HomeMy WebLinkAbout1999-04-26 99-159 ORDERCOUNCIL ACTION Date: Auril 26 1999 Item No. oo_199 Item/Subject: Authorizing Lease Agreement with Bangor Savings Bank - Maine Avenue Responsible Department: Community 6 Economic Development Commentary: Bangor Savings Bank has purchased the former Federal Express building at 203 Maine Ave. and has renovated it for administrative offices related to its banking and insurance eeTheir long-term plans include expansion of the building thatwillrequire additional land. This Order would authorize leasing the approximate 1.2 acres adjacent to 203 Maine Avenue at the intersection of Maine and Illinois Avenues. Although the lot will not be developed immediately, because of its shape and location, it is unlikely it could be developed by others. The lease rate iO based on a value of $77,536 per acre, with the annual lease rate 10& of value. Den, rcm t a Manager's Comments: Introduced For 0 Passage 0 First Reading 0 Referral "/6 • U,Vbu City Solicitor Page 1 of 1 —& City 'Y4m� Manager T Associated Information Legal Introduced For 0 Passage 0 First Reading 0 Referral "/6 • U,Vbu City Solicitor Page 1 of 1 AW T Legal Approval: Introduced For 0 Passage 0 First Reading 0 Referral "/6 • U,Vbu City Solicitor Page 1 of 1 AwignN to fomtcilm Aube - April 26, 1999 CITY OF BANGOR (TITLE.) tNVTbPC ?utMnang. ase.. em t with, Bangor Savings ...... 1........_._ Bark—Maine Avenue _..._... .:.._........_ ............... ......I __...._ - By the city Council of City OfBaroarr ORDERED, THAT WITESEAS, Bangor Savings Bank leases land finer Use City at 203 Maine Avenue; and WHEREAS, Bangor Savings Bank would like to lease the adjacent parcel to enable its expansion plans: NOW THEREFORE BE IT ORDERED BY THE CITY COUNCIL OF THE CITY OF BANGOR THAT, the City Manager is hereby authorized to execute a lease agreement between. the City of Bangor and Bangor Savings Bank for a City lot adjacent to 203 Maine Avenue, in a form approved by the City Solicitor or Assistant City Solicitor, and containing substantially the following terms and Conditions and other such terms and conditions as may be deemed appropriate by the City Solicitor or Assistant City Solicitor: Premises: A parcel of land adjacentto 203 Maine Avenue of approximately 1. 166 acres with approximately 402 feet of frontage on Maine Ave. and 294 fee[ on Illinois Ave., with two utility easements. Lease Term: Coterminous with the Bangor Savings Bank lease of 203 Maine Ave., which terminates in 2007, with options to extend for two 10 year periods to extend the lease to 2027. Rate: From April 1, 1999 to March 31, 2009, $9,040 annually, payable $753.33 monthly. _ On April 1, 2009 and April 1, 2014, the lease raze be adjusted to reflect the average change in the Consumer Price Index over the preceding five years. On April 1, 2019 and April 1, 2024, the rate sball be adjusted and based on an appraisal to establish the value of the leased land, with the aural lease rate to be UE4, of the value of the land. Use: For the purpose of banking and/or retail and retail services in connection with securities brokerage and insurance and for no other purpose without the prior written approval of the City of Bangor. Additional uses not requiring fmtlrer consent of the City (1)light industrial mannfacmring, assembly or industrial services; (2) aerowutical or air oriented uses; (3) wholesale and distribution services; (4) office operations for business, education, government or service agencies; and (5) service companies. Taxes: Taxes assessed on the real estate, building and personal property will be the responsibility of Bangor Savings Bank. Insurance: Bangor Savings Bank provide comprehensive public and property damage liability insurance with limits not less than $300,000 per each occurrence April 26, 1999 99-159 Passed O R DER Title, Aathoiiaing Lease Agreeveat with ©•�B Bawgor Savlags Bank - Maine A enue .................................. to Aum igned/�1p/. ./!.`CSW. Nf'SfY.................. COWCi La9O