HomeMy WebLinkAbout2012-06-25 12-216 ORDERCOUNCIL ACTION
Item No. 12-216
Date: June 25, 2012
Item/Subject: Order, Authorizing Execution of Consent to Assignment — Bank of America
1176 Union Street
Responsible Department: Legal
Commentary:
Bank of America leases land from the City of Bangor located 1176 Union Street, Bangor, Maine
and operates a bank at that location. This property has been leased since 1969 and various
banks have operated there. Currently the City owns the land and Bank of America owns the
building. Camden National Bank will now operate a bank at 1176 Union Street pursuant to an
agreement with Bank of America. Therefore, Bank of America wishes to assign its interest in the
lease to Camden National Bank. The lease with the City requires the consent of the City to any
assignment.
This Order, will authorize the City Manager to execute a Consent to Assignment of the lease by
Bank of America to Camden National Bank.
Manager's Comments:
Associated Information:
Budget Approval:
Legal Approval:
Introduced for
Passage
First Reading
Referral
Department Head
Finance Director
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12-216
JUNE 25, 2012
Assigned to Councilor Durgin
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(TITLE.) ORDER, Authorizing Execution of Consent to Assignment — Bank of America 1176
Union Street.
WHEREAS, Bank of America leases land from the City of Bangor located 1176 Union Street,
Bangor, Maine and operates a bank at that location; and
WHEREAS, Camden National Bank has acquired the building at 1176 Union Street pursuant to
an agreement with Bank of America; and
WHEREAS, Bank of America wishes to assign its interest in the lease to Camden National Bank
and the lease with the City of Bangor requires the consent of the City to any assignment.
By the City Council of the City of Bangor.
ORDERED,
That Catherine Conlow, City Manager, is hereby authorized, on behalf of the City of Bangor, to
execute a Consent to Assignment of lease by Bank of America to Camden National Bank. The
Consent shall be in a final form as approved by the City Solicitor or Assistant City Solicitor.
(TITLE,)
Assigned to Councilor
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