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