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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