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
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