HomeMy WebLinkAbout2013-07-22 13-257 ORDERCOUNCIL ACTION
Item No. 13-257
Date: July 22, 2013
Item/Subject: ORDER, Authorizing Execution of an Amendment to Lease with Stillwater
Realty, LLC — 900 Hammond Street
Responsible Department: Community and Economic Development
Commentary:
The City owns real property located at 900 Hammond Street. Stillwater Realty, LLC is the owner
of a building at this location and leases the land from the City. Stillwater Realty, LLC wishes to
purchase the land on which their building is located, pursuant to the City -owned property
disposition policy which allows for the purchase of leased land given the satisfaction of certain
terms and conditions including the creation of investment equal to the value of the lost lease
revenue. The land is subject to a deed restriction prohibiting its sale.
This Order, if approved, will authorize the City Manager to take steps to obtain the release of the
deed restriction and to execute an Amendment to the lease with Stillwater Realty, LLC to provide
for an option to purchase the property if the City gets the release of the deed restriction on
terms that are consistent with the City's policy for the sale of leased land.
This matter was discussed and recommended for approval by the Business and Economic
Development Committee at its July 1, 2013 meeting.
Manager's Comments:
Associated Information:
Budget Approval:
Legal Approval:
Introduced for
Passage
First Reading
Referral
Department Head
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City ..-
Finance Director
Page _of_
Solicitor
13-257
JULY 22, 2013
Assigned to Councilor Civiello
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CITY OF BANGOR
(TITLE.) ORDER, Authorizing Execution of an Amendment to Lease with Stillwater Realty,
LLC — 900 Hammond Street
WHEREAS, the City is the owner of real property located at 900 Hammond Street; and
WHEREAS, Stillwater Realty, LLC is the owner of a building at this location and leases the land
from the City; and
WHEREAS, Stillwater Realty, LLC wishes to purchase the land on which their building is located;
and
WHEREAS, the real estate at 900 Hammond Street is subject to a deed restriction prohibiting its
sale; and
WHEREAS, the City -owned property disposition policy allows for the purchase of leased land
given the satisfaction of certain terms and conditions; and
By the City Council of the City of Bangor.
ORDERED,
THAT Catherine M. Conlow, City Manager, is hereby authorized on behalf of the City of Bangor
to execute all documents necessary to obtain the release from the deed restriction prohibiting
the sale of the land at 900 Hammond Street consisting of approximately 3.284 acres (Tax Map
2, Lot 6) and to execute an amendment to the lease between the City of Bangor and Stillwater
Realty to provide for an option to purchase. Said amendment to the lease for an option shall
provide for a sale price of $246,300.00 if able to be exercised prior to December 31, 2013 or a
sale price as determined by an appraisal if exercised after December 31, 2013; shall be
contingent upon documentation of additional taxable investment in the City of Bangor
consistent with the requirements of the City's policy for sale of previously -leased properties and
such other terms and conditions as reasonable and appropriate and consistent with the
requirements of the City's policy for sale of previously -leased properties. Said Amendment to
lease shall be in final form as approved by the City Solicitor or Assistant City Solicitor.
IN CITY COUNCIL
July 22, 2013
Motion made and seconded for Passage
Motion Doubted
Vote: 5-3
Councilors Voting Yes: Blanchette, Civiello, Nealley,
Sprague, Durgin
Councilors Voting No: Baldacci, Gallant, Longo
CITY CLERK