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HomeMy WebLinkAbout2015-05-11 15-174 ORDERCOUNCIL ACTION Item No. 15-174 Date: May 11, 2015 Item/Subject: ORDER, Authorizing the City Manager to Execute a Lease Agreement with the General Electric Company for use of land and buildings at 534 Griffin Rd. and 72 Florida Ave. (Map 001, Lot 273, Map 001, Lot 488, Map 001, Lot 466, Map 001, Lot 487) Responsible Department: Legal Commentary: This Order will authorize a fifteen (15) year lease agreement with the General Electric Company for land and buildings at 534 Griffin Road and 72 Florida Avenue. General Electric Company has leased land and buildings located at 534 Griffin Road and 72 Florida Avenue from the City of Bangor since 1987 and which expire in September of 2015. At this time, General Electric Company wishes to continue to lease the land and buildings from the City for a period of 15 years. This item was reviewed and recommended for approval by the Business & Economic Development Committee at its May 5, 2015 meeting. Manager's Comments: Associated Information: Budget Approval: Legal Approval: Introduced for Passage First Reading Referral Department Head Page _ of _ ManagerWRim rm, City Finance Director "IlAeq I ' City olicitor 15-174 MAY 11, 2015 Assigned to Councilor Nealley DF 9 ♦ a CITY OF BANGOR (TITLE.) ORDER, Authorizing the City Manager to Execute a Lease Agreement with the General Electric Company for use of land and buildings at 534 Griffin Rd. and 72 Florida Ave. (Map 001, Lot 273, Map 001, Lot 488, Map 001, Lot 466, Map 001, Lot 487) WHEREAS, General Electric Company has leased land and buildings from the City of Bangor since 1987; and WHEREAS, the leases with General Electric Company will terminate in September 2015; and WHEREAS, General Electric Company wishes to continue to lease the land and buildings from the City. By the City CRURC11 of the City of Bangor. ORDERED, THAT Catherine M. Conlow, City Manager, is hereby authorized to execute, on behalf of the City of Bangor, documents necessary for a Lease Agreement with the General Electric Company for land and buildings located at 534 Griffin Road and 72 Florida Avenue, Bangor, Maine. Said lease shall be for a term of fifteen (15) years commencing October 1, 2015; include a lease rate of $268,120.04 per year for the first five years, $281,126.04 for years 6-10, and $294,782.34 for years 11-15; payment by City of brokerage commission to be repaid to City by General Electric at a rate of $33,831.86 per year over the first five years of the leaser General Electric to pay all expenses related to the property, including real estate taxes, personal property taxes, insurance, all maintenance and repairs; City to have no responsibility or costs for improvements; such other terms and conditions as appropriate. Said documents shall be in a final form as approved by the City Solicitor or the Assistant City Solicitor IN CITY COUNCIL MAY 11, 2015 MOTION MADE AND SECONDED FOR PASSAGE PASSED Aj CITY CLERK