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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 7> 4 N 6- OIRI TY"bS 0RO E [I E Rrteodin Lease v th B Vr Wtfltters, lac. d D aS c sports - 6 E tral street