro forma provides detailed projections for one specific unit (CB2238-B), with an initial capital investment of $1,450,000, expected gross revenues starting at $1,400,000 in 2025 and growing to $1,785,424 by 2035, and an anticipated concession fee structure of 10% for food and beverage sales. The document includes comprehensive financial metrics such as net revenue projections, cash flow analysis, NPV calculations, and growth forecasts based on terminal enplanement estimates, which project passenger growth from 4,730,924 in 2025 to 6,033,361 in 2035. The proposal emphasizes local branding, sustainability, and alignment with Sacramento's "Farm-to-Fork Capital" identity, with a focus on creating diverse dining experiences that meet customer preferences and support the airport's mission of being "the most loved airport."

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Other files

File Type Posted
Request_for_Proposals_–_Sacramento_International_Airport_(SMF)_Food_&_Beverage_Concessions_-_Terminal_B_Pre-Security_(Addendum_#1_Revision).pdf PDF
SMF_Pre-Security_TerminalB_ELEC_Use.xlsx XLSX spreadsheet
BL306-SSP-GATEWAY-E-Work.pdf PDF
BL306-SSP-GATEWAY-P-Work.pdf PDF
BL306-SSP-GATEWAY-M-Work.pdf PDF
BL-306-SSP-GATEWAY-_A-Work.pdf PDF
Appendix_5_-_Food_&_Beverage_Concession_Agreement.pdf PDF
Tenant_Design_Manual.pdf PDF
SMF-Directions-Terminal-B_Deliveries.pdf PDF
SMF-Terminal-B_Support-Space.pdf PDF
Request_for_Proposals_-_SMF_Food_&_Beverage_Terminal_B_Pre-Security_-_Appendix_and_Attachments.pdf PDF
Request_for_Proposals_-_SMF_Food_&_Beverage_Terminal_B_Pre-Security.pdf PDF
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package_details

PackageConcourseUnitNew Concept ThemeSquare FeetLocationExpected trading date
1BCB2238Locally branded full-service4,590Post-security2025
1BCB2238-BOptional conceptTBDPost-security2025
1ACA2233Nationally branded fast food1294Post-security2024
1BCB2234Nationally branded fast food1,070Post-security2025
1ACA1057Starbucks*800Pre-security2025
1ACA2765Starbucks*1,818Post-security2024
1BCB2464Starbucks*1,177Post-security2026
2BCB2360Locally branded coffee340Post-security2024
2BCB2268Mexican / cantina1,156Post-security2024
2BCB2268-BOptional conceptTBDPost-security2024
2BCB2371Open ended1,100Post-security2024
2BCB2371-BOptional conceptTBDPost-security2024
3ACA2200Soup, salad, sandwich1,906Post-security2025
3BCB2401Soup, salad, sandwich1,219Post-security2025
4ACA2238Asian, fusion1,376Post-security2024
4BCB2374Asian, fusion980Post-security2025
5ACA2275Juices, acai, smoothies548Post-security2024
5BCB KioskJuices, acai, smoothies150Post-security2024
6ACA2230Locally branded full-service5,113Post-security2025
6ACA2230-BOptional conceptTBDPost-security2025
7BCB2377Pizza, Italian fare1,003Post-security2025
8BCB2476Full-service sit-down2,434Post-security2026

