HomeMy WebLinkAbout2001-09-24 01-378 ORDERItarn No o1 -3J8
Dake: September 24, 2001
Item/Subject: Authorizing Approval of an Amendment to an Indenture of Lease— tat 9 in the WA
Commercial/Industrial Park (Jerry D. Conn)
Responsible Department: Community and Economk Development
Jerry D. Conn wishes to add a ten (10) year option period to the term of the lease of tut 9 in the BIA
Commercial / Industrial Park located! at 361 Griffin Rd. The lease agreement between the City of Bangor
and Mr. Conn continues to July, 2006 with two (2) options of ten (10) years for Mr. Conn to extend the
lease to July 31, 2016 and again m July 31, 2026. This request Is to add a third supplemental option of
ten (10) years that would provide for the lease to be further extended to July 31, 2036. The additional
option will enable the sale of the building on the property to Hogan Road Motors, the anent subleases.
The Board of Directors of the BanAir Corporation, Business and Economic Development Committee and
staff recommend approval of the amendment to the lease.
/Olpartnny`nt d
Manager's Comments: B, FD
Associated Information:
Legal
X passage
_ First Reading
Referral
Ity Solicitor
Page i of 1
01-3]8
Y Assigned to Councilor par� Septe r 26: 2001
� r tie
o� CITY OF BANGOR
(TITLE.) Order, Authorizing Approval of an Amendment to an Indenture of Lease
- Lot 9 In the BM Commentlal / Industrial Park (Jerry D. Conn)
By th COZY cwu /of Ne 00V cfhu r
ORDERED, THAT
WHEREAS, by Indenture of Lease dated July 28, 1976, and amended July 19, 1987, Beacon
Cadillac Oldsmobile &Jeep, under its former name of Beacon Motor Company, agreed to the
Lease by the City as Lessor of Lot 9 in the BIA Commercial / Industrial Park subdivision; and
WHEREAS, by "landlord's Consent and Agreement to Leasehold Mortgage" dated! July 3, 1991,
the Lease was assigned by Beacon Cadillac Oldsmobile & Jeep to Jerry D. Conn and In turn
subleased by Mr. Conn to Beacon Cadillac Oldsmobile & Jeep with the acknowledgement and
consent of the City of Bangor', and -
WHEREAS, by "Sublease Agreement" data March 30, 1999 Jerry D. Conn subleased Lot 9 In the
BIA Commercial / Industrial Park subdivision to Hagan Road Motors with the acknowledgement
and consent of the City of Bangor; and
WHEREAS, the term of the Indenture of Lease continues W July 2006 with two (2) options of
ten years each for the Lessee to extend the term to July 31, 2016 and to July 31, 2026; and
WHEREAS, parties hereto desire to amend the Indenture of Lease W provide a third
supplemental term of ten (10) years from August 1, 2026 to July 31, 2036;
NOW, THEREFORE, BE IT ORDERED BY THE CITY COUNCIL OF THE CITY OF BANGOR THAT
the City Manager is hereby authorized, on behalf of the City of Bangor, to execute an
amendment to the above referenced IntlenNre of Lease to provide for an catkin for the Lessee
to further contend the Lease for a third supplemental term of ten (1D) years, from August 1,
2026 to July 31, 2036, in a form approved by the City Solicitor or Assistant City Solltltor.
IP UM CODPgIL
gepte et 26, 2001
Mvtfav Made and secavded
for Passage
Passed 6�
ITY �.iH6
ORDER
j fTLE )eatnorlamg epptwal of av
vdmevt [o an IvdevNxe of Leaee -Lot 9
iv Lh RM Camerctal / I�mtrfal Park
(Jerry D. Com)
Assignetl to Cmncibr i) /✓�t slw.rl/�
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