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.
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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„
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Anigoed to
Councilmen