HomeMy WebLinkAbout2001-09-24 01-379 ORDERCOUNCIL
Item No. 01-329
Date: September 2e, 2001
Item/Subject: Authorizing Approval of an Amendment to an Indenture of Lease and
Consent of Landlord to an Aesgnment of Indenture of Lease- Lot 10 in the
BIA Commercial / Industrial Park (darling's)
Responsible Department Community and Economic Development
Union Street Athletics, sublessee of Dming's of Lot 10 in the BIA Commercial / Industrial Park, located at
361 Griffin Rd., wishes an amendment of the Lease m provide a lease base term of fifteen (15) years
with three (3) supplemental option periods of five (5) years each. They also would like the City's consent
to an assignment of the Lease from Darling's to Union Street Athletics d.b.a. USABEFIT, LLC.
The lease agreement between tie City of Banger and Darling's continues to September 2007 with an
option W extend the lease (or ten (30) years or until 2017. This request is to establish a new term of
fifteen (15) years and provide three (3) options of five (5) years each which would enable the lease to be
extended lo 2031 for a total of 30 years. The change in the lease tern will enable the sale of the
building on the property and assignment of the lease to USABFFTT, 11G die current subleases.
The Business and Economic Development Committee recommends approval of the request
Manager's
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01-379
J,1N Assigned to Covvcilor nem6le September 24, 2001
CITY OF BANGOR
(TITLE.) order, Authorizing Approval of an Amendment to an Indenture of Lease and
Consent of Landlord to an Assignment of Indenture of Lease- Lot 10 in
the BAA Commercial / Industrial Park (Darling's)
By the otyCbo7 /OfitE CR)'ofAawr,,on
ORDERED, MAT
WHEREAS, by Indenture of Lease dated October 7, 1977, At Worcester & Sons agreed to the -
lease by the Lessor of La 10 In the BID Commercial / Industrial Park; and
WHEREAS, by Assignment of Lease dated December 15, 1982, the Lease was assigned by At
Worcester & Sons to Darling's; and
WHEREAS, by "First Amendment to Indenture of Lease" dated January 20, 1998 the Lease was
amended; and
WHEREAS, the term of the Lease continues to September 30, 2007 and an be extended to
2017 at the Lessee's option; and
WHEREAS, the parties hereto desire to further amend the Lase to provide a new base term of
fifteen (15) years and three (3) options to extend the ten of five (5) years each; and
WHEREAS, Daring's desires to assign the Lease to USABEFIT, LLC; and
WHEREAS, as a condition precedent th the Assignmen4 notice to and approval by the City of
Bangor Is required;
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 W the Indenture of Lase reported to above providing a new base ten of fifteen
(15) years beginning before the end of 2001 and terminating before the end of 2016 with three
(3) options to extend the term of an additional five (5) years eadm; and a "Landlord's Consent to
Sublease" from Darting's to USABEFIT, LLC, In a form approved by the City Solicitor or Assistant
City Solidtor.
IA CITY COD9CO.
September 26, 2001
Merida Hade 6 Seconded p 01-379
for Passage
Passed o R D 8 R
CI� (TITLE, Authorising Approval of an Amndreat
to an 63mture of Lease aml consent of
Landlord W an Assignment of Indenture of
Industrial Park (Darling's)
Assigned W Councllorrrr A4,m g