HomeMy WebLinkAbout1994-05-09 94-223 ORDERItem/Subject:
Extension of a Lease Agreement with Avis Rent A Car System, Inc.
Responsible Department: Community and Economic Development
EEE ATTACHED
DNQaitment Head
Manager's Comments:
City Manager RR V
City Manager
Associated Information:Q 'Yft"
Budget Approval:
Finance Director
"' i " 1 YI
City Solicitor
Introduced For
R Passage
_First Reading Page 1 of 3
Referral
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COUNCIL
ACTION
Date:
5/9/94
Item No.:
96-223
Item/Subject:
Extension of a Lease Agreement with Avis Rent A Car System, Inc.
Responsible Department: Community and Economic Development
EEE ATTACHED
DNQaitment Head
Manager's Comments:
City Manager RR V
City Manager
Associated Information:Q 'Yft"
Budget Approval:
Finance Director
"' i " 1 YI
City Solicitor
Introduced For
R Passage
_First Reading Page 1 of 3
Referral
m mkmna.ea mrsno
94-223
A apse to Councilor Shubert May 9, 1994
CITY OF BANGOR
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(TITLE.) (WLi[gi. ... Authorizing. the City Manager to gxecNte a Lease.__..
Amendment with Avis Rent A Car System, Inc.
BY Be City Ca 1ofW Me of baa .
ORDERED,
THAT the City Manager Is hereby authorized and directed,
on behalf of the City of Bangor, to execute an amendment to a lease
agreement between the City of Bangor and Avis Bent A Car System,
Inc. 'dated Tune 1, 1973, for Lot 1 in the Utah Avenue Subdivision.
MwU.\AVIS.mo ¢15194)
5
94-223
ORDER
In CityCouncil May 9 1994 Title,
Passed Authoxixina the City Menagen to Execute
4 .. A lR4riC Am`4tmprt n th Avis Print A Car
system Inc. -
Clerk
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Coancflman
94-22]
QE' B"CORPORATION
• BANGOR AIRPORT CIVIC DEVELOPMENT CORPORATION.
4o Em mic Development Detainment
earmw Ory Hall
m gar, Maine WQI
Nennrandam
To: Members of the City Council
From: Stephen A. Bolduc, axe�f�( tivee Manager
Date: May 9, 1994 -CJ0 3 ,
Subject: Extension of a Lease Agreement with Avis Rent A Car
System, Inc.
Issue
Avis Rent A Car System, Inc. wishes to exercise its option to
extend the lease agreement between the City of Bangor end Avis
Rent A Car System, Inc. for lot 1 in the Utah Avenue Subdivision.
BackarouM
The lease agreement dated June 1, 1973, expired on Ray 31, 1993.
It grants to Avis Bent A Car System, Inc. an "irrevocable option'
to renew the lease for a ten (10) year term upon notification to
the City of Bangor prior to the termination of the lease. Avis
Rent A Car System, Inc. hoe confirmed its intention to exercise
the option, and we have negotiated a lease rate for the option
period.
AVIS Rent A Car System, Inc. has accepted the following lease
rate and conditions which are based upon the policy that the
annual lease rate be a percentage of the appraised value:
Premises: Lot 1 of the Utah Avenue Subdivision as described
in Article I PRENISES of the lease agreement dated June 1,
'-1973, between the City of Bangor and Avis Rent A Car System,
Inc.
Tei: Ten (10) years as prescribed in Article III OPTION TO
RENEW of the lease agreement dated June 1, 1973, between the
City of Bangor and Avis Rent A Car System, Inc..
Page 2 of 3
OPERATOR OF BANGOR FOREIGN TRADE ZONE NO. N
Telephone: (20) 9474N2 TELEX: SANAIR gW 7
96-223
as ex June 1, 1993 to May 31, 1998 - $5,130 annually
paid in monthly amounts of $427.50. The rate is
derived as follows: Annual lease rate - 98 of
appraised market value of $57,000.
June 1, 1998 to May 31, 2003 - The monthly lease
payment during this period will be determined as
follows: $427.50 plus the product of $427.50
multiplied by the sem of the five annual
percentage changes in the Consumer Price Index,
the All Items expenditure categoxy, for the period
March, 1993 to March, 1998.
All other Came and conditions of the lease agreement dated June
1, 1973, between the City of Bangor and Avis Sent A Car System,
Inc. would remain in full force and effect.
Secommandat'on
The Airport Committee and Staff recommend the approval of the
extenzion of the lease agreement under these terms and
conditions.
Enc. (Map)
V%m\A.m.mn anise
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