HomeMy WebLinkAbout1992-09-30 92-458 RESOLVECODNCM ACTION 92-458
Date! 26 92 Irmo No.:
Item/Subject!
Adoption of policy to sell and/or lease lots in BanAir Industrial Park.
Responsible Department! Camnunity and Economic Development
Commentary: Bee attached information.
The Community and Economic Development Committee, at its meeting on August
19, 1992 recommended the City Council adopt the policy of selling or
leasing land in BmAir Industrial Park. The BanAir Corp. Board of
Directors, at its meeting on September 24, will consider the policy.
The Cownunity and Economic Development Committee, BanAir Corp. Board of
Directors, and Staff recommend that the policy should be to sell or lease
land at BanAir Industrial Park for the following reasons:
1. This policy provides the City with a greater menu of development
options, is in Bankir Industrial Park sites could be leased or sold,
while in the Maine Business Enterprise Park and the BIA
Commercial/Industrial Park lots will be for lease only.
2. The policy enhances the marketability of RmAir Industrial Park. Some
clients prefer to buy rather than lease property.
3. The ability to sell or lease land makes Ban Industrial Park more
competitive with other industrial pa Ea region.
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Sv stitUted Copy
(n5 AMENDED) /3'YC✓
CITY OF BANGOR
(TITLE.) �iroalllr, . .................... _..... ..............._. .._....._.....
Adopting a policy of selling and/or leasing lots in
Ban&ir industrial Park.
By Mu Clty ComwU oftl City ofBanasr:
RESOLVED,
That the City Manager is hereby authorised and
directed, on behalf of the City of Bangor, to implement the
following policy regarding the sale and/or lease of lots in
annkir Industrial Park:
That the 'Land Lease Policy within the Bangor International
Airport Complex- be amended to include the sale and/or lease of
lots in Be r Industrial Park. That policy includes the
objective that sites are offered at competitive prices which
generally reflect the local market and do not undercut the
private sector real estate market .unless there is an overriding
economic development justification.
Furthermore, that the proceeds from the sale or lease of lots be
placed in a fund for the completion of BanBir Industrial Park and
future investment opportunities, such as the purchase of
additional land, which will create long term revenue for Bangor
International Airport.
11 92- 458
I9 City Council 6eptember 1990 R E S O L V E
Amended by Substitution and Adopting a Policy of. Selling and or
Passed Leasing lots in Benair Industrial Park
ity cler
BARAIR Industrial Park
Sellina vs. Leasina of Lots
Advantaves to Leas
92-458
• Creates long tarn, predictable income stream for BIA
• Provides potentially greater control over site during lease
period
Advantages to Belling:
Provides greater degree of marketability, especially to
maller, local companies
Provides an option for clients to purchase land rather than
solely lease land from the City
• Provides immediate income to BIA
• Reduces property management responsibilities
Recommendation,
Staff recommends; that the BanAir Corporation's policy should be
to sell or lease land at Bankir Industrial Park for the following
reasons:
1. Provides the City with a greater menu of development options,
is in Ban it Industrial Park sites could be leased or sold, while
the Maine Business Enterprise Park and the BIA Commercial /
Industrial Park lots will be for lease only.
2. Enhances the marketability of Bannir Industrial Park.
Clients prefer to buy rather than lease.
3. Makes BamAir Industrial Park more competitive with other
industrial parka in the region.