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HomeMy WebLinkAbout1984-06-25 84-244 ORDER84-244 Introduced by Councilor Jordan, June 25, 1984 CITY OF BANGOR (TITLE) (ffirAlgr, _AuthorizingWaiver of Lease ..Provisions - Bass Park Corporation ...... . ... ..---------- ................. _____. _. __... ....... ...__ Sy14GtyCmuWYn£ W�W4C8uWan„ SIaW@I WHEREAS, by Lease datzd July 27, 1981, the City of Bangor leased to the Bass Park Coi_poration, the Bangor Auditorium and adjacent facilities; aAd' - WHEREAS, under Article III, Paragraph E in the event the year-end balance sheet of the Lessee,. Bass Park Corporation, shows cash surplus position, the Treasurer of the Lessee isrequired to deposit an amount equal to 508 of said cash surplus in a reserve for future rental payments; and WHEREAS, for �1983.the'.Corporation realized a casS surplus, and there are numerous capitalimprovementneeds at Bass Park; and WHEREAS, the Bass Park- 'Corporation wishesto avoid void-asking the City of Bangor to appropriate additional monies to meet those needs; and WHEREAS, the Bass Park Corporation desires to use all or a. part of said surplus for purposes of meeting said needs, NOW, THEREFORE, by the City Council of the City of Bangor: ORDERED, THAT for the Bass Park Corporation's. 1983 fiscal year only, the Provisions of Axtic&e III, Paragraph E are hereby waived; and be it further THAT the Bass Park Corporation is hereby authorized and directed to use all of the aforementioned cash surplus for purposes of financing such capital improvements at Bass Park as may be approved by the Corporation's Board of Directors. 84-244 IN CITY COUNCIL O R D E R aYne 25, 1984 '84 JIM 18 AB 56 Passed Titley 4z zoo��e� RECEIVED YthProvisionsCOF RANG Waiver of Lease ER CiT.. ............................... EIIV CLERK 8a95.Park.Co[ o[etion' ...........Q........................ Antroddd filed Ly .6C iima n