Loading...
HomeMy WebLinkAbout2014-06-23 14-216 ORDERCOUNCIL ACTION Item No. 14-216 Date: June 23, 2014 Item/Subject: ORDER, Authorizing an Amendment to the Lease Agreement with Ntension Corporation at 110 Hildreth St. (Tax Map R09 -007-D) Responsible Department: Community & Economic Development Commentary: This order will authorize a lease extension with Ntension Corporation for 22,050 sq. ft. of space manufacturing space in the City's building at 110 Hildreth Street, Bangor (Tax Map R09- 007 -D). The building is shared with another tenant Ntension Corporation is a manufacturer of tension fabric structures used primarily in exhibitions and trade shows. The proposed lease amendment would extend the term of the lease until September 30, 2014 at a rate of $4,595 monthly. Basic utilities and maintenance will continue to be provided by the City. Ntension Corporation does not have any taxes due. This item was reviewed and recommended for approval by the Business & Economic Development Committee at its June 17, 2014 meeting. Manager's Comments: Associated Information: Budget Approval: Legal Approval: Introduced for X Passage First Reading Referral Tanya Emery Department Head Finance Director Page _of_ Assigned to Councilor Baldacci CITY OF BANGOR 14-216 JUNE 23, 2014 (TITLE.) ORDER, Authorizing an Amendment to the Lease Agreement with Ntension Corporation at 110 Hildreth St. (Tax Map R09 -007-D) WHEREAS, the parties agreed to a lease agreement dated February 11, 2013; and WHEREAS, the parties wish to amend the lease agreement to extend the term. BE IT ORDERED BY THE CITY COUNCIL OF THE CITY OF BANGOR THAT, the City Manager is hereby authorized to execute an Amendment to the Indenture of Lease with Ntension Corporation to lease 22,050 sq. ft. in the building at 110 Hildreth Street (Tax Map R09 -007-D) and extend the term to September 30, 2014 at a rate of $4,595 monthly. Basic utilities and maintenance will be provided by the City. The lease agreement will be substantially with these terms and conditions, and in a final form approved by the City Solicitor or Assistant City Solicitor. I- IN CITY COUNCIL JUNE 23, 2014 PASSED CITY AERK