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HomeMy WebLinkAbout1998-04-27 98-192 ORDERCG=CIL ACTION Date: April > 1998 Ilam No. 98-192 Item/subject: Authorizing Exeaedon of Amendment m D"Hopment Agreement w[tt Hammond Street Courtyard, L.P. Responsible Department: Community L Economic Development Commentary: This Council Order would authorize an amandement to the Development Agra dent with Hammond Street Courtyard. L.P., developers of the former Bangor Furniture property at 84- 120 Hammond Street. The City has a matured tax lien on the property, and staff recommends that the City retain its interest in the property by not accepting payment for back taxes until all financing for the project is in place. This amendment would eliminate the requirement that all taxes be paid by April 30, 1990, and would require that they be paid at the time of closing on private lender financing for the project. This is acceptable to the private lender and the developers, and is recommended by staff to preserve the City's interest until the project receives full financing needed for the project. Hammond Street Courtyard, L.P., with Robert and Susanne Kelly and Richard Cattelle a General Partnere, intend to rehabilitate the four buildings at 84-120 Hammond Street into a mix of retail, office and residential space ata estimated cost of $1.5 million. The Development Agreement requires the City receive, by April 30, 1998, evidence of the equity invescreent and private lender financing commitment needed for the project. Present indications are that those requirements will be met. Ment Hf,/// Manager's Comments: ltgotrrm� V962�5/n, City Manager Associated EaeermetlovG Budget Approval: Finance Director Approval: LY�� city apltcitor Introduced For 0 Passage 0 First Reading ❑ Internal PagayefI_ Amipmdto Coundm Baldacci April 27, 1998 pp CITY OF BANGOR (TITLE.) Mrbgr, _ Authorb¢mg Elevation of Amendment 0 f elopmeat Agrahmeut with._ Hammond Street Courtyard, f..P. By the Ulu Conseil of his City of Appear. ORDERED, THAT the City Manager is hereby authorized, on behalf of the City of Bangor, m execum ait men ha ent to the Development Agreement with Hammond Street Courtyard, L.P. for the redevelopment of the mother Bangor Furniture Co. property at 84-120 Hammond Storm, approved by the City Council by passage of Council Order 98-142 on March 11, 1998 and dated March 13,1998, As follows: 12. Developer shall pay, or cause to be paid, in full, b, April 30, 1998 at the time of Inv gnn d]othe charges fln ssessefnrthetttie84 all0 Hammon real esmte taxes are Cher charges assessed 6 through the 84-120 Hammond Street property by the City for fiscal years 1996 though 1998. NOTE: Additions are underlined and deletions are aeaelma. IN CITY COUNCIL April 27, 1998 Passed CI C LeW[[ 98-192 ORDER Title, Authorizing Execution of Amendment to Development Agreement Ni LA and Streee[ CourLYdrdt,L.Py„ .....H.1 ................... ...�....�.�.............,.....�..t.. ..�......... Anigoed to Councilmen