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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 vktsR 4,it ?1.. f 121 k (Jj I �abeu np �.j�s Lc"3- ,i�.zrLjz �.,� $'ylwlpp+sanr�v° 3 'Br£F L.w.e«oc City Manager Associated Informatlon;OAA 1 Budget Approval: —Y//lV tp�Filnaanc Director 3 passage _Sort Reading page 1 of 1 Retinal 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