HomeMy WebLinkAbout2007-03-26 07-124 ORDERItem I%% 07 124
Date: March 26,2W7
Item/Subject Order, Authorivng an Amendment to an Indenture of Lease with Bangor Savings Bank -
203 Maine Avanue.
Responsible Department: Community & Economic Development
This Amendment M the lease between the City of Bangor and Bangor Savings Bank far a lot a[ 203 Maine
Ave. establishes Me annual rental amount for the period April 1, 2007 M March 31, 2017. Bangor Savings
Bank has been leasing he total 103 Maine Ave. since 1998 when Me lease was assigned by Me Elder Family
Portland Associates Limited ParMership te Bangor Savings Bank. Bangor Savings Bank also purchased Me
building on Me property, which It uses as an office and earning center. The lease rate during the laABve (5)
years was $547 per month for the 1.643 acre lot. Bangor Swvings Bank also leases Me adjacent lot, 203A
Maine Ave., from Me City for parking. The term of Me lease for 203A Maim Ave. is from April 1, 1999 to
March 31, 2017 and does not coindde with the 203 Maine Ave. lease. The 203A lease was negotiated more
recently than the 203 lease. This amendmmtwill increasethe lease ratefor 203 Maim M $1,181 permonM
for Me period April 1, 2007 to March 31, 2012, the same rate per am as the 20M lease.
Duffing Me period Alel 1, 2012 Mrough March 31, 2017, the lease rate will be determined by increasing the
prior perod's rate by the sum of Me Ove annual percentage charges In the Consumer Price Index, the All
Items expenditure category, for Me period January, 2007 to January, 2012.
Bangor Savings Bank has accepted the tems of this proposed agreemenk and staff recommends your
approval.
Department Head
Manager's Comments: _
This has been reviewed and is recommended by the Business and Economic Development Committee.
Ory Manager
Associated liifermation:
Budget Approval:
-
R ce DInRTor
Legal Approval:
City Solicft—r
IMT,uced for
passage
/ First Reading
Page—
of-Referral
07 124
Assignd to Councilor Farrington March 26, 2007
CITY OF BANGOR
(TITLE.) ORDER, Authorizing an Amendment to an Indenture of Lease with Bangor
Savings Bank— 203 Malne Avenue.
WHEREAS, by Indenture of Lease dated March 30, 1987, Elder Family Portland Associates
United Partnership agreed W lease a parcel of land at 203 Maine Ave. from the
CRY; and
WHEREAS, old Indenture of Leas was assigned to Bangor Savings Bahr on August 20,1998;
and
WHEREAS, Bangor Savings Bank has exercised be option to ended Me Indenture of Lease for
the period from April 1, 2007 to Merl 31, 2017; and
WHEREAS, the parties thereto wish to amend old Indentwe of tease to establish a lease rate
for the period from April 1, 2007 to Me" 31, 2017;
NOW, THEREFORE, BE IT ORDERED BY THE CRY COUNCD.OF THE CITY OF BANGOR
THAT
the City Manager is hereby authorized, on behalf of the City of Bangor, W erecude an
Amendment to the Indenture of Lease between Bangor Savings Bank and the City of Bangor for
a parcel of land at 203 Maine Ave., Bangor, with the following lease rate and in a hum
approved by the City Sogdthr:
During the period April 1, 2007 through March 31, 2012, the annual rental rate will be $14,171,
pad monthly In the amount of ONE THOUSAND ONE HUNDRED EIGHTY-ONE DOLLARS
($1,181.00).
During the period Apel 1, 2012 through March 31, 2017, the lease rate will be determined by
Increasing the rate during the previous period by the sum of the five annual percentage
changes in the Consumer Price Inder, the All Items exienditure category, for the period
January, 2007 M January, 2012.
IN Cin COMCIL
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Clw CLNgR -�� O R D E R
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Lease an Aveudvev[ t
Lvdvtute o£ Lease with Hmgor gaHoga
Aan4 - Mi MaSne Avevue
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