HomeMy WebLinkAbout1995-01-23 95-96 ORDERDate 1/23/95 Item No. 95-96
rtem/Subject[
AlBIIDI�ir' TO A LSASS AGREEMENT NITS PHILTRUM CORPORATICH
Responsible Department[ Community Rod ECOnOM1C Development
Commentary:
Depent been
Manager's Comments
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City Manager
Associated Information:
Budget Approval:
Finance Director _
Legal Approval[ c� J�
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Introduced For
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_first Reading Page 1 of 3
_Referral
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95-96
Aaipedto Coancdor Tyler January 23, 1995
SIV& _, CITY OF BANGOR
(TITLE.)mrbrrt ,_.._. Authorizing ,the City Manager to Execute an__,
..........
L
1.
Amendment to a ease Agreement with Philtrum Corporation.
By dw City Conaoit of 44 MY of Beazer:
ORDERED,
TEAT the City Manager is hereby authorized and
directed, on behalf of the City of Bangor, to execrate a
Amendment to a Lease Agreement between the City of Bangor and
Philtrum Corporation for use of Building %270 at 49 Florida
Avenue, Bangor.
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IN CITY COUNCIL r 95-96
January 23, 1995 - 1
Passed p RDE R
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...heri2ing........ the City Manage......r CO ExaCu..... a an
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Corporation. CO a L¢888 ncr¢ement vteh Philtrum
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Assigned to
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95-96
DIRL'
• BANGOR AIRPORT CIVIC DEVELOPMENT CORPORATION
Go Eno ie Dwelopmem De"Mam
Sass Ory Hall
Bww,, Mane 01401
Memorandum
To: sentence of the City Council
Prom: Stephen A. Bolduc, Executive Manager
Manager
Date: January, 23, 1995 /JQ T3
Subject: Amendment to a Lease Agreement with the Philtrum
Corporation
Issue
The Philtrum Corporation wishes to amend the lease rate in the
lease agreement between the City of Bangor and the Philtrum
Corporation for use of Building #270 at 49 Florida Avenue,
Bangor.
Background
The Philtrum Corporation hale been leasing Building #270, at 49
Florida Avenue since 1986 for use as office facilities. in
August 1994, the City Council approved an amendment extending
the term for three years until May 31, 1997. Also, in August
the company was notified that the City was assessing property.
taxes on the building for the first time, and that tax would be
$3,443.67, 14.54 of the annual lease. The Philtrum Corporation
felt that this increase in their cost warranted renegotiation of
the lease.
Proposal
After reviewing the lease and market conditions, staff, with the
approval of the Airport Manager, proposed to reduce the lease
rate by an amount equal to the entire assessment of property
taxes, $3,443.67. Therefore, the monthly lease rate would be
reduced from $1,980.00 to $1,693.00. The lease rate would be
held at that level for two (2) years and increased to $1,770.00
per month in 1996. All other terms and conditions of the lease
and the amendment approved in August world remain the uses. The
Philtrum Corporation has accepted the terms of this proposal.
Page 2 of 3
OPERATOR OF BANGOR FOREIGN TRADE ZONE W. 59
Telephone: (207) 94741842. TELEX: BANAIR 91
95-96
Bate;
June
11
1994
- May
31,
1995;
$1,693.00
per
month
June
1,
1995
- May
31,
1996;
$1,693.00
per
month
June
1,
1996
- May
31,
1997;
$1,]]0.00
per
month
BECOM NDATION
The Board of Directors of BaMir Corporation have reviewed this
matter and recommend approval of this lease agreement under the
terms and conditions outlined above.
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