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HomeMy WebLinkAbout1997-05-12 97-222 ORDERCOUNCIL A=ION Date: May 12 1997 Item NO. aJ_7�Z Itan/Subject: Termination of Development Agreement with Matthew S. Curtis and Cheryl D. Curtis - Cadillac Mountain Sports Responsible Department: Community and economic Development Commentary: The City's Development Agreement with Matthew & Cheryl Curtis required the Curtises to open a retail sporting goods store in the former W.T. Grant building at 6 Central Street by Sone 30, 1998. This objective will he achieved by the opening of a Cadillac Mountain Sports Store at 6 Central Street by Brad Ryder, former Manager of the Cadillac Mountain Sports store in Bar Harbor, and his wife Lynda, with a planned opening of .July 1, 1997, one year ahead of schedule. The Ryders will own and operate the Bangor Cadillac Mountain Sports stare under a licence agreement with Matthew and Cheryl Curtis doing business as Cadillac Mountain Sports of Bar Harbor. Subject to the Council's passage of this Order, the Community and economic Development Committee at its meeting on May 7 approved a lease agreement with the Ryders, and a second lease with Curtis Bates, who is operating a recording studio and office at 6 Central Street. Brad has Bachelor and Masters Degrees in Business Administration from Hasson College and has extensive retail experience. He and his family a sidents of Bangor. This business arrangement between the Curtises and Riders will provide that ever important -owner In the store. - Passage of this Order will terminate the Development Agreement with Matthew s Cheryl Curtis, accept transfer of title of 6 Central Street, and will authorize the discharge of the Mortgage and cancel the Promissory Note securing the Community Development financing of the Cure ses' purchase of the property. De meat He Nanager'a Comments: City Manager Associated In£eruation:G Budget Approval: Finance Dir cor Legal Approval: �. 1ty Solicitor 1 Iotmodnced For Passage ❑ First Rmadivg ❑ Referral Page�of� Assiti edto Couneilm Tyler nay 12, 1997 CITY OF BANGOR (TITLE,) MrL¢r,._... _..Antho ffigBxer„fim&T=; natimofDevelopmenrngreemenrwith... ..............-_Mathew-S:LLrtiaend Cheryl D:CuNa-CedillaeMoumam Sports _.- _.. By eM alty Cnysoir ofVwt MY ofRanaor: ORDERED, THAT WHEREAS, Matthew S. Curtis and Cheryl D. Curtis executed a Development Agreement with the City of Bangor for property, located at 6 Central Street Bangor, Maine; and WHEREAS, the City of Bangor financed the purchase of the property by Matthew S. Curtis and Cheryl D. Curtis with a promissory note and mortgage; and WHEREAS, Matthew S. Curtis and Cheryl D. Curtis wish to terminate the Development Agreement and convey the property to the City of Bangor, and WHEREAS, the City of Bangor, upon acceptance of deed from hlattMw S. Curtis and Cheryl D. Curtis will lease out part of the property; NOW THEREFORE, BE ff ORDERED,THAT, the City Manager is hereby authomi , on behalf of the City of Bangor, to assents a Termination ofEsevelopmem Agreement, Nene Cancellation and Discharge of Mortgage and to accept a Warranty Deed from Matthew S. Curtis and Cheryl D. Curtis, copies of which are on file with the office of the City Clerk. 9]-222 IN CITY COUNCIL May 12, 1997 D R D E R Passed Title, Authorizing Execution of Termination of Development Agreement with Matthew S. Curtis and Cheryl D. CITY CLEBR Hountalngporta ' ' Cuxtia - Cad311ac 1 COWCiIIDBn