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HomeMy WebLinkAbout2007-06-11 07-188 ORDERIbem Not 07 8R t Date:�we.11. zop7 Item/Subject: ORDER, Author¢Ing an Amendment m the Indenture of Lease between the City of Bangor ant Michael J. Fiori and Ronald 3. Wades d/b/a Econo Storage Responsible DepadmcH: Community & Economic Development Mid ael 3. Find and Ronald J. WVallce, d/b/a Emrw Storage, lease land In Me City's BIA Commercial/Indusmai Park at 1286 Union St for their Econo Storage business. They have exercised their option to extend their lease for Lot 5 and a portion of tot 6 for the period from August 1, 2007 m July 31, 2017. This Order would amend the lease by establishing Me Ieass rate aI $1,300 a month from August 1, 2007 through to July 31, 2012. R also establishes Me procedure for setting the lease rate for Me period of August 1, 2012 to July 31, 2017 by increasing the ate In place during the previous 5 year period by Me sum of the five annual percentage changes in Me Consumer Prke Index from May 2007 to May 2012. Department Head Manager's Commems: This has been reviewed and is recommended by the Business and Economic Development Committee. City Manager X Passage _ Fiat Reading Page _ of _ Referral Assignedm Coucilm eaaingcw June 11. 2007 CITY OF BANGOR (TITLE.) ORDER, Authorizing an Amendment to the Indenture of Lease between the City of Bangor and Michael J. Hori and Ronald J. LaVallee d/b/a ECONO STORAGE WHEREAS, by Indenture of lease, dated September 1987, between the City of Bangor and Michael J. For, Ronald J. LaVallee, and Robert E. Baldaai, Jr., the Lessor leased to the Lessee Lot 5 and a portion of Lot 6 I the BIA Commercial/Industral Park located at 1286 Union St.; and WHEREAS, Robert E. Baldaccl, Jr. assigned all his right, fide, and Interests in the Indenture of Lease to Michael J. Hon in an "Agreement to Transfer Interest of Lessee" dated April 1, 1990; and WHEREAS, Michael J. Flori and Ronald I LaVallee have exercised their option to eMend the Indenture of Lease for the period from August 1, 2007 to July 31, 2017; and WHEREAS, the parties hereto wish to amend said Indenture of Lease to establish the rental rate for the period from August 1, 2007 to July 31, 2017; NOW, THEREFORE, BE IT ORDERED BY WE CITY COUNCIL OF THE CITY OF BANGOR THAT The City Manager Is hereby authorized to execute an Amendment to the Indenture of Lease between Ory of Bangor and Michael J. Fiori and Ronald J. LaVallee for a parcel of land at 1286 Union St., Lot 5 and a portion of Lot 6 In the BLA Commerclal/Industnal Park, with the following lease rate and in a form approved by the City Solicitor or Assistant City Soliatar. During the period August 1, 2007 through July 31, 2012, the annual rental rate will be $15,630 paid monthly In the amount of ONE THOUSAND THREE HUNDRED DOLLARS ($1,300.00). For the period August 1, 2012 to Juty 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 Index, the All Items expenditure category, during the period May 20D7 to May 2012. IB C]TL COOBCII ' Sone 200] Paea W-180 4 y© 0RD8B SyC ('[1TLBJ�atherisin¢ end Ameodueot to the Indenture of Lease Between the City of and Mcha>1 I. Mori and Ronald J. LaVallee d/b/a Scene Storage no - /L♦ r.s