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HomeMy WebLinkAbout2008-10-15 08-335 ORDERImm N&8 335 Date: October 15, 2008 Item/Subject ORDER, Authorizing Execution of a tease Agreement with Bangor Hydro Electric Company for Lot 4, BR Commerdalpntlustrial Park, 790 Illinois Avenue. Responsible Department: Community & Economic Development At the Council meeting of September 22, 2008, the Counal approved a lease agreement with Bangor Hydro Electric Co. for Lot 4 in the BIA Commemlal/Industrial Park. The lease has not yet been exewted, and Bangor Hydro Electric Company would like to Include In the lease agreement a "right of first refusal"to purchase the property. This Order will approve the execution of a lease with a "right of first refusal" provision. Department Head Manager's Comments; - Recommend approval. A similar provision was Included in Me prior lease "is property. Legal has reviewed and Is comfortable with the language to be induced in the leasee. &.I,// � '/ �.:w..��rrn�r..a �tE..na 'DA,r "�KtlL .�a'»yQr, &.I,/ �rs�r/rs4a'rj ryj'"emrNw�,/ "Ari City Manager Associated Information: Proposed first refusal language Ar ance Director X Passage _ First Reading Page _ of _ Referral 08 335 G' i.� Aaei��b CcunCib[ Parrtvgton October 15, 2008 CITY OF BANGOR (TITLE.) ORDER, Authorizing Execution of a Lean Agreement with Bangor Hydro Electdc Company for Lot 4, BIA Cornmeroial/Industrial Park, 790 Illinois Avenue WHEREAS, by Council Order 08-316, the City Council approved an agreement with Bangor Hydm Electric Company M lease Lot 4, BTA Commercial/Industrial Park, 790 Illinois Ave.; and WHEREAS, the lease agreement as approved did not include a provision far the Bangor Hydro Electric Company to have a right of first refusal should the City ever wish to sell the property; and WHEREAS, the Bangor Hydro Electric Company is requesting that such a provision be included in the leasey NOW, THEREFORE, BE IT ORDERED BY THE CITY COUNCIL OF THE CITY OF BANGOR THAT The City Manager is hereby authorized, on behaH of the Oty of Bangor, to execute a Lease Agreement between the City of Bangor and Bangor Hydro Electric Company for Lot 4, BIA Commencial/Industrial Pad, 790 Illinois Ave. that includes a "right of fiat refusal," said Lease Agreement to be In a final forth as approved by Me City Solicitor or Assistant City Solicitor. IW CITY mmcm October 15. 2008 Notiw Node aad S waded fox P�asJsa'ge. Pa %; Y CLQ ('1'ITL&1Ju qa®ea{e1aB we.. »� ..e . SII laeae Agze icL. Bavgoz eydcgr-. ca®ac W/IudustrW Park, i9B 13iaa1 08 a Mot of First Refusal If during the term of this Lease, or any extension thereof, the Lessor shall offer the leased premises, or any portion thereof, for sale to a third party, Lessor shall promptly send Lessee, by registered mall or certified mall addressed to Lessee, a copy of such offer or the proposed contract for sale, omitting the name of the proposed purchaser. Lessee may within thirty (30) days after the copy is received by Lessee elect to purchase the premises on the some terms as those set forth in such offer or contract, provided that the Lessee shall not be in default of any prevision under this Lease. Lessee shall provide to Lessor written notification, by registered mall or certified mail addressed to Lessor, of Its election W purchase the premises. If Lessee does not elect to purchase the premises within the thirty (30) day period, or shall fail to complete said purchase within the time and in a manner herein provided, the right of refusal shall be extinguished and Lessor may sell the premises to said third party under the terms of the contract as presented to Lessee. If for any reason such sale to said third party shall not occur, Lessee shall continue to have the right of that refusal, as described.