HomeMy WebLinkAbout1996-06-24 96-293 ORDERDate: June 24 1996 Item NO 6-293
Item/Subject: Amending Tentative Developer and Option Agreement for Purchase of
portion of the Former Freese's Building-Northern Conservatory of
Music
Responsible Department: Community and Economic 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 Theserequired
submittals include a fund raising plan, a business plan, identification of all bar iers 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 swcmml elements to useable condition.
The Northern Conservatory of Music is relying on the receipt of proceeds derived
by the City for sale of portion of the forma Freese's Building W Joe Cloatier/Realty 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, 19%, If the Council extends the Realty Resources
Option to August 30, 1996, it is recommended the Northern Conservatory Tentative Developer
status be extended to November 30, 1996 and Ne deadline for required submittals also be
extended to November 30, 1996.
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Manager's Comments: - g
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Associated Information:QA
Budget Approval:
Finance Director
Legal AFFrovah
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96-293
Aedpted to Commter ealdacci June 24, 1996
CITY OF BANGOR
Amending Tentative Developer and Option Agreement for Purchase of a
(TITLE.) G�TiIETa .........._.....- ......... _._ ........... ........
Portion of the Former Fusco's Building - Northern Conservatory of Music
By Guy Gannon of as GuY ofBaapor.
ORDERED,
TUT WHER , 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 grantedthe Nonhem Conservatory of Music the option to purchase
and develop a portion ofthe former Frcese's Building; and
WHEREAS, the Tentative Developer status granted Northern Conservatory of Music
therein expires June 30,1996; and submittals required ofthe Developer no later than June 30, 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 honorable of me Project;
NOW THEREFORE, BE IT ORDERED THAT the City Manager is hereby
authorim wex uteanamenchnmtwthe Tentative Developerand Option Agreemem for Purchase
of a Portion of the Former Presse's Building by and between the City of Bangor and Northern
Conservatory, of Music as follows
Sectionl.L Grant of Tentafve Develn erg Siamc. The CITY grants and the
DEVELOPER accepts elusive tentative developer status to the Premises for
development of the Maine School for the Arts/Maine High School for the Arts for
the period from the date of this Agreement until Macelt 31,1996Nnvember 30
144Q.
Serxionl.4. RR^=nn glihihtiec of Developer. During the period in which the
DEVELOPERbee been granted tentative developer status, as outlined in pamgrapbs
1.1. and 1.3. above, the DEVELOPER shall, no laterthan,.,mcn-sr, ,civ Noverpppy
34,1996 submit to the CITY the following:
NOTE: Deletions are stwekon, additions are underlined
INCCITY COUNCIL 96-293
June 24, 4996
passedO R D E R
CITY JIaKm1 R tl Amending Tentative Uevelppex
d Option Agreement for PUrchase
of a Portion of the Former Freese's
Bufiding MConeexvatoxy of Rue1c
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Coune'lmen