HomeMy WebLinkAbout2013-06-24 13-220 ORDERCOUNCIL ACTION
Item No. 13-220
Date: June 24, 2013
Item/Subject: ORDER, Authorizing Execution of Amendment to Lease with The First — Exchange
Street
Responsible Department: Legal
Commentary: The City of Bangor leases land for parking to The First abutting its property on Exchange
Street. The lease terminates on April 1, 2014. The lease rate is currently $1,100 per month and provides
for an increase of 10% per month in the rent every five years. The First would like to extend the term for
an additional ten (10) years.
This Order, if approved, will authorize the City Manager to execute an amendment to the lease to
extend the term for ten (10) years to April 1, 2024 and provide for rent increases to continue every
five years. The rent increases by 10% in 2014 and 2019.
This item was reviewed and recommended for approval by the Business & Economic Development
Committee at it January 8, 2013 meeting.
Manager's Comments:
Associated Information:
Budget Approval:
Legal Approval:
Introduced for
X Passage
First Reading
Referral
Department Head
t)b�
inance Director
Page _of_
13-220
JUNE 24, 2013
_ Assigned to Councilor Sprague
GITY OF BANGOR
04 E fEer
ED.
(TITLE.) ORDER, Authorizing Execution of Amendment to Lease with The First — Exchange
Street
WHEREAS, the City of Bangor leases land to The First abutting its property on Exchange
By tie City Ckw#W/af0e.City afeanow.
ORDERED,
THAT Catherine M. Conlow, City Manager, is hereby authorized on behalf of the City of Bangor
to execute an amendment to the lease between the City of Bangor and The First. Said
amendment will provide for a term through April 1, 2024, rent increase on April 1, 2014 of 10%
and rent increase on April 12019 of 10%, and shall be In final form as approved by the City
Solicitor or Assistant City Solicitor.
Street; and
WHEREAS,
the leased property is used for parking; and
WHEREAS,
the lease provides for an increase in the rent every five years; and
WHEREAS,
the lease terminates on April 1, 2014; and
WHEREAS,
The First would like to extend the term for an additional ten years; and
WHEREAS,
an extension of the lease is in the best interest of both parties.
By tie City Ckw#W/af0e.City afeanow.
ORDERED,
THAT Catherine M. Conlow, City Manager, is hereby authorized on behalf of the City of Bangor
to execute an amendment to the lease between the City of Bangor and The First. Said
amendment will provide for a term through April 1, 2024, rent increase on April 1, 2014 of 10%
and rent increase on April 12019 of 10%, and shall be In final form as approved by the City
Solicitor or Assistant City Solicitor.
IN CITY COUNCIL
Juane 24, 2013
CITY CLERK