Example unit

Sacramento County Department of Airports

Sacramento International Airport
RFP: SMF Pre-Security Café / BarDrink and shopPackage #1: CB2238-B
Unit details
Unit numberCB2238-BProposed opening date ℹ️Mar-25
TerminalBProposed contract length ℹ️10 years
LocationPost-securityConcession trading nameDrink and shop
Unit size ℹ️50,000 sq ftProposing entityFoodCorp Incorporated
Enplanement forecast [#]Year 0Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
20252026202720282029203020312032203320342035
Terminal enplanements4,730,9244,866,4355,002,1595,138,1665,274,7145,411,8825,533,6185,657,3935,780,9035,903,8386,033,361
Year-on-year growth2.9%2.8%2.7%2.7%2.6%2.2%2.2%2.2%2.1%2.2%
Capital investment [$]
Initial build out(19)(950,000)
Refurbishment ℹ️(10)(500,000)
Total investment(1,450,000)(950,000)------(500,000)---
Amortization1,450,000$95,000$95,000$95,000$95,000$95,000$95,000$95,000$261,667$261,667$261,667
Gross revenue [$] ℹ️
CategoryProposed rate20252026202720282029203020312032203320342035
Year-on-year growthℹ️-2.9%2.8%2.7%2.7%2.6%2.2%2.2%2.2%2.1%2.2%
Food & Beverage10.0%$1,400,000$1,440,101$1,480,265$1,520,513$1,560,921$1,601,513$1,637,537$1,674,165$1,710,715$1,747,095$1,785,424
Retail16.0%----------
Gross revenue17,558,251$1,400,000$1,440,101$1,480,265$1,520,513$1,560,921$1,601,513$1,637,537$1,674,165$1,710,715$1,747,095$1,785,424
Operating costs [$]
Labor40.0%(560,000)(576,040)(592,106)(608,205)(624,369)(640,605)(655,015)(669,666)(684,286)(698,838)(714,170)
Cost of goods30.0%(420,000)(432,030)(444,080)(456,154)(468,276)(480,454)(491,261)(502,250)(513,215)(524,129)(535,627)
License & franchise feesℹ️-----------
Corporate overhead2.0%(28,000)(28,802)(29,605)(30,410)(31,218)(32,030)(32,751)(33,483)(34,214)(34,942)(35,708)
Other costsℹ️-----------
Staff parking10(1,800)(1,800)(1,800)(1,800)(1,800)(1,800)(1,800)(1,800)(1,800)(1,800)(1,800)
Staff ID badging16(672)(672)(672)(672)(672)(672)(672)(672)(672)(672)(672)
Support space250(12,020)(12,020)(12,020)(12,020)(12,020)(12,020)(12,020)(12,020)(12,020)(12,020)(12,020)
CRDC fee ℹ️1.5%(21,000)(21,602)(22,204)(22,808)(23,414)(24,023)(24,563)(25,112)(25,661)(26,206)(26,781)
CAM ℹ️0.3%(4,200)(4,320)(4,441)(4,562)(4,683)(4,805)(4,913)(5,022)(5,132)(5,241)(5,356)
MAP ℹ️0.3%(4,200)(4,320)(4,441)(4,562)(4,683)(4,805)(4,913)(5,022)(5,132)(5,241)(5,356)
Concession fee(1,755,825)(140,000)(144,010)(148,027)(152,051)(156,092)(160,151)(163,754)(167,417)(171,072)(174,710)(178,542)
Total costs(14,925,901)(1,191,892)(1,225,617)(1,259,395)(1,293,244)(1,327,227)(1,361,364)(1,391,661)(1,422,465)(1,453,204)(1,483,799)(1,516,034)

Operator net revenue $2,632,350 $208,108 $214,484 $220,870 $227,270 $233,694 $240,149 $245,876 $251,700 $257,512 $263,296 $269,390

Financial KPIs
Cash flow$(741,892)$214,484$220,870$227,270$233,694$240,149$245,876$(248,300)$257,512$263,296$269,390
Cumulative cash flow$(741,892)$(527,408)$(306,538)$(79,268)$154,426$394,575$640,451$392,152$649,663$912,960$1,182,350
NPV on capex8.5%$(1,135,911)Payback5 years
NPV on sales8.5%$10,907,653
NPV on net revenue8.5%$1,633,322
NPV on cash flow8.5%$497,412
Average annual concession fee$159,620
Gross multiple(1.5)
Cash flow multiple1.8
SPE ℹ️$0.30$0.30$0.30$0.30$0.30$0.30$0.30$0.30$0.30$0.30$0.30$0.30
Year-on year growth-(0.0%)--0.0%---(0.0%)-
Sales per square foot$32$28$29$30$30$31$32$33$33$34$35$36
Year-on year growth2.9%2.8%2.7%2.7%2.6%2.2%2.2%2.2%2.1%2.2%
Effective rate10.0%10.0%10.0%10.0%10.0%10.0%10.0%10.0%10.0%10.0%10.0%10.0%
Concession fee$1,755,825$140,000$144,010$148,027$152,051$156,092$160,151$163,754$167,417$171,072$174,710$178,542
Comments
Mid-term refurbishment proposed in year 6 instead of year 5 for the following reason….

Enter the relevant details in all pale yellow cells Investment per sqft auto-calculates Capital investment may be entered as a positive or negative number If "Year 0" sales are entered, sales for future years will be automatically populated based on enplanement growth. These values may be overwritten by the proposer All relevant costs must be entered as a negative numbers.

All costs will auto-calculate if the relevant value is entered in the first yellow-colored column.

The first 5 costs (Labor through to Other costs) may be manually entered by overwriting the fomulas under each contract year.

