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HomeMy WebLinkAbout1996-03-25 96-164 ORDERDate: March 25 1996 Item No. 96-164 Item/Subject: Amending Tentative Developer and Option Agreement for Purchase of Portion of the Forma Freese's Budding -Northem Conservatory of Music Responsible Department: Community and Econondc Development Commentary: The Tentative Developer and Option Agreement required certain submissions to the City by the Northern Conservatory of Music no later than March 31, 1996. These required submittals include a fund raising plan; a business plan; identification of all barriers hindering or interfering with development of the premises; and an engineering structural analysis, condition of roof survey, plans and estimates for immediate roof repair, and preparation of preliminary cost estimates for returning the major structural elements to useable condition. Daryl Rhodes, representing the Northern Conservatory of Music, has relayed to the City Council, at its workshop on February 28, 1996, that the Conservatory was relying on the eceipt of proceeds derived by the City kr sale of portion of me former Freese's Building to Joe Cloutia/kealty Resources Chartered/Freese Building Associates to undertake the engineering analysis, roof survey, and preparation of cost estimates for repairs. It was originally anticipated that the sale to Realty Resources would take place before January 1, 1996. If the Council extends the Realty Resources Option to lune 30, 1996, it is recommended the Northern Conservatory Tentative Developer status be mended to lune 30, 1996 and the deadline for required submittals also be extended to lune 30, 1996, Depdrmem Hodd Manager's Comments: O ffcbvo City Manager Associated Information: Budget Approval: Frwnce Director Legal Approval: tty Sobci{ r I duced For Passage First Reading Page-Loc3 Referral Fueseskn-Narbi 96-164 Aasietedbfunndlor Sullivan March 25, 1996 CITY OF BANGOR (TITLFJ 4f rliffa.......... ?an aW'ng Temative Developer seat ,Option Agreement for Purchase of a Portion of the Former Fescue's Building Northern Conservatory of Music By to aty CauroH of W CBY Of Bangor. ORDERED. THAT WHEREAS, the City of Bangor and Northern Conservatory of Music executed a Tentative Developer and Option Agreement for Purchase of a Portion of the Former Freese's Building on January 8, 1996 that granted the Northern Conservawry of Music the option to purchase and develop apottion of former From's Building; and WHEREAS, the Tentative Developer steres granted Northern Conservatory of Music therein expires March 31,1996; and submittals required of the Developer no later than March 31, 1996 have not been completed due to circumstances beyond the Developer's control; and WHEREAS, there is a need for dates to be extended so that the Option Agreement is consistent with the current timetable of the Project; NOW THEREFORE, BE IT ORDERED THAT the City Manager is hereby a uthorizedmexmumasamendmentmthe T=ta ve Developerand Option Agreementfor Purchase of a Portion of the Forma Freese's Building by and between the City of Berger and Northern Conservatory of Music as follows: - Section 1.1. Grant of Tentative Develner Surma The CITY grams and the DEVELOPER accepts elusive tentative developer status b the Premises for development pf the Mame School for the ArtslMaine High School for the Arts for the period from the date of this Agreement =fit Met&3,,1996 Jane 30 1996. Section 1.4. Responsibilities of Developer. During the period is which the DEVELOPERhas been granted tentative developer suatus, as outlined infatuations I.1.and 13.above, the DEVELOPER shall, no later than'mmitn !,1996 lupe3Q 1996 submit to the CITY the following: NOTE: Deletions are shuck out, additions are umdeslieed. IN CITY COUNCIL March 25' t 6 Passed CITY GLERV 96-164 o R D E R Title, Amending Tentative Developer add -option Agreement for Purchase of a Portion of the Former Freese's Bvildln& Northern: Cd6sefdef6f4.6f-mild:........ ..................................... to C!1W!.!.. ....... Councilman 96 16- 1/8/96 Ed Barrett City Manager Bangor,Me. 04401 UEar Mr. Barrett, As per our tentative developer agreement, section 1-3, this letter is a request for an extension of at least three months, to June 30th,1996, to properly prepare those conditions towhich the Conservatory has agreed. Firtce ly, (! ) /aho secretary -treasurer