HomeMy WebLinkAbout1996-06-24 96-292 ORDERCOUNCD.
Date: lune 24 1996 been No. 96-292
Item/Subject Authorizing Amendment of Development Agrewed mith Freese
Building Associates - Pickering Square Municipal Development District
Responsible Deprecation Community and Economic Development
Commentary:
This Amendment to the Development Agreement is necessary to extend the deadline by
which the Developer must submit evidence of financing and will make the data in the Developer
Agreement consistent with the date in the Option Agreement.
Associated Information -.64,11
Budget Approval: 1
Finance Director
Legal Approval:
C, or
Iduced For
TPassage
_First Reading Page _of
Referral
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Associated Information -.64,11
Budget Approval: 1
Finance Director
Legal Approval:
C, or
Iduced For
TPassage
_First Reading Page _of
Referral
FauesW-FrIKA.he
96-292
Augnedbf ancilm Sullivan June 24, 1996
CITY OF BANGOR
(TIT(f.) Man Authorizing,A ,ndment of Development Agreement with Freese Building
Associates Pickering Square Municipal Developmem Distriart.
By the Ciro Counaii of Ciro of Remove
ORDERED,
TMT WHEREAS, the City of Bangor and Freese Building Associates executed an
Agreement dated January 9,1996 for the development of34 units ofaffordable housing in a portion
of the former Freese's Building; -
NOW'TITEREFORE, BY TBE CITY COUNCIL OF TFIE CITY OF BANGOR, BE
IT ORDERED THAT the City Mmmga is hereby authorized to execute an amendment to the
Agreement by and betweeatbe City ofBangorandFreese Building Associates dated formal; 9,1996
as follows:
9. Developer agrees to provide evidence by ° levels 15, July 11 19g6
satisfactory to the City Solicitor of City, of legally binding financing
commitment of not less than. $1.9 million in bonds for financing of the
Project exclusive of fire ncing an be provided by the City as provided for in
5 and 6 above.
NOTE: Deletions are sauek-am, addifionsareumbediynd. -
INCOITY WWCIL
Bann -24p 1996
Passed
IV LTgx
96-292
O RBLR
Title, Authorizing Amendment of Development
IF Agreement with Preece Building Associates -
Pickeriv& gA are Nuniclpal Dpyp}ypp m
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Couneilman