HomeMy WebLinkAbout2012-04-23 12-143 ORDERCOUNCIL ACTION
Item No. 12 1413
Date: April 23, 2012
Item/Subject: ORDER, Extension of a Lease Agreement with Stillwater Realty, LLC
Responsible Department: Community and Economic Development
Commentary:
Stillwater Realty, LLC has requested to extend a lease with the City of Bangor for 0.41 acres
(17,550 sq. ft.) of land in Dakin Park for the operation of a parking lot.
Stillwater Realty, LLC has leased the area in Dakin Park since 1992. The agreement allowed
Stillwater Realty, LLC to construct a parking lot on the site of an existing city basketball court in
the park. Stillwater Realty, LLC built a parking lot with thirty (30) parking spaces. The
agreement expires April 30, 2012.
Staff recommends the approval of a temporary extension of the lease agreement as indicated in
the attached Amendment. Staff will discuss a longer term agreement with Stillwater Realty, LLC.
Manager's Comments:
Associated Information:
Budget Approval:
Legal Approval:
Introduced for
Passage
First Reading
Referral
Department Head
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City Mania er
Director
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City Solicitor
Page _of_
Assigned to Councilor - Sprague
CITY OF BANGOR
(TITLE.) Order, Extension of a Lease Agreement with Stillwater Realty, LLC
WHEREAS, the City of Bangor (Lessor) is the owner of Dakin Park, located in the City of
Bangor, County of Penobscot, State of Maine; and
12 143
April 23, 2012
WHEREAS, by Indenture of Lease dated May 28, 1992, Stillwater Realty Trust agreed to the
lease by the Lessor of land located in Dakin Park, Stillwater Ave., Bangor, Maine;
and
WHEREAS, by Consent to Assignment of Lease dated January 27, 2000, the Lessor
consented to the assignment of the lease from Stillwater Realty Trust to
Stillwater Realty, LLC; and
WHEREAS, the Indenture of Lease between the Lessor and Stillwater Realty, LLC will
terminate on April 30, 2012; and
WHEREAS, the Lessor and Stillwater Realty, LLC agree that the Indenture of Lease will be
extended under the same terms and conditions set forth in the Lease until either
of the following occur:
1. Notice of Termination from either party specifying a date of termination
which must be no sooner than 90 days from the date of the notice; or
2. Execution of a new lease or extension of the existing Lease for an
additional term.
BE IT ORDERED BY THE CITY COUNCIL OF THE CITY OF BANGOR THAT
the City Manager is hereby authorized, on behalf of the City of Bangor, to execute an
"Extension Agreement" in a form approved by the City Solicitor or the Assistant City Solicitor,
approving the extension of an Indenture of Lease between the City of Bangor and Stillwater
Realty, LLC for land located in Dakin Park, Stillwater Ave., Bangor, Maine.
IN CITY COUNCIL
April 23, 2012
Passe
CITY CLERK
CmLE,)
Assigned to Councilor
12
EXTENSION AGREEMENT
This Agreement relates to the Indenture of Lease dated May 28, 1992, between the City
of Bangor, as Lessor, and Carol A. Epstein, Trustee of Stillwater Realty Trust, as Lessee, for
certain land located at Dakin Park, off Pine Street Extension, in the City of Bangor, which Lease
was assigned by the Lessee to Stillwater Realty, LLC, by Assignment of Lease dated January 1,
2000. Reference is made to Memorandum of Lease recorded in Penobscot County Registry of
Deeds in Book 7355, Page 331, and Assignment of Lease recorded: in said Registry in Book
7355, Page 334.
The term of the Lease ends on April 30, 2012. The undersigned parties agree that the
term orthe Lease shall be extended on all of the same terms and conditions set forth in the Lease,
with no additional rent payment being due from Lessee, until the earlier to occur of the
following:
1. Notice of Termination from either party specifying a date of termination
which must be no sooner than 90 days from the date of the notice; or
Execution of a new lease or extension of the existing Lease for an
additional term.
All Provisions of the Lease shall remain in effect during this extension. The Lessor and Lessee
warrant and represent to each other that they ate authorized to enter into this Agreement, that the
persons signing are ditty authorized to execute the same, and that no Other signatures or
approvals are required,
Dated; April —, 2012 STILLWATE% REALTY LLC
By:
Carol A. Epstein
Its Manager
ary OF BANGOR
M.
jR10105?0.1 42540-0208051
Catherine M. Conlow
City Manager