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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 amsL. City Manager Associated Information: Budget Approval: Finance Director _ Legal Approval[ c� J� y Solic t jj Introduced For X passage _first Reading Page 1 of 3 _Referral .r.�\emmmm.mv ([nisn 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. xuc�eenmaw.ovn �uivsize� IN CITY COUNCIL r 95-96 January 23, 1995 - 1 Passed p RDE R (MC a Title, RK ...heri2ing........ the City Manage......r CO ExaCu..... a an .......en ............................ Corporation. CO a L¢888 ncr¢ement vteh Philtrum ........... ...................................... sG. Assigned to _ ���owel�ada 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. mzrmmmwmw(1/2/25) Page 3 of 3