HomeMy WebLinkAbout2014-04-28 14-159 ORDERCOUNCIL ACTION
Item No. '14-159,'.—J
Date: April 28, 2014
Item/Subject: ORDER, Authorizing Execution of Parking Lease with Banres, LLC — Bass Park
Responsible Department: Legal
Commentary:
The City of Bangor and Banres, LLC are parties to a Development Agreement for the
construction of a hotel, restaurant and ancillary facilities on Bass Park Boulevard. The
Agreement provides that the parties shall enter into a lease for 50 parking spaces available on
the adjacent Bass Park surface parking lot for employees, invites and guests.
This Order, if approved, will authorize execution of a lease with Banres, LLC. The lease will
provide that Banres shall construct a parking lot consisting of 50 spaces; shall be for a term of
twenty years, with an option for an additional twenty years; shall provide for a lease rate of $45
per space for the first five years, $50 per space for the next five years; $55 per space for the
first ten years if renewed and $60 per space for the second ten years of the renewal;
maintenance of the lot by Banres; early termination provision if Banres no longer needs the
parking lot; access to the lot through Bass Park; and such as terms and conditions as
appropriate.
Manager's Comments:
Associated Information:
Budget Approval:
Legal Approval:
Introduced for
Passage
First Reading
Referral
Department Head
City Manager
.off e�
Finance Director
Page _of_
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City toficitor
14-159
APRIL 28, 2014
Assigned to Councilor Durgin
S,oF BAHT
CITY OF BANGOR
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(TITLE.) ORDER, Authorizing Execution of Parking Lease with Banres, LLC — Bass Park
WHEREAS, the City of Bangor and Banres, LLC are pardes to a Development Agreement for the
construction of a hotel, restaurant and ancillary facilities on Bass Park Boulevard; and
WHEREAS, the Development Agreement provides that the parties shall enter into a lease for 50
parking spaces available on the adjacent Bass Park surface parking lot for employees, invites
and guests; and
WHEREAS, Banres is willing to construct the parking lot.
By the Oty Counra►l of the City of Bangor:
ORDERED,
That Catherine M. Conlow, city Manager, is hereby authorized on behalf of the City of Bangor
to execute an Indenture of Lease with Banres, LLC for a parking lot in Bass Park. Said Lease
shall provide that Banres shall create a parking lot consisting of 50 spaces; shall be for a terns
of twenty years, with an option for an additional twenty years; shall provide for a lease rate of
$45 per space for the first five years, $50 per space for the next five years; $55 per space for
the first ten years if renewed and $60 per space for the second ten years of the renewal;
maintenance of the lot by Banres; early termination provision if Banres no longer needs the
parking lot; access to the lot through Bass Park; and such as terms and conditions as
appropriate. Said lease shall be in a final form as approved by the City Solicitor.
IN CITY COUNCIL
April 28, 2014
Motion made and seconded for Passage
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CITY ERR