HomeMy WebLinkAbout1997-11-24 98-34 ORDERCOUNCIL ACTION
Item No. 98-34
Date November 24, 1997
Item/Subject: Authorizing Execution of Additional Documents in
COMOCtion With New Castle Hotel Corporation Lease
Responsible Department: Legal
Commentary:
This item is self-explanatory.
➢¢partment He�
Manager's Comments:
Budget Approval:
Finance Director
V ""t 'I Uw"`719/J
Clty Solicitoip
Intro aced For
Passage
First Reading
Referral Page of
fl/
City
&W
Manager
Associated
Information:aAAL%
Budget Approval:
Finance Director
V ""t 'I Uw"`719/J
Clty Solicitoip
Intro aced For
Passage
First Reading
Referral Page of
98-34
Ae mdlo Coun uw Rahman November 24, 1997
CITY OF BANGOR
(TITLE) ft9r Authorizing Execution of Additional Documents in
ft9r.............. .......... __.... _..........
Connection with New Castle Hotel Corporation Lease
BY hw City Coen Nl of W Cik afBangor:
ORDERED,
TEAT the City Manager is hereby authorized, on behalf of
the City of Bangor, to execute the following additional documents
in connection with execution of an amended Lease with New Castle
Hotel corporation, for the Airport Sheraton Hotel:
1. Landlord's Consent to collateral assignment
of Lease
2. Hotel parking agreement
Both documents executed pursuant to this Order must be in a farm
approved by the City Solicitor. In addition, the Hotel Parking
Agreement shall incorporate the following fee provisions:
-- Monthly parking maintenance fee paid by New Castle
to the Airport Department to be increased from the
current $8,100.00 Per .year to the following amounts:
1/1/97 through 12/31/01 $1,200.00/month
1/1/02 through 12/31/06 1,206.00/month
1/1/07 through 12/31/11 1,323.00/month
1/1/12 through 12/31/16 1,389.17/month
-- New Castle to pay additional maintenance fees if its
average monthly useage exceeds 52 parking spaces.
"Average monthly useage" shall be calculated as follows:
Total long term validations times 1
plus
Total short term validations divided by 2
plus
Total park/fly validations times 11
divided by
Number of days in the month concerned
equals
Average monthly useage
IN CITY COUNCIL
November 34, 1997 98-34
Passed
ORDER
6H
Title, Authorizing execution of Additional
Intel
or tionaLHon with New Castle
..... Corp........... Lease
......................................
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