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HomeMy WebLinkAbout1975-10-15 389 AC ORDER369 AC Introduced by Councilor Murray, October 15, 1915 CITY OF BANGOR QQLFJ (k)rlb8rf . Author Us ing Lease of parcel P 6.0.10 to Fzansway_ Rea Icy company - By Me cup cowwu oftho My of 8n .' ORDERED, THAT the City Manager is hereby authorized and directed to execute and deliver a lease In a form approved by the City Solicitor to Pransway Realty Company, a joint venture partnership, providing for the lease of Parcel P S 0 10 at an annual rental of One ($1.00) Dollar. As a condition of said lease agreement, In the event that said parcel becomes desirous or necessary for purposes of constructing anew bridge across the Penobscot River, or for widening or improving rights -of -say for adjacent public. streets, the City of Bangor will be able to terminate said lease agreement without further obligation to Fransway Realty Company. STATEM M OF FACT: P 5 0 10 is to be conveyed to the City of Bangor by the Urban Renewal Authority of the City of Banger. Fraoaway Realty Company Is the developer of Parcel GB�3 from which Parcel P & 0 10 originally ca It s the understanding and intent of the parties that P 4 0 30 will be used by reansway Realty Company for parking purposes only, and that in the event it becomes necessary for the various public purposescited above, the City may terminatethe lease agreementwithout further Obligation to Frensway. 'IN. CITY COUNCIL 389 AC G tobec 15. 1975 - Passed. ' - 0 R 0 E R Title ' cxmY al,n _ .. m,mo:i:inq, tease; of PaiceL P a o le .RECEIVED ........ .. .................. CITY OF BANGOR ca, Fx sway Realty C�any. GITV OEERR'S OFFIOE ...................................... °15.00i 8 Pfl 4 2B Introduced. and filed by !1 V.i cilman