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HomeMy WebLinkAbout2016-12-28 17-048 ORDERCOUNCIL ACTION Item No. 17-q48 Date: December 28, 2016 Item/Subject: ORDER, Approving An Amendment to a Lease Agreement with JSI Store Fixtures, Inc. (Tax Map R09 -007-D) Responsible Department: Community & Economic Development Commentary: This Order will authorize the execution of an amendment to a Lease with JSI Store Fixtures, Inc. at 110 Hildreth St. The lease term will extend for five (5) years to December 31, 2021. JSI will lease all of the office and production space; will be responsible for all occupancy costs and property taxes; will be responsible for ordinary and routine maintenance; and the lease rate will be reduced. All other terms and conditions will remain the same. This item was reviewed and recommended for approval by the Business & Economic Development Committee at its December 20, 2016 meeting. Manager's Comments: Associated Information: Order Budget Approval: Legal Approval: Introduced for X Passage First Reading Referral Tanya Emery Department Head C✓Y` City Manager Lk'� 6�1 - Finance Director Page _ of _ City Solicitor 17-048 DECEMBER 28, 2016 Assigned to Councilor Perry CITY OF BANGOR (TITLE,) ORDER,, Approving An Amendment tQ a Lease Agreement with JSI Stare Fixtures, Inc. (Tax Map 8.09-007-D) WHEREAS, the City of Bangor is the owner of land and building located at 110 Hildreth Street, Bangor; and WHEREAS, JSI Store Fixtures, Inc. has leased space at 110 Hildreth St., Bangor since December, 2013; and WHEREAS, the parties would like to extend the agreement; and WHEREAS, approval of the lease amendment will result in new employment opportunites: BE IT ORDERED BY THE CITY COUNCIL OF THE CITY OF BANGOR THAT the City Manager is authorized to execute an amendment to a lease agreement with JSI Store Fixtures, Inc. to extend its lease of land and building at 110 Hildreth Street for five (5) years, January 1, 2017 to December 31, 2021 at an annual lease amount of $81,642, in a form approved by the City Solicitor or Assistant City Solicitor. JSI Store Fixtures, Inc. will be responsible for property taxes, building maintenance, insurance, and occupancy costs and utilities. All other terms and conditions will remain the same. IN CITY COUNCIL DECEMBER 28, 2016 CO 17-048 STkD CITY CLERK