HomeMy WebLinkAbout2010-04-12 10-127 ORDERCOUNCIL ACTION
Item No. 1 Q 127
Date: April 12, 2010
Item/Subject: ORDER, Authorizing an Amendment to the Lease of Land, Building and
Improvements at 690 Maine Avenue to L. L. Bean, Inc.
Responsible Department: Community & Economic Development
Commentary:
This Order will authorize an amendment to the lease with L.L. Bean, Inc. for land, building and
improvements at 690 Maine Avenue. The amendment will extended the term for five years from
2010 to 2015 after which there is a five-year renewal option. The monthly lease rate will remain at
$19,375. L.L. Bean will have an option to terminate the lease after three (3) years by providing a six
(6) month notice of termination. A fee of 3% will be applied in years 4 and 5 of the agreement
($6,975 annually) to be used for maintenance and repairs to the property. The lease will remain
triple net, with the tenant responsible for paying all taxes, utilities and other operating costs.
Department Head
Manager's Comments:
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City Manager
Associated Information:
Budget Approval:
Fin ce Director
Legal Approval:
City Solicitor
Intro uced for
Passage
First Reading Page _ of _
Referral
10 i 27
Assigned to Councilor — Weston April 12, 2010
CITY OF BANGOR
(TITLE.) ORDER, Authorizing an Amendment to the Lease of Land,
Building, and Improvements at 690 Maine Avenue to L.L. Bean, Inc.
WHEREAS, the City of Bangor is the owner of land and a building located at 690 Maine
Avenue, Bangor, Maine; and
WHEREAS, by Lease dated April 29, 2005 the City of Bangor agreed to lease to L.L. Bean,
Inc. the land, building and improvements located at 690 Maine Avenue; and
WHEREAS, the parties wish to amend said Lease to extend the term, establish the rental
rate for the period August 1, 2010 to July 31, 2015 and other changes:
BE IT ORDERED BY THE CITY COUNCIL OF THE CITY OF BANGOR THAT
The Interim 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 L.L. Bean, Inc. for the land, building
and other improvements at 690 Maine Avenue in substantially the same form as attached
hereto and in a final form as approved by the City Solicitor or Assistant City Solicitor.
IN CITY COUNCIL
April 12, 2010
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(TITLEJAW-16 -i zing an Amemd=nt t0 the
s.eas_ of Land - Rni 1 ding' nd Inrovements
at Fign Maine Aypnilp to L.L. Bean, Inc
Assigned to Councilor
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