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