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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