HomeMy WebLinkAbout1993-06-14 93-316 ORDERCOUNCIL ACTION
Date June 14, 1993 Item No. 93-316
Item/Subject: Authorizing Lease of Urban Renewal Parcel B -11-C
Responsible Department: Community and Economic Development
Commentary: Bangor Real Estate, which has separate options to
develop parcels B -11-B and B, -11-C (see attached Disposition Plan
for Parcel B-11), has requested a lease on parcel B -11-C for use as
parking in support of the development of Phase I on Parcel B -11-B
(see attached WBRC United Bank site plan). Development of Phase I
is expected to begin this fall.
The proposed lease would coincide with the term of Bangor Real
Estate's option from the City to develop B -11-C. BRE would pay the
cost of constructing the parking and proposes a lease fee of $1,200
per year (approximately 98 of the purchase price). The lease fee
would be in addition to the 5780 option fee.
The Community and Economic Development Committee reviewed the
request at its meeting on June 2, 1993 and recommends approval.
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Manager's Comments -rb, ptq#dy I-�'W HE
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Finance Director
Legal Approval:
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Finance Director
Legal Approval:
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93-316
Ae®gned to Cmmdor Sullivan, June 14, 1993
CITY OF BANGOR
Authorizing Execution of Lease Agreemwith
ith
(TITLE.) (Order, _.............. .. .... __ ..-
Bangor Real Estate - Urban Renewal Parcel B -11-C
By the city Cashel of Me City ofROnpm:
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MENE
WHEREAS, the City of Bangor has granted Bangor Real Estate
separate Option Agreements to purchase and develop Urban Renewal
Parcels B -11-B and B -11-C in two phases; and
WHEREAS, Bangor Real Estate has requested a lease on Parcel B -11-C
for use
s parking in support of the first phase of development on
ParcelBall-B; and
WHEREAS, the tern of the proposed lease of Parcel B -11-C would
coincide with the term of the Option Agreement with Bangor Real
Estate to develop Parcel B -11-C;
NOW THEREFORE, BE IT ORDERED THAT the City Manager is hereby
authorised to execute a Lease Agreement by and between the City of
Bangor and Bangor Real Estate, a copy of which is on file in the
Office of the City Clerk, for the purpose of leasing Urban Renewal
Parcel B -11-C to Bangor Real Estate for use as parking in support
of the development of Parcel B -11-B.
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IN CITY COUNCIL
June 14, 1993
Pas a
CITY OBER
S
93-316
ORDER
Title,
Au0orizin§..Execution of Lease Agreement
..... .......................
with Bangor &eel Estate Urban Renewal
Parcel B -II -C
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Aecigned to
Councilman
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EXHIBIT A
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