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