HomeMy WebLinkAbout2006-05-22 06-181 ORDERDeltaItem No,: May 22. 2006 06 181
Item/Subject ORDER, Extending Lease with Bangor Outfitters, Inc. d/b/a Epic Sports -
6 Central Street
Responsible Department: Community& Economic Development
The current lease agreement with Bangor Outfitters, Inc expired May 14, 2006. Two condominium units
have been created in the 6 Central Street Building, with Bangor Outfitters doing business as Epic Sports
occupying Unit 1 and the University of Maine System occupying Unit 2, which UMS now owns through a
property exchange with the City. A condominium association has been formed that is responsible for
costs associated with maintaining the common areas in the building. We are now In the process of
determining what the condominium association fees will be that the owners of the two condominium
units will share. City staff has been negotiating a purchase agreement with Brad Ryder that has taken
longer than expected. Once the condominium association fees are determined, a purchase agreement on
be completed for the Council's consideration. In the meantime, we recommend that Bangor Outfitters
current lease be extended W July 14 to provide the time needed to conclude negotiations for their
purchase of Unit 1.
Department Head
Recommend approval, as does Business and Economic Development.
City Manager
Associated Information:
Finance Diretter
Introduced for
X Passage
_ First Reading Page _ of _
Referral
of; 191
AssivWtoCouncilor Creme May 22, 2006
CITY OF BANGOR
(TTTLE.) ORDER, Extending Lease with Bangor Outfitters, Inc. d/b/a Epic Sports -
6 Central Street
BE IT ORDERED BY THE CM COUNCIL OF THE CITY OF BANGOR THAT
the City Manager Is hereby authorized to execute an amendment W the Indenture of Lease by
and betweeen the City of Bangor and Bangor Outfitters, Inc., dates June 5, 1997, to Wend the
term of the lease to July 19, 2016, the amendment to be in a form satisfactory to the City
Solicitor.
Itl CITT MUCIL
Hay 22, 2006
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[I E Rrteodin Lease v th B Vr
Wtfltters, lac. d D aS c sports -
6 E tral street