HomeMy WebLinkAbout2006-08-28 06-308 ORDERItem No, 06 308
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Item/Subject ORDER, Authorizing an Amendment to the Indenture of Lease with
QV Realty Trust
Responsible Department: Community B Economic Development
Commentary:
QV Realty Trust has exercised As opton to Mend Its land lease of Lot 9 in the BIA Commercial /
Industdal Park located at 361 Griffin Road for the period of August 1, 2006 to July 31, 2016. The lease
agreement requires that the annual rental amount be negotiated for that pend. QV Realty Trusts
current lease rate is $18,920 annually or $1,576.63 monthly. This Order would autMrize the Qty
Manager to Io eche an amendment to the lease setting the lease mite for the period August 1, 2006 to
July 31, 2011 M $29,800 annually paid monthly In the amount of $2,067, and for tie period! of August 1,
20110 July 31, 2016 the lease rate would be determined by Increasing the rate during the 2006 - 2011
Redod by dve sum of the five annual percentage changes in the Consumer Price Index, tre All Items
expenditure category, during me pend May, 2006 W May, 2011. QV Realty Trust has accepted this
preposal.
Department Head
l Ciry Manager
AssociateA Infer ma'on: /
Budget Approval:
Legal Apl meal:
Clear
Introduced for
_d_� Passage
First Reading Page _M_
_ Referral
36 3na
_ e T AsgppW loCmn ilm Partington August 28, 2806
CITY OF BANGOR
(TITLE.) ORDER, Authorizing an Amendment to the Indenture of Lease with
QV Realty Trust
By the oey counclt ofthe oty of&angor.
ORDERED,
WHEREAS, the City of Bangor is the owner of certain real estate, Lot 9 in Me BW
Commercial / Industrial Park, located at or near 361 Griffin Read in Bangor, Maine (the
"Premises!'); and
WHEREAS, the City of Bangor leased the Premises to Beacon Cadillac Oldsmobile &
Jeep ("Beacon') under Its former name of Beacon Motor Company, pursuant m the tens of an
Indenture of Lease dated July 28, 1976, as such Indenture of lease may have been amended
from time to tlme (Me Indenture of Lesse as so amended is hereinafter referred n as the
"Lease'); and
WHEREAS, the Lease was assigned by Beacon M Jeny D. Conn C'Mr, Conn') and in
tum subleased by Mr. Conn M Hagan Road Motors win the acknowledgment and consent of
the City of Bangor; and
WHEREAS, Mr. Cann assigned the Lease to QV Realty Trust with the acknowledgment
and consent of the City of Bangor and sold the Improvements; located on Me Premises to QV
Realty Trust; and
WHEREAS, QV Realty Trust has mercl its opiton to extend the Indenture of Lease
for the pencel August 1, 2006 tu July 31, 2016; and
WHEREAS, the lease agreement requires that the annual rental amount be established
for that period;
NOW, THEREFORE, BE IT ORDERED BY THE CITY COUNCIL OF THE CITY OF BANGOR
THAT the CM Manager is hereby authorized, on behalf of Be City of Bangor, to ececute a
'Third Amendment to Indenture of Lease°, in a form approved by the City Solicitor or Assistant
City Solicitor, regarding me existing Lease between Beacon and Me Ory of Bangor dated July
28, 1976, amended July 14, 1987 and October 4, 2001, and assigned to QV Realty Trust
a-
IX CITY CO lt.
Rugust 28, 2006
F"44 µ 06 -MB
ORDER
UMEAuthot ioN an A,eolsent to the
Indenture of Eeaee ulth QV Realty Trust
_' R