HomeMy WebLinkAbout1998-12-16 99-37 ORDERCOUNCIL ACTION
Item No. 99-37
Date December 16, 1990
Item/Subject: Authorizing Transfer of Water Street Lot, So -Called,
Tax Map 42, Lot 147, to Realty Resources Chartered for Freese's
Building Redevelopment Project
Responsible Department: Legal
This Order would authorize transfer of the Water Street lot.
so-called, to Realty Resources Chartered, or its designee, for
incorporation into the Freese's building redevelopment project.
Current redevelopment plans call for creation of a new entrance to
the building from Water Street. The Water Street lot. City Tax Map
42, Lot 147, is currently assessed for tax purposes at $20,300.
The attached Order authorizes the Director of Community a Economic
Development to negotiate the terms of the transfer. The Council
should be aware that the actual terms to be negotiated may consist
of transfer of the property for $1.00, in consideration of
completion of the planned redevelopment project by Realty Resources
Chartered; or may involve a sale of the lot at the assessed or fair
market value, with or without City financing, depending on the
project's financing requirements.
Department Head
Manager's Comments: 44�" ,.,,,,La4
CiCY Manages
Associated Information: Order
Legal Approval:
Finance Director
mit� 'U
City Solrc'tor
Introduced For
Passage
First Reading
Referral Page I of 2
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AS A =
Anig,edto CounCi Or Tyler December 16, 1998
CITY OF BANGOR
QITLEJ (oC[iert... ... Authorizing Transfer of Water street Lot, So-
Called,
o Called, Tax Map 42, Lot 147, to JMC Partnere, LLC for
Freese's Building Redevelopment Project
BY the ady Camped of the City ofBanimm
ORDERED,
THAT
the City Manager is hereby authorized, on behalf of
the City of Bangor, to transfer the "Water Street Lot", so-called,
City Tax Map 42, Lot 147, to JMC Fartmeis, LLC or its
designee, for incorporation into the Freese's building
redevelopment project previously approved in Council Order 98-98.
Transfer of the Water Street Lot shall be made upon
terms and conditions to be negotiated by the Director of Community
and Economic Development. Transfer documents shall be in a form
approved by the City Solicitor.
statement of Fact: The Water Street Lot, so-called, is a small
irregularly shaped lot lying between the former Freese's Department
Store property (Tax Map 42, Lot 146) and Water Street. Current
plans for redevelopment of the front two-thirds of the former
Freese's building, pursuant to an option agreement approved in
Council Order 98-98, call for creation of a new entrance to the
building from Water Street, utilizing the Water Street lot.
IN CITY COUNCIL
December 16, 1998
Peened
A True Copy, Attest:
CITY CLEM
99-37
Auipnedto CoundkW Tyler December 16, 1998
CITY OF BANGOR
(nTLE) (®rbert _Auth r Sng.Tra ter of wate St eet Loc so
Called, Tax Map 42, Lot 147, to Realty Resources Chartered for
Freese's Building Redevelopment Project
BY tAc 04 Goan! of 0e GSW of BY --
ORDERED,
MT the City Manager is hereby authorised, on behalf of
the City of Bangor; to transfer the "Water Street Lot", so -Called.
City Tax Map 42, Lot 147, to Realty Resources Chartered or its
designee, for incorporation into the Freese's building
redevelopment project previously approved in Council Order 98-98.
Transfer of the Water Street Lot shall be made upon
terms and conditions to be negotiated by the Director of Community
and Economic Development. Transfer documents shall be in a form
approved by the City Solicitor.
Statement of Fact: The Water Street Lot, so-called, is a small
irregularly shaped lot lying between the former Freese's Department
Store property (Tax Map 42, Lot 146) and Water Street. Current
plans for redevelopment of the front two-thirds of the former
Freese's building, pursuant to an option agreement approved i
Council Order 98-98, call for creation of a new entrance to the
building from Water Street, utilizing the Water Street lot.
IF CITY 1998
Nation to Amend by Substituting
the words "JMC Partners. LLC
wherever the words ' Realty Resources
Chartered" appear Motion Seconded
Passed As Amended
mer
CIT ERK
99-3)
ORDER
Title, Authorizing Transfer of Nater
Street Lot, So-called, Tax Nap 42, Lot
147, to Realty Resources Chartered and
Foe Vr'eehe"s 1u11Nih'g Re'aeveloWm V
Project
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