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.