HomeMy WebLinkAbout1996-02-12 96-104 RESOLVECOUNCIL ACTION
Date: Fe y 12 1995
Item No. 96-104
Item/Subje<t: APPROPRIATION OF FUNDS FROM SALE OF A PORTION OF THE FORMER
FREESE'S BUILDING
Responsible Department: Community and Economic Development
Commentary:
This appropriation establishes accounts for the use of proceeds received
form sale of the Pickering Square portion of the former Freese's building to
Freese Building Associates (Realty Resources/Joe Cloutier) in accordance with
the terms of the Tentative Developer and Option Agreement with the Northern
Conservatory of Music dated January 6, 1996 and approved by passage of
Council Order #96-41 passed on December 27, 1995.
Manager's Co®ante:
Associated
Budget Approval:
// Finance Director
Legal Approval: P/PG-2 00�e 71dL l 'pJSe AAOei Nit, not {v¢, iece�wol by Ik /� vwj 4(mol do5mM city Soliei r
gaff k rease ni✓ilq imv 'wap FS, A etos IP5 i5
n^1'<°AJrd
in
n/�r`o� A.ori1 f� 19QL.
xntroduoed Por
Passage
First Reading p Page 1 f
Referralp'p �Munu.d711Lh^ac), 1996 at
(0 "(x . "-eom
96-104
Assigned to Councilor Blanchette February 12, 1996
_ N CITY OF BANGOR
GIRL) AESOIJT,... APPROPRIATION 0@ FUNDSRRgN SALE OF.A PORTION-
1.
ORTION_
...MR.._@ORNER. FREESE'.S..BUILDING... ...... ...... ....... ..
By W City Comw,il dW CUB of Rosser. -
RESOLVED,
A supplemental appropriation of $250,000 of proceeds from
the sale of a portion of the former Freese's building to
Freese Building Associates is hereby appropriated as
follows;
$165,000 as a contribution to the Northern Conservatory
of Music (6850-78010100) to be used only for expenses
directly related to the physical redevelopment and
improvement of the building and for other expenses
directly related to establishing the Maine School for the
Arts f the Maine High School for the Arte under the terms
of the TENTATIVE DEVELOPER AND OPTION AGREEMENT FOR
PORCHASE OF A PORTION OF ME FORMER FREESE'S BUILDING by
and between the City of Bangor and the Northern
Conservatory of Music dated January 6, 1996; and
$85,000 as a capital project to defray any necessary
expenses associated with the acquisition of the Freese's
building and maintenance of that portion of the building
not sold to Freese Building Associates during the period
for which tentative developer statue has been granted to
the Northern Conservatory of Music; and
that the Finance Director shall establish such accounts
as are Bary to properly record transactions related
to the accounts so established•
IN CITY COUNCIL
February 12, 1996
First Reading
Referred Finance Committee
Out ITY CLERK
IN CITY COUNCIL
February 26 1996
Passed
ITY CLEM
96-104
RESOLVE
Aonronriation
of
Funds from
sale
of a portion
of
the Former
Freese's
Building
i./iw 6.
Po V"A