HomeMy WebLinkAbout2006-08-28 06-309 ORDERDate: August 28 2006 Item No, 06 309
lam/Svbject ORDER: Anllwriang an Amendment to the Indenture of Lease wNb AAA
Northern New England
Responsible Dapariu enC Community & Economic Development
AAA NoMem New England leases one ave of land from the City for Me locadon of Its regional offices
adjacent M the Union Street / Griffin Road intersection. AAA Northern New England is In Me process of
demolishing the original building and constructing a new 4,500 sq. ft. office building. The current lease
rate Is $5,500 annually or $458.33 monthly. The land lease agreement between the City of Bangor and
PAA requires that Me lease rate for the purled September 1, 2006 through August 31, 2011 be set at 8%
of the market value of the lot This Order would establish the annual land lease rate at $14,000 payable
$1,166.66 monthly for the period September 1, 2006 to August 31, 2011. AAA Northern New England has
accepted the proposed lease rate.
The staff recommends approval of the amendment M the lease agreement under the teens and
conditions outlined above.
Department Head
Manager's Comments: )A (/'
S.t' sty Manager
Associated Information�k
Budge: Approval:
Fn nce Director
Legal Appmval:
city ter
IntroduaM for
L Passage
_ First Reading Pape _ 09_
Referral
06 3n0
AsdgmdwcouncilocD'E=c August 28,2006
'a CITY OF BANGOR
(TITLE.) ORDER Authorizing an Amendment to the Indenture of lease with AAA Northern
New England
By the azy CoonGofine afy ofEayw.
ORDERED,
WHEREAS, by Indenture of lease dated December 10, 2X3 AAA Northem New
England agreed to the lease by the City of Bangor as Lessor of Lot 3 in the SLA Commercial /
Industrial Park subdivision, Bangor; and
WHEREAS, the parties thereto wish to amend said Indenture of lease to establish a
lease rate during the period September 1, MX to August 31, 2011;
NOW, THEREFDRE, BE ITORDERED BY THE CITY COUNCIL OF THE CITY OF
BANGORTHAT, the City Manager is hereby authorized on behalf of the aty of Bang to
execute an amendment to the Indenture of Lease between AAA Northern New England and the
City of Bangor for Lot 3 in the BM Commercial / Industrial Park dated! December 10, 2003, said
amendment to be in a form approved by the City Solictor and establishing the lease rote for
the period! September 1, 20X to August 31, 2011 as $14,000 annually payable na mhly in the
amount of $1,166.66.
IN CRY COUNCIL j
August 28. 2W6 1.
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