Comments are not required, but any additional information that you believe to be relevant can be added here.

NOTE: Any comments herein will not be accepted as a substitute for submitting the relevant forms as listed in the RFP document.

The WACC used for the NPV rate can be entered here

Cafe

Sacramento County Department of Airports

Sacramento International Airport
RFP: SMF Pre-Security Café / BarTBD
Unit details
Unit number3252+3248Proposed opening date ℹ️2025
TerminalBProposed contract length ℹ️10
LocationPre-securityExcl shared back of houseConcession trading nameTBD
Unit size ℹ️1,538 sq ftProposing entityTBD
Enplanement forecast [#]Year 0Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
20252026202720282029203020312032203320342035
Terminal enplanements4,730,9244,866,4355,002,1595,138,1665,274,7145,411,8825,533,6185,657,3935,780,9035,903,8386,033,361
Year-on-year growth2.9%2.8%2.7%2.7%2.6%2.2%2.2%2.2%2.1%2.2%
Capital investment [$]
Initial build outℹ️
Refurbishment ℹ️-
Total investment------------
Amortization------------
Gross revenue [$] ℹ️
CategoryProposed rate20252026202720282029203020312032203320342035
Year-on-year growthℹ️-2.9%2.8%2.7%2.7%2.6%2.2%2.2%2.2%2.1%2.2%
Food & Beverage10.0%----------
Retail16.0%----------
Gross revenue------------
Operating costs [$]
Labor------------
Cost of goods------------
License & franchise fees------------
Corporate overhead------------
Other costs------------
Staff parking------------
Staff ID badging------------
Support space------------
CRDC fee ℹ️-----------
CAM ℹ️0.3%-----------
MAP ℹ️0.3%-----------
Concession fee------------
Total costs------------
Operator net revenue------------
Estimated average monthly net revenue$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00
Financial KPIs
Cash flow-----------
Cummulative cash flow-----------
NPV on capex8.5%-PaybackPayback not achieved
NPV on sales8.5%-
NPV on net revenue8.5%-
NPV on cash flow8.5%-
Average annual concession fee-
Gross multiple-
Cash flow multiple-
SPE ℹ️------------
Year-on year growth----------
Sales per square foot------------
Year-on year growth----------
Effective rate------------
Concession fee------------

Comments

Bar+Restaurant

Sacramento County Department of Airports

Sacramento International Airport
RFP: SMF Pre-Security Café / BarTBD
Unit details
Unit number3345+3344Proposed opening date ℹ️2025
TerminalBProposed contract length ℹ️10
LocationPre-securityExcl shared back of houseConcession trading nameTBD
Unit size ℹ️1,191 sq ftProposing entityTBD
Enplanement forecast [#]Year 0Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
20252026202720282029203020312032203320342035
Terminal enplanements4,730,9244,866,4355,002,1595,138,1665,274,7145,411,8825,533,6185,657,3935,780,9035,903,8386,033,361
Year-on-year growth2.9%2.8%2.7%2.7%2.6%2.2%2.2%2.2%2.1%2.2%
Capital investment [$]
Initial build outℹ️
Refurbishment ℹ️-
Total investment------------
Amortization------------
Gross revenue [$] ℹ️
CategoryProposed rate20252026202720282029203020312032203320342035
Year-on-year growthℹ️-2.9%2.8%2.7%2.7%2.6%2.2%2.2%2.2%2.1%2.2%
Food & Beverage10.0%----------
Retail16.0%----------
Gross revenue------------
Operating costs [$]
Labor------------
Cost of goods------------
License & franchise fees------------
Corporate overhead------------
Other costs------------
Staff parking------------
Staff ID badging------------
Support space------------
CRDC fee ℹ️-----------
CAM ℹ️0.3%-----------
MAP ℹ️0.3%-----------
Concession fee------------
Total costs------------
6182864088.44372669266352.441611304668621.163079466270898.903599964373186.981347964875217.645802544977282.313591115579342.585975651681393.249518589783553.7981623953
Operator net revenue------------
Estimated average monthly net revenue$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00
Financial KPIs
Cash flow-----------
Cummulative cash flow-----------
NPV on capex8.5%-PaybackPayback not achieved
NPV on sales8.5%-
NPV on net revenue8.5%-
NPV on cash flow8.5%-
Average annual concession fee-
Gross multiple-
Cash flow multiple-
SPE ℹ️------------
Year-on year growth----------
Sales per square foot------------
Year-on year growth----------
Effective rate------------
Concession fee------------

