HomeMy WebLinkAbout2018-06-25 18-264 Order
06/25/2018
18-264
06/25/2018
18-264
Legal
Order
R64-001
Title, Order
Authorizing the City Manager to Sign a Consent to Lease Termination and Associated Agreement Regarding a
Lease Between Waterworks Development, LP and SHWP, LLC
This Order would allow Waterworks Development, LP to terminate the lease with SHWP, LLC
regarding the site of the former Engineer's House and an associated agreement with the City.
Waterworks Development and SHWP are both entities associated with the Shaw House.
In 2005, Waterworks Development renovated a building at the site of the old waterworks on State
Street, creating a number of residential units. Waterworks Development also leased a separate
building, the Engineer's House, to SHWP. The lease covers only the building and the area of land
directly underneath the building. As a lender for the waterworks housing project, the City entered
into an agreement with SHWP that requires the City approve any amendment or termination of the
lease between Waterworks Development and SHWP.
The Engineer's House was demolished in 2017. At this time, the lease between Waterworks
Development and SHWP no longer has any purpose. Waterworks Development would like the City
to agree to termination of the lease and the associated agreement. The City's collateral (including
its mortgage) regarding the waterworks site in general will remain in place and will not be affected.
Recommend for passage
New Business
CITY OF BANGOR ORDER 06/25/2018
18-264
06/25/2018
18-264
Tremble
Authorizing the City Manager to Sign a Consent to Lease Termination and Associated Agreement Regarding a
Lease Between Waterworks Development, LP and SHWP, LLC
Be it Ordered by the City Council of the City of Bangor that,
The City Manager of the City of Bangor is hereby authorized to execute a Consent to Lease Termination
regarding a lease between Waterworks Development, LP and SHWP, LLC and Termination of Subordination,
Non-Disturbance and Attornment Agreement. These documents refer to the land at the former waterworks
site upon which the former Engineer's House rested. The documents shall be in final form as approved by the
City Solicitor or Assistant City Solicitor.
IN CITY COUNCIL
JUNE 25, 2018
CO 18-264
PASSED
4.0,)
CITY CLERK