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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. zg Deep tmem Heol Manager's Comments: - g Ciry Mmmger Associated Information:QA Budget Approval: Finance Director Legal AFFrovah Ciry/ Introduced For Xy Passage _ First Reading Page—of Referret Fro eew NO hg 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 ......�.............................. Coune'lmen