HomeMy WebLinkAbout1999-02-22 99-101 ORDERDate: Febroary 22, 1999
Item No. 99-101
Item/Subject: Approving Option Agreement withRealtyResourcesChartered
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Development Parcel between Boyd and Newbury Streets
Responsible Department: Community and Economic Development
'this Order world grant Realty Resources Chattered an option m purchase and develop
32 to 34 two-bedroom wits of affordable family housing on a two -acre City development
parcel behind St. John's Church on York Street. The site remains from the ergrlsition
and demolition of several dilapidated dwepings along the former Gridley and Fmver
Streets as part of the Hancock -York Neighborhood Development Project that rook place
in the late t9'!0's. The Option tens is six months with an option to extend the tems an
additional six months with City Council approval. Realty Resources would be required
to develop a minimum of 32 apamnems, with plans approved by the Community and
Economic Development Committee. The proposed sale price is $60,000. Realty
Resources Chartered is the developer of the Freese's building.
Dep anent Heap
Manager's Comments: Ct£D/Jy�a2Y eq e&ovwuk a.W wtl/ewoea
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City Manager
Associated Informafion:O
Budget Approval:
Finance Director
Legal Review;
City
Passage First Reading Referral Pege_of_
99-101
Asugated to Councilor 9ard February 22, 1999
CITY OF BANGOR
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Approving Optum Agreementwuth Realty Resources Chartered(TITLE.) OrYBL, ................. ...... -... __._ —
Development Pmcel between Boyd and Newbury Streets
By fhu aty Caiman eft Cty ofJg y .
ORDERED,
TEAT WHEREAS, Realty Resources Chartered of Rockport Maine has requested
an option from the City to purchase and develop 32 to 34 two-bedroom units of
affordable family housing on a two -acre City development parcel behind St. John's
Church on York Street; and
WHEREAS, the site remains from the acquisition and demolition of several
dilapidated dwellings along the former Gridley and Frazier Streets as part of the Hancock
-York Neighborhood Development Project that took place in the late 1970's; and
WHEREAS, the proposed development is appropriate for this development
parcel which is zoned for multi -family use; and
WHEREAS, the proposed development is consistent with the Hantock-
York Redevelopment Plam and
WHEREAS, the option requires full payment of real estate and personal
property was due the City;
NOW, THEREFORE, BE IT ORDERED BY THE CITY COUNCIL OF
THE CITY OF BANGOR, THAT the City Manager is hereby authorized to execute an
Option Agreement with Realty Resources Chartered, providing Realty Resources
Chartered the option to purchase and develop 32 in 34 two-bedroom units of affordable
family housing on the two -acre City development parcel behind St. John's Church on
York Street, at a purchase price of $60,000, with a tenu of six months, with an option to
extend the term au additional six months with City Council approval, with plats
approved by the Community and Economic Development Committee, and such other
terms and conditions as may be deemed appropriate by the D'uector of Community and
Economic Development, City Solicitor or Assistant City Solicitor, and in a form
approved by the City Solicitor or Assistant City Solicitor.
EP CITY C009CIL
February 22, 1999
e[otioo for Passage Made said
Seconded
Paged
l
67
C
99-101
O ROER
Title, Approving Option Agreement vlt4
Realty Resources (bartered - Oevelopemt
Parcel getvem Hayti and Newbury streets
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Councilman