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HomeMy WebLinkAbout1996-11-25 97-24 RESOLVECOUNCIL ACTION Item No. 97-24 Date: November 25 1996 Item/Subject: Ratifying execution and Delivery of Documents in Connection with Sale of Rear Third df Former Freese's Building to Freese Building Associates. Responsible Department: Legal Commentary: - - The attached Resolve would ratify the actions of the City Manager, City Solicitor and Director of Comunity and economic Development in executing and delivering final closing documents in connection with the sale of the rear third of the former Freese's Building to Freese Building Associates for redevelopment purposes. This i "clean-up" resolve intended to provide Council approval of various side agreements and language changes in documents previously approved by the City Council. Department Head VU Manager's Comments: �; City Manager Ml . i�� / Cit Associated Information: Resolve Finance Director City Solicitor Introduced For CONSENT AGENDA X_ Passage First Reading Referral Page I of 3 9)-24 Assigned to Countilot Tyler November 25, 1996 CITY OF BANGOR MILE.) esulb Ravi iny, execution end Deliver,K of Documents. in Connection with Sale of Reale Third of Former Freeee's" . _... epilains_tp_$reR4e..euild2?!S_Aef.§°c}a3€&.a...........:._..._......._. By We City Cassel of We City ofBanseem BBBOLVBD. The actions of the City Manager, City Solicitor and Director of Community and economic Development in executing and delivering the following documents in connection with the sale of the rear third of the former Freese's Building to Freese Building Associates for redevelopment purposes axe hereby ratified and confirmed: 1. "Second Amendment to the Option Agreement for Purchase of a Portion of the Former Freese's Building" dated April 4, 19 6, amending an option agreement with Realty Resour2 as Chartered dated May 26, 1995. 2. "Amendment to Agreement" tla d April 4, 1996, amending Development Agreem t with Freese Building Associatea dated Jahuary 9, 1996. 3. ".Amendment to Agreement" dated November 5, 1996, further amending Development Agreement with Freese Building Associates dated January 9, 1996. 4. "Indemnity Agreement" dated October 31, 1996 with Commonwealth Land Title .Insurance Company. 5. "Owner's Affidavit" dated October 31; 1996 regarding real estate liens. 6. "Owner's Affidavit" dated October 31, 1996 regarding building tenants. ]. "Party Wall Agreement" dated November 5,'1996 with Freese Building Associates. 8. "Indemnity Agreement" dated Wovember 5, 1996 with Freese Building Associates, elating to liabilities in regard to cc extortion of the party wall. 9J-24 9. "Reimbursement Agreement" dated November 5, 1996 with Freese Building Associates, relating to reimbursement for construction of common, improvements. 30. "Lease Agreement (Parking Luse)" dated November 5, 1996 with Freese Building Associates. 11. "Maine State Housing Authority Municipal' Revolving Loan Fund Grant Agreement" dated November 5, 1996. 12. "Subordination Agreement" dated November 5, 1996 with Rey Bank of Maine and Freese Building Associates. 13. "Intercreditor Agreement" dated November 5, 1996 with Maine State Housing Authority. 14. State of Maine Real estate Transfer Tax Declaration Form. 15. Municipal Quitclaim Deed dated November 4, 1996 to Freese Building Associates. - Copies and/or duplicate originals of all documents listed above are on file In the offika of the City Clerk. The "Freese Building Associates" referred to above is "Freese Building Associates, a Limited Partnership", a Maine limited partnership. IN CITY COUNCIL November 25, 199 Passed CITY CLAS% 9]-26 R E S O L V E Aatlfying T ervtlon and Belivog of Uocu eats i pec[ o w tiff Bear TMrd of Former FreesVsBuildiug o Freese B4id ling Associates aw n a/$� U r- 1