HomeMy WebLinkAbout1988-01-11 88-82 RESOLVE88-82
Introduced by C,,,,, 1,, Shubert, January 11, 1988
CITY OF BANGOR
(TIRE) �RMVIVC B°ngo 1 r Deveiopnient As iatea lean Agreement-
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Schoolhouse Parking
By Bm City CovammU eNe City ofBawpor:
B SOLVBD,
WHEREAS, the City of Bangor aM the United States Department of Housing 6
Urban Development have entered into an Urban Development Action Grant (Um )
Agreement (Grant No. 684-A5-25-0085) relative to the expansion of the Abbot
Square Parking Int and the development of the Scbocllnuse project; and
WHERPAS, said UD.M. Agre®nent requires the City to lease thirty (30) parking
spaces to Bangor Development Associates (Developer), the developer of the
Schoolhouse project, under the fgll.owing rental farts:
- Sbe Developer shall pay to the City
(1) For the first fifteen (15) years of the lease,
a vonthly rental a= equal to the greater of:
Ia) $225.00 (30 spaces x $].50), which scan sball
De increased by 51 at each annual atmiversary
of the lease, of
(b) a awn equal to the product of 30 parking spaces
x the City's monthly fee esteblisbed for its
regular permit parking spaces in the Abbot Square
Parking iat.
(2) Por CM remaining fifteen (15) years of the [ease, a
monthly rental mm equal to the greater of:
(a) $400.00, ca-
(b)
r(b) a sun equal to the product of 30 parking spaces
x the City's nonUly fee established for its
regular permit parking spaces in the Abbot Square
Parking Int; and -
WHEREAS, the City and Leveloper did enter into a Lease Agreement, dated
August 31, 1984, which included the ahovw-iadicated rental provisions; and
WHEREAS, Developer has represented to the City that it is unable to make the
required payments as set forth in said lease Agrement at this time; and
WHEREAS, the City Council recognizes the obligations of both tM City and
Developer unmr the aformentioned tease and D Agrecamts, however, it
also recognizes that sane form of temorary relief is warranted and should
be afforded to Developer;
NDWI =REMRE, By the City Council of the City of Hangor:
MMVED,
= the terms and conlitioea of the Lease Fgrseoent, dated Augu3t 31, 1984,
by aha between the City and Developer shall raiain in full force am effect,
provided however that Developer stall be permittedto make mDnthly rental
peyaents in a am less than that required] by said Inose Agressent but of not
less than Two Hundred Twenty-five ($225.00) Collars par ninth, subject to
the following camitions:
(3) Developer shall, prior to April 15th 0£ each calendar
year, suhuit to the City Finance Director an audited
annual itemized financial statment of inmoe and
expanses of the Schoolhouse project prepared by an
independent certified public accountant which dernstrates
to the Finance Director that the cash flow generated by said
SchooLwuse project is insufficient to pay tha sums required
under the Loam Agrement;
(2) Dsveloper shall remain liable for any unpaid balance
(the differmcd between the rental fee as established by
the lanae Agrearant and the curs actually paid) and any
such unpaid balance shall accrue interest at a rate of
0.58 per nonth;
(3) Developer shall make full payment of all a aunts to the
City, including interest, under the terms of the Lease
P reanent whenever sufficient cash flow fran the Schoolhouse
project exists to do ec aha prior to any payments to or
or withdrawals by Bangor Davelcp ent Associates, Bangor
Schoolhouse Associates, or their partners in. the Schoolhouse
project, or upon the expiration of the Lease Agrement o
upon any sale, transfer, or refinancing of the ECIwoLnuse
project property;
(4) Nothing herein shall be construed as a waiver by the City
of any of its rights under the tensa of said Lame Agreermt
and nothing harein shall be construed a of any of
the obligations aha liabilities of Developer the terns
of said Lease Agreement.
In city Cbmictl Jamul 11,1988
passed
Cr C CIE
k
RES0Lve
Banpr �eloprznt Associates
Agreeient Setnol Hcvae Perking
`=ice_ PN400.
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