HomeMy WebLinkAbout1997-04-28 97-202 RESOLVECOUNCIL ACTION
Item No. 97-303
Date Aoril 2B. 1997
Item/Subject: Resolve, Ratifying Execution and Delivery of Partial
Release of Subdivision Improvement Guarantees - Bangor Mall
Business Park
Responsible Department: Legal
Stillwater Avenue Land Associates (SALA) is planning to close a
sale of lots k6-13 in the Bangor Mall Business Park to permit
development of a Home Depot store. The lots concerned are
presently encumbered by two subdivision improvement guarantee
agreements in favor of the City which were recorded to secure
payment of inspection services, Impact fees and completion of
certain on- and off-site public improvements. In order to permit
progress on the anticipated closing, it was
necessary for the City
Manager to execute a partial release to beheld in escrow, with
conditions, until April 30th. If the sale comes to fruition, the
City will receive payment of the outstanding inspection services
and impact fees. In addition, the City will receive payment for
outstanding real estate taxes assessed against the lots through
fiscal year 1997.
(cont'd on next page)�"�y/7/`
Department Head
Manager's Comments: -&aff 4 4C t
M�LnQA "'���,'•.`"`�c C ti y Manager
Associated Information: Resolve, Release
Budget Approval:
Finance Director
Legal Approval: MM
u'e
City Solicitor
Introduced For BBN9BPtT_A66NBh
x Passage
First Reading
Referral Page 1 of 4
97-202
Assigned to Councilor Soucy April 28, 1997
w CITY OF BANGOR
(TITLE.) ¢SII�UPr.. Ratifying 11 Execution ana nel11 i e 1.y of Partial
Release of Subdivision Improvement Guarantees -- Bangor Mall
By An Bay Consul of the City of Bandar.
BBBOLVBD, THAT the action of Edward A. Barrett, City Manager,
on April 16, 1997 in executing and delivering a Partial Release of
Subdivision Improvement Guarantees releasing Lot Nos. 6-13 at the
Bangor Mall Business Park is hereby ratified and affirmed. A copy
of said Partial Release is attached to this Resolve, and is
incorporated herein by reference. -
IN CITY COUNCIL
April 28, 1997
Passed
cx aeas
9]-202
E E S 0 L V E
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Partial Release of Subdivision Improve -
sent Guarantees - Bangor Hall Business
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- - - - 97-202
PARTIAL RELEASE OF SUBDIVISION IMPROVEMENT GUARANTEES
The City of Bangor, Maine, Grantee of a SubdMsron Improvement Guaranty
Agreement from Steealer Avenue lent Aswciates,a Maine Limited cement
haled August 19. 19f and recorded at the Processor County Registry of Deeds in
Book 5169, Page 193; end
The CM of Sol Marne, grantee of a Second 3uMMsion Improvement Guaranty
Agreement from SlAlwater Avenue Lead Associates dated February 17, 1996 and
recorded In the PembxM County Reparry of Drove In Book 5502. Page 39,
FOR CONSIDERATION PAID, releases to Stillwater Avenue Land Associates, with a
malirg address of 100 Middle Siren, Pottle Mane 01101, all Interest together
under add Sutdivisbn Impovement Guaranty Agreement and sad Second
SuWrvism Improvement Guaranty Agreement in the real described as bellows:
Lots No. SN, Seven, Eight. Nine. Ten, Eleven, Twelve andThim en
ill 0,11.12 and 13) of the Barer Mall Butiness Park as delineated on Me
Second AmeMad Subdivision Pat Agreed 'Bangor Mall Business Park' dated
January 22.1993 and recorded in the Penobscot County Refery of Dozen in Plan
File o-0396, Wing a Moron of to yemises canvei by Bangor Mall Development
Addectates to Stirwarer Avenue lend Ass mates by deed dated August 26,1992 and
recorded at Ne PemhsnM County Registry of Deeds In El 5147, Page 2,
IN WITNESS NMEREOF, The City of Bangor. Maine bas caused this instrumentro b r
executed moderato duly authorized, this 16 day of Atti 1 1997.
WITNESS: The City of Bangor Maine
"�4 By Z, Al /
Name.-rFRW G.G. [oR�
be Edward A. Barrier
City Manager
Slower Maine
Car OI Penobscot Apa'il ab, 1997
PERSONALLY APPEARED the above named Edward A. Everett s
CSev learrainer 0 lira City of Bangor and acknowledgco Me foregoing
Instrument to be his free an err dead a7dMedrrmRpWgeapd('�g:RagXglBfAr
in his said a icy, afld the Iact and deed o_athe City of Beagor.Bemreme,
��
Name: Erik M. atump£$C1
Tula; A[[amey aC lflw
97-202
As proposed, the buyer of lots 6-13 will make the payments
indicated above and will assume SAWS obligation to complete
off-site traffic improvements. The City's improvement guarantees
will remain in effect with respect to undeveloped lots.
Total payments to the City as a result of this closing will be
impact fees: $75,000 (approx.); back taxes: $70,439; inspection
fees: $25,106 plus building permit fees.
Similar action was taken by the Council in October, 1994, to
release lot #3 so that it could be sold to a prospective buyer.