HomeMy WebLinkAbout1993-09-27 93-449 ORDERCOUNCIL ACTION
Item No. 93-449
Date Seotemher 27. 1993
It®/Subject: Authorizing Execution of Amendment to Lease --
Bangor Youth Hockey Association
Responsible Department: Legal ,
The Bangor Youth Hockey Association (BYRA) has defaulted on
rental
payments in the amount of $103,500 under its 1991 Lease with the
City for use of facilities commonly known as Sawyer Arena. The
Finance Conaittee has recommended that BYRA be allowed to make up
the defaulted payments over a 10 -year term ending August 1, 2003
and to provide for amortization of interest on said amounts over
the same period. This Order would authorise the amendment of the
current Lease provision regarding payment of rent by BYRA to
reflect a new schedule of payments. All other aspects of the 1991
Lease would remain the same.
Depaitm HeaC 0
Manager's Comments:
tri i�ml�//rm�t/r�a/a�rJdyt�/i�a«��„F��l l✓%i
/ City manager
Associated Information: Order, Amendment to Lease
Finance Director
V
City oty Ssolicitor
Int mdu5ed For
Passage
First Reading
Referral Page I of 4
Aeairened to Councilor Serl. September 27, 1993
CITY OF BANGOR
(TITLE.) Mrbgre---_Authorising-Execution.. of. Amendment. to Lease _..
-- Bangor Youth Hockey Association
By Ede City CommOd of W Qty ofBanve:
ORDERED,
THAT _
WHEREAS, the City of Bangor leases certain property at Hayford
Park, so-called, to the Bangor Youth Hockey Association under a
Lease dated April 1, 1991; and
vaimMAH, by Council Order R93-190 passed on March 10, 1993, the
Bangor City Council amended said Lease deleting a reference to a
February 1, 1999 Lease payment; and
WHEREAS, the parties wish to further amend said Lease to reschedule
certain defaulted rental payments due thereunder,
NOW, THEREFOREr By the City Council of the City of Bangor, be it
ORDEREDr
THAT the City Manager is hereby authorized and directed, on behalf
of the City of Bangor, to execute an Amendment to the Lease between
the City and Bangor Youth Hockey Association rescheduling the
Association's obligation to make defaulted payments under Article
IV of said Lease.
IN CITY COUNCIL
September 27. 1993
Is d
GCITY# CLERK
93-449
ORDER
Title,
Authorizing Ssatutiou of Amendment to
Lease Berger Youth Berkey Association
Assigosd to
S,y/
.....................................
Councilman
DRAFT 9-29-93
AMENDMENT TO LEASE
THIS AMENDMENT TO LEASE, executed in duplicate, this 30th
day of September, 1993, by and between,
CITY OF BANGOR, a body politic and corporate, duly
organised and existing under and by virtue of the
laws of the State of Maine, and being located In
the County of Penobscot, State of Maine (hereinafter
referred to as "CITY")
UMN
THE BANGOR YOM HOCEEY ASSOCIATION, a non-profit
corporation, duly organized and existing under and
by virtue of the laws of the State of Maine, and
having an office or place of business in said City
of Bangor (hereinafter referred to as 'BYHA^).
W I T N E S S E T H:
WHEREAS, the CITY and BYNA are parties to a certain Lease
dated April 1, 1991, for the lease to MYNA of a hockey arena and
other facilities located in the CITY's Hayford Park, all as
described in said Lease; and
WHEREAS, BYRA Is required under Article IV of said Lease to
make certain rental payments to the CITY as provided therein; and
wHBREAS, SYMA has defaulted in its obligation to make a
final rental payment in the amoaunt. of $103,500.00 due on August 1,
1993. respectively under said Article IV as previously amended; and
WHEREAS, the CITY and NYHA wish to reschedule BYBA's
obligation to make the defaulted payment over a ten year term
ending August 1, 2003, and to provide for amortisation of interest
on said amounts over the same period;
NOW, THEREFORE, the parties hereby mutually agree that
their Lease dated April 1, 1991 shall be and is hereby amended by
.striking the existing language of Article IV and replacing the same
with the following:
•ARTICLE IV
In consideration of the nature of theuse
of the shall
leased premises, as described hereinafter,
Pay rental as follows:
^Date
Amount
February 1, 1991 $
9,450.00
August
1, 1991
46,300.00
February
1, 1992
4,900.00
August
1, 1992
44,900.00
October 1, 1993
13,500.00
December 1, 1993
11,500.00
August 1, 1994
11,500.00
August 11 1995
11,500.00
August 1, 1996
11,500.00
August 1, 1997
11,500.00
August 1, 1998
11,500.00
August 1, 1999.
11,500.00
August 1, 2000
11,500.00
August 11 2001
11,500.00
August 1, 2002
11,500.00
August 1, 2003
11,325.45
Theraefter, a nominal rental of
$1.00 on the
annual anniversary date of this Lease.
BYRA, at its option, may elect
to prepay the
balance due plus accrued interest prior
to August 1,
2003, and thereby adjust annual lease
payments to the
nominal amount."
In all other respects, the parties' Lease,
dated April 1,
1991, shall remain in full force and effect.
IN WITNESS WHEREOF, the parties have
executed this
Amendment to Lease on the day and year first
written
above.
L�GOJ : N
By
Title City Manager
BANGOR YOUTH HOCKEY ASSOCIATION
By _
Title