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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