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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 m mkmna.ea mrsno 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 � p (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 .....c..././....1....�....................... 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 Page 3 of 3