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HomeMy WebLinkAbout1996-06-24 96-291 ORDERCODNCD. ACTION Date: 1=24. 1926 Item No. erg -seri ItemBubjech Extending Dates in Option Agreement for Purchase of a Portion of the Former Freese's Building between the City of Bangor and Realty Resources Chartered Responsible Department: Community and Economic Development Commentary: The attached Order will extend the tam of the Option to August 30, 1996, the timetable for submittals required in the Offer, and for completion of wnstmction of the project Realty Resources Chartered has been malting steady progress on this complicated project involving only a portion of the building. The vmious issues have been addressed and the project is now scheduled to be considered by the loan wormhole of the Maine State Housing Authority in My. The extension of the Option to August 30, 1996 should be sufficient to allow time for finalization of project financing during July and loan closings in Argun. Manag^er�''suComments: C+£.P .Wludf � Aesaciated Information: OAZLok Budget Approval: Legal Approval: Introduced For Passage _ First Reading Referral Finance Director Cisolicitor Page—of Pmusbemlt log 96-291 Mip,edb Councilor Popper June 24, 1996 CITY OF BANGOR (TITLE.) uCrbtrExtending Dates m Option Agreaaem for Purchase of a Portion of the a ..._-Forma Freesds Buddlag between the City of Bangor and Realty Resonma Chartered ByW Caaliommudii of Na IXNNBauaer: ORDRRRD, THAT WHEREAS, the CityofBa orand Realtyl2eso Charteredexamedan Option Agreement on May 26, 1995 Nat granted Realty Resources Chartered the option to purchase a portion of the former Freese's Building; and WHEREAS, said Option was amended by Amendment dated January 9, 1996, as provided for by passage of Council Order 96-54 on December 11, 1995, and by passage of Council Order 96-162 on Mach 25,1996 extending dates for the timemble of the project; and WHEREAS, Realty Resources Chartered has been mating substantial progress in accomplishing the goal of rehabilitation of this property into 34 units of affordable housing; and WHEREAS, the Option Agreement, as amended, establishes certain dates for progress in undertaking the project; and WHEREAS, there is a need for Nese data 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 authorized to execute an amendmrnt to the OPTION AGREEMENT FOR.PUPEHASE OF A- - - - - PORTION OF THE FORMER FREESE'S BUILDING by and between the City of Bangor and Realty Resources Chartered establishing a new timetable as follows: Extend the term of the Option to August 30, 1996 Submittal of any revisions to preliminary plans by July 15, 1996 - Submittal of applications to State Historic Preservation Commission (if necessary) by July 15,1996 Target date for application approvals by July 30, 1996 Provide evidence of financing by July 30,19% Submittal of final plans by July 30, 1996 Submittal of any revisions to final plans by August 15,1996 tl IN CITY COUNCIL June 26'; 1196 '96-291 Passed' ORDER "CITY CLERK Title,Extending Oates in Option A$ eement for Purchase of a Portion of the Former Fieese's Building between the Cit of .................................Y.... Bangor ana Realty Renonreea cbxrtarea ..................................... . Q - Assigneded to to P...o.n.tlsan