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_ `