HomeMy WebLinkAbout1997-05-12 97-221 RESOLVECOUNCIL ACTION
Date: May 12 1997
Item No. 97-221
Hem/Subject: Resolve, Authorizing City Manager to Execute Addendum to Lease with
General Electric Company and Related Documents
Responsible Department: Community and Economic Development
Co®entary: -
General Electric is requesting additional funding from Bangor Target Area Development
Corporation for extensive renovations and floor modifications in relation to
preparing buildings for machinery and tooling for producing new products for larger
steam turbines. Debt e n these obligations is paid by BE In the form of
increased rents to the City of Bangor for GE's land and buildings at BIA. The City
iturn assigns the increased rental amount plus certain tax increment financing
revenues
r to Bangor Target to amortize the BE loans. The attached Council Resolve
would authorize the City Manager to execute a -addendum to lease" and other
documents, all to be drafted, necessary to facilitate this loan. hue to the evrrent
assignment arrangement, the City's consent i necessary to make the transaction work.
Net rents and taxes derived by the free GE under the current lease will be
unaffected by the City's consent.
Departmg t Head
Manager's Comments: �a� _. n . �
City Manager
Associated Information:
Budget
Approval:
Finance Director
Legal
Approval:
solicv or
xntroauced For P,Paeeage, O First Reading ❑ Referral
Page 1 of I
97-221
Assigned to Councilor Soucy May 12, 1997
CITY OF BANGOR
(TITLE.) �RCOVJ%Pr-- Amhorving City Manager to Execute Addendum to Lease with
Gmeml Elavic Compagv and Related Documents
xa w aev coa,w;t ofw ahofxa*we:
xxsoavxn,
THAT the City Manager is hereby authorized, on behalf ofihe City of
Bangor, to execute an addendum to Ne City of Bangor's cunei lease agreement with General
Electric Comparry for lease of land and buildings at Bangor International Airport, and other
documents necessary to facilitate a $2,000,0001oan from Fleet Bank of Maine to Bargor Target
Ares Development Corporation for the benefit of General Electric Company at its Bangor
facility. All such documents will be in a form approved by the City Solicitor.
IN CITY COUNCIL
May 12, 1997
Passed
i x clew
97-221
E E50LYE
Authorizing City Manager to Execute
Addendum to Lease with General Electric
Company and Related Documents
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