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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. ce Art [ead Manager's Comments -rb, ptq#dy I-�'W HE d^t Q yuad,ater.'�. '-1 Aa Qxz"4 �1a,..ap '3 -II c ux-Q� Finance Director Legal Approval: VV wS Soli Or ere-ccaf ,ryt �BdAb City Manager Associated Information:0 r Finance Director Legal Approval: VV wS Soli Or ere-ccaf ,ryt �BdAb 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: 9= . t 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. Nz-cwr 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 ............y...././A.......�....,(.y.�.� .... C.fL'ui/.uf.CU' FYr�'^zM. Aecigned to Councilman SSRffT �.% / \ x ` Z S Stn" Y c 1'i N S l ` a w W, 'm W�L odm sauo a ♦ N , 8 AFTEL 91 -a .m.ez x A:Z F" x� 1\. "ICEL 11-0 "..,,..,,WAx..... EXHIBIT A \: �� � � K StR crtr of enxcoa �a NANpOG EX4IMEER M4 CEP/.a:MCx � i - oisroslnox vE. voa PARCEL B -I tx ss9s evrsataiaxa