Comments forecast_enplanements

From Workday epax reportForecast epax from Doug for bond useSource: Federal Aviation Administration (FAA), Terminal Area Forecast (TAF), 2024
YearTA EpaxTB EpaxTot EpaxCY2023CY2022FISCAL YEARENPLANED PASSENGERSAVERAGE LOAD FACTORDEPARTING SEATSAVERAGE SEATS PER DEPARTUREPASSENGER AIRLINE OPERATIONSYearAir Carrier + CommuterYoy % chg
20232,140,5524,456,6046,597,156Pr YOY % ChgCur YOY % ChgActualTotal Airline (Rollup)Terminal B4,456,6044,273,360Historical202220225,913,334Federal Aviation Administration (faa.gov)
20242,034,1034,563,0536,597,1562.4%2.4%ForecastOther3,9703,67020144,376,23779%5,546,71412588,74620232023*6,320,3956.884%AIRCRAFT OPERATIONS
20252,108,9354,730,9246,839,8603.7%3.7%ForecastTerminal B158,558165,11720154,629,8455.8%81%5,712,71412988,29420242024*6,275,814-0.705%EnplanementsItinerant OperationsLocal Operations
20262,169,3434,866,4357,035,7782.9%2.9%Forecast4,619,1324,442,14720164,943,1856.8%83%5,985,01313091,96020252025*6,548,3544.343%FiscalAirCommuterTotalAirAir Taxi &GAMilitaryTotalCivilMilitaryTotalTotalTotalBased
20272,229,8465,002,1597,232,0052.8%2.8%Forecast20175,198,1845.2%81%6,387,08813495,53220262026*6,717,9742.590%YearCarrierCarrierCommuterOpsTraconAircraft
20282,290,4755,138,1667,428,6412.7%2.7%Forecast20185,761,58610.8%81%7,093,400135105,00820272027*6,890,2172.564%Ops
20292,351,3455,274,7147,626,0592.7%2.7%Forecast20196,298,4479.3%82%7,665,261137112,00820282028*7,062,0252.494%
20302,412,4915,411,8827,824,3732.6%2.6%Forecast20204,940,934-21.6%73%6,732,27413599,78420292029*7,227,3872.342%
20312,026,5595,533,6187,560,1772.2%2.2%Forecast20213,210,170-35.0%65%4,969,17014170,37420302030*7,393,8582.303%REGION:AWP STATE:CA LOCID:SMF
20322,071,8885,657,3937,729,2812.2%2.2%Forecast20225,793,58180.5%80%7,224,595141102,32220312031*7,560,1772.249%CITY:SACRAMENTO AIRPORT:SACRAMENTO INTL
20332,117,1225,780,9037,898,0252.2%2.2%Forecast20236,443,25411.2%79%8,126,350146111,56420322032*7,729,2812.237%
20342,162,1445,903,8388,065,9822.1%2.1%Forecast202420246,597,1562.4%81%8,100,194144112,65620332033*7,898,0252.183%
20352,209,5786,033,3618,242,9392.2%2.2%ForecastForecast20342034*8,065,9822.127%
20362,259,1756,168,7888,427,9632.2%2.2%Forecast20256,839,8603.7%79%8,610,176144119,87120352035*8,242,9392.194%
20372,309,8236,307,0838,616,9062.2%2.2%Forecast20267,035,7782.9%80%8,812,739145121,84320362036*8,427,9632.245%
20382,360,0836,444,3218,804,4042.2%2.2%Forecast20277,232,0052.8%80%9,013,458146123,76220372037*8,616,9062.242%
20287,428,6412.7%81%9,212,469147125,63220382038*8,804,4042.176%
20297,626,0592.7%81%9,410,241148127,46020392039*8,996,8552.186%
20307,824,3732.6%81%9,606,917149129,24920402040*9,196,8142.223%
Compound Annual Growth Rate20412041*9,393,2642.136%
2014 – 20197.6%0.8%6.7%1.8%4.8%20422042*9,599,4032.195%
2014 – 20244.2%0.1%4.3%1.7%2.6%20432043*9,808,4622.178%
2024 – 20302.9%0.0%2.9%0.6%2.3%20442044*10,017,5882.132%
20452045*10,227,6242.097%
20462046*10,439,5062.072%
20472047*10,659,1942.104%
20482048*10,880,2292.074%
20492049*11,106,6822.081%
20502050*11,338,9582.091%

https://taf.faa.gov/

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