HomeMy WebLinkAbout2016-10-24 16-385 ORDERCOUNCIL ACTION Item No. 16-385 Date: October 24, 2016 Item/Subject: ORDER, Authorizing an Amendment to the Indenture of Lease with USABFIT, LLC at 366 Griffin Road (Map 100-006) Responsible Department: Community & Economic Development Commentary: USABFIT, LLC d/b/a Union Street Athletics has exercised its option to extend the Indenture of Lease between the City of Bangor and USABFIT, LLC for Lot 10 in the BIA Commercial / Industrial Park located at 366 Griffin Rd. for five (5) years, November 1, 2016 to October 31, 2021. The City of Bangor has proposed and USABFIT, LLC has accepted an annual lease amount during the term of $16,440 annually paid monthly in the amount of $1,370. This item was reviewed and recommended for approval by the Business & Economic Development Committee at its October 18, 2016 meeting. Manager's Comments: Associated Information: Budget Approval: Legal Approval: Introduced for X Passage First Reading Referral Tanya Emery Department Head Page _ of _ City Manager Finance Director City Sol itor Assigned to Councilor Nealley CITY OF BANGOR 16-385 OCTOBER 24, 2016 (TITLE.) Order, Authorizing an Amendment to the Indenture of Lease with USABFIT, LLC at 366 Griffin Road (Map 100-006) WHEREAS, the City of Bangor is the owner of Lot No. 10 in the BIA Commercial / Industrial Park; and WHEREAS, by Indenture of Lease dated October 8, 2015 the City of Bangor leased Lot No. 10 to USABFIT, LLC; and WHEREAS, USABFIT, LLC has exercised its option to extend the term of the lease agreement; and WHEREAS, the option requires the parties to establish the lease rate during the period: BE IT ORDERED BY THE CITY COUNCIL OF THE CITY OF BANGOR THAT The City Manager is hereby authorized, on behalf of the City of Bangor, to execute an amendment to the Indenture of Lease with USABFIT, LLC, for a lot of land at 366 Griffin Road (Lot No. 10, BIA Commercial / Industrial Park) which extends the term of the agreement to October 31, 2021 and sets the lease rate at $16,440 annually paid monthly in the amount of $1,370 during that term, in a form approved by the City Solicitor or Assistant City Solicitor. IN(;CITY a.:COUNCIL OCTOBER 24, 2016 CO 16-385 PA ED CITY CLERK