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HomeMy WebLinkAbout1994-09-26 94-422 RESOLVECOUNCIL ACTION Item No. 94-422 Date September 26, 1994 Item/Subject: Resolve, Ratifying the City Manager's Execution of "First Amendment to Indenture of Lease" and Related Documents Associated with General Electric Company's Building 273 Facilities at Bangor International Airport Responsible Department: Legal - The attached Resolve will officially ratify the execution of a "First Amendment to Indenture of Lease" and related documents between the City of Bangor and General Electric Company. The "First Amendment" and related documents were executed by the City Manager on August 30 and September 16, 1994, consistent with Council Order 94-327, passed July 11, 1994, authorizing changes to the existing General Electric Company leases. Unlike the General Electric expansion project involved in the July, 1993 lease revisions, General Electric's current $7 million expansion of the building213 facility does not involve direct project financing (cdnt'd on next page) Department Heed ry 7n . E Manager's Co:mce ts: C't Manager Associated Information: Resolve ,. Legal Approvai: Passage of tnis item will croute a record of formal City Council approval of the actual lease documents as executed by the City Manager. This item and those documents are consistent with the City Council's prior action under C.O. 93-247 and 94-327. City So Introduced For Passage First Reading Referral Page 1 of 3 94-422 by the City of Bangor. Under the current lease revisions, however, the City of Bangor will act as a conduit for project loan funds, which in turn will be repaid by a assignment of General Electric's ants by the City. General Electrics rents, in turn, have been increased to cover the loan repayments. The lease amendments also require General Electric to pay full taxes on all buildings leased and personal property owned by General Electric Company. A portion of the taxes paid by General electric during the first 20 years of the revised lease term will be returned under provisions of a tax increment district plan, approved by the State of Maine, and will be used to help amortize General Electric's project loan. 94-422 Assigned to Councilor Baldacci September 26, 1994 CITY OF BANGOR (TITLE') Ratifying the City Manager's Execution of ]hmUC _..._. _._ ........... ................ "First consent to Indenture of Lease and Related Documents Associated with the Expansion of General Electric Company's Building 273 Facilities at Bangor International Airport By Om City Coewil ofw GYM of Seems RESOLVED, WHEREAS, by Council Order 94-327 passed July 11, 1994, the City Council authorized the City Manager to execute all documents necessary to effect certain changes to existing leases between the City of Bangor and General Electric Company for General Electric's lease of property at Bangor International Airport, said changes being set out in Council Order 94-SA7; and WHEREAS, final lease documents have been prepared and executed by General Electric Company and the City of Bangor{ and WHEREAS, said lease documents are consistent with Council Order 94-327 NOW, THEREFORE, By the City Council Of the City of Bangor be it RESOLVED that the City Council hereby ratifies the execution of the final form of the "First Amendment to Indenture of Lease" and related documents dated August 30, 1994 and September 16, 1994 with General Electric Company for lease of land and buildings at Bangor International Airport, copies of which are on file in the City Clerk's office. IN CITY COUNCIL September 26, 1 94 passed F. S)E,p Cff COWCIL 94-422 RESOLVE Retlfying the City Manager's Execution of "First Aaendment to Indenture of Leas and Related Documents Associated Mth the Exp'aueisn ofroGenaral Electric Company's 9u1Sd�➢g �Ij Faaeili(1ee at Bangor' International 9 1r e Airport.