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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 / J GW > i� A, of