HomeMy WebLinkAbout2018-08-27 18-330 Order
08/27/201818-330
08/27/2018
18-330
Community & Economic Development
Order
002-006
Title, Order
Authorizing an Amendment to the Indenture of Lease with Stillwater Realty LLC at 900 Hammond Street –
Map 002 Lot 006
Stillwater Realty LLC has exercised an option to extend its lease of land at 900 Hammond St. (Map
002 Lot 006) for ten (10) years and has requested the term be extended an additional ten (10)
years. The current annual rate for the 3.3 acre lot is $20,910. The parties have negotiated a lease
rate for the period of May 1, 2018 to April 30, 2023 of $22,374 annually. During the period of May
1, 2023 to April 30, 2028 the annual rate will be $23,940. During the period of May 1, 2028 to April
30, 2033 the annual rate will be $25,616. During the period of May 1, 2033 to April 30, 2038 the
annual rate will be $27,409.
This item was reviewed and recommended for approval by the Business & Economic Development
Committee at its June 19 2018 meeting.
Business & Economic Development Committee
06/19/2018
Recommend for passage
Consent
08/27/201818-330
CITY OF BANGOR ORDER
08/27/2018
18-330
Perry
Authorizing an Amendment to the Indenture of Lease with Stillwater Realty LLC at 900 Hammond Street –
Map 002 Lot 006
WHEREAS, the City of Bangor is the owner of an airport commonly known as Bangor International Airport,
formerly known as Dow Air Force Base, located in the City of Bangor, County of Penobscot, State of Maine;
and
WHEREAS, by Indenture of lease, dated May 12, 1988, amended February 1, 1989 and June 18, 1989,
Stillwater Realty LLC agreed to the lease by the Lessor of a lot of land located at 900 Hammond St., Bangor,
Maine; and
WHEREAS, the parties hereto wish to amend said Indenture of lease as amended to establish an annual lease
rate and extend the term of the agreement:
Be it Ordered by the City Council of the City of Bangor that, the City Manager is hereby authorized, on behalf
of the City of Bangor, to execute an Amendment to the Indenture of Lease with Stillwater Realty LLC, for a
parcel of land at 900 Hammond Street in a form approved by the City Solicitor or Assistant City Solicitor.
IN CITY COUNCIL
AUGUST 27, 2018
CO 18-330
PASSED
4.0CITY CLERK