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HomeMy WebLinkAbout2019-03-25 19-120 Order 03/25/201919-120 03/25/2019 19-120 Community & Economic Development Order 101-010 Title, Order Authorizing an Amendment to Indenture of Lease and Establishing the Lease Rate with Gary J. Hagan for Land at 967 Illinois Ave. This order will authorize an amendment to the lease agreement between the City of Bangor and Gary Hagan dated February 9, 1999 for Lots 7 and 8 in the BIA Commercial / Industrial Park. As written, the lease stipulates that the monthly lease rate will be updated as of April 1, 2019 to 10% of the market value for the period to March 31, 2024. Gary J. Hagan has leased 4.11 acres in the BIA Commercial / Industrial Park since 1999, and the term extends to 2039. The current monthly lease amount is $1,441.17. On the parcel Mr. Hagan constructed a building which he leases to the US Department of Agriculture. Mr. Hagan has agreed to an annual lease rate of $22,167.36 and a monthly rate of $1,847.28 which will be in effect for the next five (5) years. Business & Economic Development Committee 03/19/2019 Recommend for passage Consent 03/25/201919-120 CITY OF BANGOR ORDER 03/25/2019 19-120 Nealley Authorizing an Amendment to Indenture of Lease and Establishing the Lease Rate with Gary J. Hagan for Land at 967 Illinois Ave. WHEREAS, the City of Bangor is the owner of certain real property situated at 967 Illinois Ave., Bangor, Penobscot County, Maine; and WHEREAS, the City of Bangor and Gary J. Hagan entered into a lease effective as of February 9, 1999 for the premises located at 967 Illinois Ave., Bangor, Maine; and WHEREAS, the lease states that the lease rate be established for the period of April 1, 2019 to March 31, 2024: Be it Ordered by the City Council of the City of Bangor that, the City Manager is authorized to execute an amendment to the Indenture of Lease between the City of Bangor and Gary J. Hagan that establishes the lease rate for the period of April 1, 2019 to March 31, 2024 at $22,167.36 annually and $1,847.28 monthly in a form approved by the City Solicitor or Assistant City Solicitor. IN CITY COUNCIL MARCH 25, 20I9 CO 19-120 PASSED O. CLERK