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HomeMy WebLinkAbout2009-05-27 09-189 ORDERCOUNCIL ACTION Item No: Date: May 27, 2009 J9 189 Item/Subject: ORDER, Authorizing Third Amendment to Indenture of Lease between City of Bangor And Stillwater Realty Trust - 900 Hammond Street Responsible Department: Community & Economic Development Commentary: Stillwater Realty Trust has leased the property at 900 Hammond Street since May 12, 1988 on which it developed 32,420 square feet of office space in two buildings leased to multiple tenants. Stillwater Realty wishes to extend their lease for a ten year extension period through April 30, 2018. This Order would authorize an amendment to the Lease establishing the rental rate for the extension period of $20,910 annually for the period May 1, 2008 through April 30, 2018. No other terms of the lease would change. 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 City Manager Finance Director ZZVZ - ity Solicitor Page _ of _ V� & Assigned to Councilor Gratwick May 27, 2009 CI'T'Y OF BANGOR (TITLE.) ORDER, Authorizing Third Amendment to Indenture of Lease between City of Bangor and Stillwater Realty Trust — 900 Hammond Street WHEREAS, the City of Bangor as Lessor and Stillwater Realty Trust as Lessee entered an Indenture of Lease dated May 12, 1988, amended February 1, 1989, and further amended July 18,1989, for a lot at 900 Hammond Street identified as Lot 6 on Bangor Tax Map 2 and described in the Indenture of Lease; and WHEREAS, Stillwater Realty Trust has exercised its option to renew the lease for an additional ten year period from May 1, 2008 through April 30, 2018; and WHEREAS, the City and Stillwater Realty Trust wish to further amend the Indenture of Lease to establish the annual rental rate for this period; NOW, THEREFORE, BE IT ORDERED BY THE CITY COUNCIL OF THE CITY OF BANGOR THAT The City Manager is hereby authorized to execute Third Amendment to Indenture of Lease dated May 12, 1988, amended February 1, 1989, and further amended July 18, 1989 between City of Bangor and Stillwater Realty Trust 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: C. During the period May 1, 2008 through April 30, 2018, the annual rental rate will be TWENTY THOUSAND NINE HUNDRED TEN DOLLARS ($20,910.00) paid monthly in the amount of ONE THOUSAND SEVEN HUNDRED FORTY- TWO DOLLARS FIFTY CENTS ($1,742.50). AND THAT, except for the foregoing, said Indenture of Lease dated May 12, 1988, amended February 1, 1989, and amended July 18, 1989 between the City of Bangor and Stillwater Realty Trust 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 # 09-189 (TME,) Authorizing Third Amendment to Indenture of'Lease Between City of Bangor and Stillwater Realty Trust - 900 Hammond Street Assigned to Councilor.