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
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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
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CLERK
8a95.Park.Co[ o[etion'
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Antroddd filed Ly .6C iima
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