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HomeMy WebLinkAbout1996-03-25 96-163 ORDERI 1151WysxcF... Iteas Subject Authonzmg Amendment of Development Agreement with Freese Building Assodates - Pickering Square Municipal Development District Responsible Department Communityand Economic Development Commentary: This Amendment to the Developmem Agreement is necessary to extend the deadline by which the Developer must submit evidence of financing and will make the date in the Developer Agreement consistent with the date in the Option Agreement. DepaihmentHe9d Manager's Comments: Associated Information: ajPq Finance Director Legal Approval: fJ— City Solicits Introduced For Passage _ First Reading Page—Loct Referral Frtmkn-FrInAleg 96-163 Asignd tof ardor saldacci 11arch 25, 1996 CITY OF BANGOR (TITLE.) Vfirba,-.---.-... Audmrizing Amendrcent of Development Agrcemem with Freese Building Associates - Pickering Square Municipal Development District By W City Coorei! efwa ON ofBanyer. ORDERED, TAT WHEREAS, the City of Bangor and Freese Building Associates executed an Agreement dated January 9,19%fa the dewlopmem of 34 units of affordable housing in aportion of the former Freest's Building; NOW THEREFORE, BY THE ClWCOUNCIL OF THE CITY OF BANGOR, BE ff ORDERED THAT the City Manager is hereby authorized to execute an amendment to the Agreement by and between the City ofBangor and Freese Building Associates dated January 9, 1996 as follows: 9. Developer agrees to provide evidence by ha eb 15, iv96 Aonl 30 1996 satisfactory to the City Solicitor of City, of legally binding financing commitment of not less than $1.9 million in funds for financing of the Project exclusive of firmacing to be provided by the City as provided for in 5 and 6 above.. NOTE: Deletions are sun& out, additions are ypdgUjped, IN, CITY COUNCIL Ne[cL 25,'1 6 - Passed CITY C RK 96-163 ORDER Title, Authorizing Amendment of ' Development Agreement with Preece P. 'Building Associates Pickering -...................................... Square HunScipal Development District. ........ 4.......//. .................. Y' . ..unci.... Councilman