Loading...
HomeMy WebLinkAbout2009-05-27 09-188 ORDERCOUNCIL ACTION Date: May 27, 2009 Item No. 3 9 18 8 Item/Subject: ORDER, Authorizing Second Amendment to Indenture of Lease between City of Bangor and Cabrel Company Responsible Department: Community & Economic Development Commentary: The Cabrel Company has leased 6.9 acres of land at 396 Griffin Road since April 1, 1979 on which it developed a 46,678 square foot office building which it leases to the Maine Department of Human Services. Cabrel has exercised its option to extend its lease for a ten year period commencing January 1, 2009 and terminating December 31, 2018. This Order would authorize an amendment to the Lease establishing the rental rate for the extension period of $32,000 annually from January 1, 2009 through December 31, 2018. All other terms of the Lease remain the same. The Business and Economic Development Committee has reviewed this Lease Amendment and recommends approval. Manager's Comments: Associated Information: Budget Approval: Legal Approval: Introduced for X Passage First Reading Referral Department Head toylrW409'I ManagerCity Finance Director Page ` of _ Assigned to Councilor D' Errico May 27, 2009 CITY OF BANGOR (TITLE.) ORDER, Authorizing Second Amendment to Indenture of Lease between City of Bangor and Cabrel Company WHEREAS, the City of Bangor has leased to the Cabrel Company Lot No. 14AB at 396 Griffin Road in the B.I.A. Commercial/Industrial Park since April 1, 1979; and WHEREAS, Cabrel Company has exercised its option to extend its lease for a ten year period commencing January 1, 2009 and terminating December 31, 2018; and WHEREAS, the parties hereto wish to further amend said Indenture of Lease to establish the annual rental rate for the period January 1, 2009 through December 31, 2018: NOW, THEREFORE, BE IT ORDERED BY THE CITY COUNCIL OF THE CITY OF BANGOR THAT The City Manager is hereby authorized to execute Second Amendment to Indenture of Lease dated April 1, 1979 and amended February 12, 1993 between City of Bangor and Cabrel Company in a final form approved by the City Solicitor or Assistant City Solicitor as follows: (1) That the following be added to Article III — COMPUTATION OF ANNUAL RENTAL: D. During the period January 1, 2009 through December 31, 2018, the annual rental rate will be THIRTY-TWO THOUSAND DOLLARS ($32,000.00) paid monthly in the amount of TWO THOUSAND SIX HUNDRED SIXTY-SIX DOLLARS SIXTY-SEVEN CENTS ($2,666.67). AND THAT, except for the foregoing, said Indenture of Lease dated April 1, 1979 and amended February 12, 1993 between the City of Bangor and Cabrel Company will remain in full force and effect in all other respects. IN CITY COUNCIL May 27, 2009 Passed Motion Made and Seconded for Passage Passed * 09-188 O R D E R (TITLE,) Authorizing Second Amendment to Indenture of lease Between City of Bangor and Cabrel Company_____ Assigned to COU1300r_ `