HomeMy WebLinkAbout2017-08-14 17-282 ORDER o^ s w CITY COUNCIL ACTION 08/14/2017 17-282
- Council Meeting Date: 08/14/2017
;VAN-, .•11,'.p Item No: 17-282
'% Responsible Dept: Community & Economic Development
Requested Action: Order Map/Lot: 101-003
Title, Order
Authorizing an Amendment to the Indenture of Lease between the City of Bangor and Michael J. Fiori and
Ronald J. LaVallee d/b/a ECONO STORAGE
Summary
Michael J. Fiori and Ronald J. LaVallee d/b/a Econo Storage have exercised their option to extend the lease for
Lot 5 and a portion of Lot 6 located at 1286 Union St. in the BIA Commercial / Industrial Park for the period of
August 1, 2017 to July 31, 2027. The lease agreement between the City of Bangor and the Lessees
stipulates that the annual rental during the period August 1, 2017 to July 31, 2027 be negotiated. We have
proposed and Econo Storage has accepted a lease rate to be set at $18,280 annually paid monthly in the
amount of$1,523.33 for the period August 1, 2017 to July 31, 2022. The current lease rate is $17,189.28
annually or $1,432.44 monthly.
The staff recommends approval of the amendment to the lease agreement under the terms and conditions
outlined above. This item was reviewed and recommended for approval by the Business & Economic
Development Committee at its August 7, 2017 meeting.
Committee Action
Committee: Business & Economic Development Committee Meeting Date: 08/07/2017
Action: Recommend for passage For: 5 Against: 0
Staff Comments&Approvals
C PC, (ALL 21./// '
City Manager City Solicitor Finance Director
Introduced for: New Business
CITY OF BANGOR ORDER 08/14/2017 17-282
00*
ura
Date: 08/14/2017
"o '`'iy: Item No: 17-282
'`*44-1,0* Assigned to Councilor: Perry
Authorizing an Amendment to the Indenture of Lease between the City of Bangor and Michael J. Fiori and
Ronald J. LaVallee d/b/a ECONO STORAGE
WHEREAS, by Indenture of lease, dated September, 1987, between the City of Bangor and Michael J. Fiori,
Ronald J. LaVallee and Robert E. Baldacci, Jr. the Lessor leased to the Lessee Lot 5 and a portion of Lot 6 in
the BIA Commercial / Industrial Park located at 1286 Union St.; and
WHEREAS, Robert E. Baldacci, Jr. assigned all his rights, title and interests in the Indenture of Lease to
Michael J. Fiori in an "Agreement to Transfer Interest of Lessee"dated April 1, 1990; and
WHEREAS, Michael J. Fiori and Ronald J. LaVallee have exercised their option to extend the Indenture of
Lease for the period of August 1, 2017 to July 31, 2027; and
Be it Ordered by the City Council of the City of Bangor that;
The City Manager is hereby authorized to execute an Amendment to the Indenture of Lease between City of
Bangor and Michael J. Fiori and Ronald J. LaVallee for a parcel of land at 1286 Union St., Lot 5 and a portion
of Lot 6 in the BIA Commercial / Industrial Park, at the lease rate of 18,280 annually paid monthly in the
amount of$1,523.33 for the period August 1, 2017 to July 31, 2022 and in a form approved by the City
Solicitor or Assistant City Solicitor.
IN CITY COUNCIL
AUGUST 14, 2017
CO 17-282
PASSED
CITY CLERe