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.