HomeMy WebLinkAbout1990-09-10 90-319 ORDERCoumil A<sion
Date 9/5/90 Item No. 90_-319
Ilsm/gu6jeR: Order approving transfer If interest in Econo-Storage
Project
RapmuibN UePartmen6 Community d Economic Development
Commmtary.
Robert saldacoi, one of the principals in the Econo-Storage-of
Maine project located at Bangor International Airport has
negotiated a sale of his interest in the project t* another -
partner. According to terms of the ground lease, the Cit
of Bangor must approve such a transfer. y
The C&ED Committee reconmenaed approval of this request.
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ManaBm sComments: / -
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Budget Approval. -
Legal Approval:
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Introduced For
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El First Reading - paga_of_
❑Referral
90-319
Auigned to Gmmc9or Sulli,ao, September 10, 1990
CITY OF BANGOR
(TITLE) Or4CT Auth zing City Manager„to,,,, ute agreement authorizing
transfer-, f,interegS af.].essee.. in Econe-Storage of.. Mdige,vroject. _..
BY thf City Cftr afG C4 KDxft w:
ORDERED,
THAT the City Manager be authorized to sign an agreement which
authorizes the transfer of the leasehold interest in the operation of
Econo-Storage of Maine from Robert Baldacci, Jr. to Michael J. Fiori.
IN CITY COUNCIL
SepcemFen lof 1990
to ed C if 9aldacci
1n1
ME-
hRK
90-319
ORDER
Title,
Authorising City Manager to Execute Agreement
Authorizing Transfer of Interest of Lelsee
......................................
In 8conoBStarage of Mefn¢ Proj ec[. .
A Pmmi to
........................ 6........... I.
Councilman
BALDACCI
% ASSOCIATES
90-319
183 HAR� STREET IN
en nrga, MAINEWWI Ni Y Yn
IA 1 SW.90-IM(F-ID31FA1(
August 22, Isuo
Mr,: Kenneth Gibb
Directory
Planning and Community UevelOpment
city Nall /
Marlow Gtreet
Bangor, Mie"',)e 04401
Be: around lease/ Union Street
Dear Ken,
I recently negotiated a sale of my interest in
Eeono-Storage with Michael Fiori. Under the terms of our ground
Issas with the City of Bangor, any change or transfer of
ownership must be approved by the City Of Bangor.
I have enclosed the agreement for your review and signature.
This transfer will allow Fiori to infuse additional equity
tunda into the Protect.
If YOU have any questions Dlease feel free to Call m0.
S arely,
Obert E. IS daccl, Jr,
CCI Joe. Forrls
Michael Fiori"
REAL ESATE DmLDv MENT AND MANvGEMvh
90-319
AGR$?MEryT TO TRANSFER INTEREST OF LESSEE
THIS AGREEMENT made this first day of April, 1990, by and between the
City of Bangor, a body politic Incorporate duly organized 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 "Lessor" and
Michael J. Find of Bangor, County of Penobsoot, State of Maine: Ronald J.
LBaldacci. J. aValRe of Gardiner. Comity of Eennebcc, State of Maine: and Robert E.
Of
sometimes' ferrM to as "LesseesP and Michael Je Ploof ri of BangorCountyof
Penobscot,'',State of Mahle herelnaQer sometimes referred to as "Purchaser".
WITNESSETH:
WHEREAS, Lessor 19�111a Owner of an airport commonly known as Bangor
International Airport formerly known as Dow Air Force Base and Is located
in dm City of Bangor, County Of Penobscot, State of Maine, and
WHEREAS. Lessees have entered into a lease agreement with the Le5501' by
Indenture of Lease Elated September 1, 1987, a Memorandum of which is
recorded in the Penobscot County Registry of Deeds in Volume 4117, Page
41, and
WHEREAS, Robert E. Baldacci, Jr. one of the Lessees is desirous of
conveying his Interest in the said Lease Agreement and in the business
Operation known as Ecovo Storage of Maine. and
WHEREAS, Michael J. Fiori is desirous of acquiring his interest in said Lease
and business Agreement. and
WHEREAS, all of the paries are agreeable to the said Robert E. Baldacci, Jr.
conveying his leaseholdInterest to said Michael J. Fiore.
NOW THEREf:ORC the parties do mutually agree as follows:
1. Robert F,c'r, X1Pdaccl, Jr., does hereby assign all his rights, title and interest
in and to thycertmn Indenture Of Lease Agreement above referred to
Michael J. Fiorl by virtue of these present.
2. Said Michael J. Florl agrees to pay Robert E. Baldacci, Jr. the sum as
agreed upon in a certain Agreement of even date.
3. Michael J. Fiori hereby agrees to fully release Robert E. Baldacci, Jr. from
Ore obligations to Casco Northern Bank, N.A. and other obligations in the
form of a certain Note Collateral Assignment of Lease, promissory Note and
UCC Financing Statement entered Into under the terns of the insuring of
this Agreement all as are reflected In the records of the Penobscot County
str
Re y of Deeds in Volume 4117, Page 41 - Memorandum of lease, In
Volume 4117, Page 51 through 55 - UCC Financing Statement and Security
Agreement
4. The City of Dmtgor agrees to the transfer of the leasehold interest of -
Robert Daldacci, Jr. to Michael Final by virtue of these present.
5. All of the parties of this Agreement hereby agree to the execution of a
Memorandum of this Transfer of Lease Agreement to be recorded in the
Penobscot County;Registry of Deeds.
Dated at Ongm. Maine this first day of April, 1990.