HomeMy WebLinkAbout1991-09-23 91-363 ORDERCOUNCIL ACTION
Item No.
Date .Sv
It®/Subject, Authorize the City Manager to execute an option
agreement and a lease agreement for the lease of a lot
in the BIA Commercial / Industrial Park.
Department: Cosmnunity and Economic Development
COmmentaryt Edward Delay, President, Sir Edward's Smorgasbord, Inc.,
St. Sohn, New Brunswick wishes to lease lot 11 in the BIA Commercial /
Industrial Park. Delay would construct a 8400 sq. £t. building for a
restaurant operation catering primarily to tour buses. The 2.07 acre
lot has been appraised at $155,000. The building would be prefabri-
cated steel with a mansard roof line. Sixty percent of the exterior
will be brick facade or windows with the remainder steel panels. A
significant amount landscaping will be included in the site plan.
Investment In the project will be $700,000 in building, machinery, and
equipment generating approximately $14,000 in property taxes. There
will be 10 new full-time jobs and 10 part-time jobs created from the
project. The projected lease revenues over the first twenty years of
thelease will be over $400,000.
This investment is the direct result of Bangor's Sister City relation-
ship with Saint Sohn. Delay became interested in an operation in
Bangor after talking with Bangor officials during a Sister City
exchange.
-�-1111..r
cepa% en
Manager's Comments•
�y Cit�Manager
Associated informations This item has been presented to the Community
and Economic Committee and the City Council in executive session.
Each recommended proceeding with the project as outlined above.
Finance Director
City Solicitor
Introduced For:
x Passage
First Reading Page 1 of 2
_
Referral
Mdgmd to Council«
,
CITY
OF
BANGOR
(TITIE.) (DTT¢r, ...A.nt°°
i 'a city Mm,, er to axeonee an option. Agreemant and
a i.eaee agreement for the
Lease of
a lot in the BTA C®ercial/
By tae City Council of Me COW OfBGnyar:
ORDERED,
TWT the City Manager is hereby authorised and directed,
on behalf of the City of Bangor, to execute an option agreement
and a lease agreement, a copy of which is on file in the office
of the City Clerk, with Bir Edward's Smorgasbord, Inc. for Lot
#11 in the BIA Commercial/h duntnial Park at Bangor International
Airport.
Title,
91-363
0ROER
In City Council September 11, 1991 I Authorise the City Manager to Execute
...........................
passed Mder Suepension of the Rules an option agreement and a lease agreement
v'?....................................
or
ity Clgdaer=i�IRdustrial Paarkthe R[4
Lameark u
Migned to
.............................
Councilman