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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 2 994] 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 Amqpvx1 to Q. ................ canRal9man