HomeMy WebLinkAbout1998-01-26 98-98 ORDERDate .Sano ry 26. 2558 Item No. 98_98
Item/Subject: Authorizing Execution of Option Agreement with
Realty Resources Chartered - Former Freeze's
Building
Responsible Department: Community and Economic Development
The Option Agreement, as drafted, requires a purchase price of
$100,000; development of 40 units of housing in the westerly 2/3 of
the building at a coat of not less than $5,905,329 for acquisition,
surveys, demolition, site work, building improvements,
environmentalr mediation, interior fit up, purchase and
installation ofequipment, appraisal fees, architectural fees,
engineering fees, legal fees, accounting fees, financing fees,
permit fees and pre -opening expenses; an Option period ending
11/30/98 with provision to extend for an additional 6 months; a
option fee of $3,000 and $300 per month for any extension
application of the Option fee at Developer's option to building
stabilization or repairs; submission of preliminary plane for City
approval by 8/19/98 and final plans by 10/29/99; construction start
within 3 months of conveyance of title but not later than 1/31/95;
and construction completion by 12/31/99.
Depar„Mnent Hea
managers Comments: ,5q/ ///; t
city Manager
Associated Information:
Finance Dire
Legal Approval:
40 Cit olic or
Introduced For
i Passage
First Reading Page 1_ of 2
_ Referral
M
Aaigyed to CowNor ealdacci January 16, 1996
CITY OF BANGOR
(TITLE) Mrber, nuthorizirg. Execution, of option Agreement with
Realty Resources Chartered - Former Freese'e Building
Bye City CarveO sfGat ofBao'
TORT the City Manager is hereby authorized, on behalf of the
City of Bangor, to execute an option Agreement, a copy of which i
on file in the office of the City Clerk, with Realty Resources
Chartered for the purchase and redevelopment of a portion of the
former 'Freese's Building% located at 74-96 Main Street.
IN CITY COUNCIL - -
january 26, 1998
Passed
98-98
C- ORDER
EN
Titley nAuthorizing
ea Execetionsour es Option
Agreement eie' Realty I Resources Chartered
em
Former ......'e Building
........y/.... 'r^a........��.y. �... ......
CRw0..- 3u "'v
Assigned to
Councilman