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HomeMy WebLinkAbout1993-03-03 Community and Economic Development Committee MinutesCOMMUNITY 6 ECONOMIC DEVELOPMENT COMMITTEE Wednesday, March 3, 1993 MINUTES MEMBERS PRESENT: Chairman Sullivan Councilor Shubert OTHERS PRESENT: Erik Stumpfel, City Solicitor Rodney McKay, Community Development Director T.J. Mamtrial, C.D. Housing Resources Coordinator AGENDA PPEM %li - Community Development Property Rehabilitation Loan 47-49 Essex Street The Committee approved a loan in the amount of $155,340 for the complete rehabilitation of this five unit vacant property which was gutted by fire in July of 1992. The total project cost for acquisition and rehabilitation is estimated at $199,060 with the owner providing $43,720 of the cost. The Community Development loan will be secured by a first mortgage. The property will have an after rehabilitation value estimated at $194,450. AGENDA ITEM Sib - Community Development Property Rehabilitation Loan 209 Ohio Street The Committee approved a loan in the amount of $50,000 for the complete rehabilitation of this three unit vacant property. The total project cost is estimated at $103,756 with the owner providing $53,756. The loan will be secured by a first mortgage. The property will have an after rehabilitation value estimated at $97,500. AGENDA ITEM R2 - Appointing Harbor Master and Assistant Harbor Master for the period May 1, 1993 to April 30, 1994 On the recommendation of the Harbor Committee, the Committee voted to recommend to the City Council that Benjamin C. Glidden be reappointed Harbor Master and Bradford L. Collins be reappointed Deputy Harbor Master for the period May 1, 1993 to April 30, 1994. Bradford Collins serves as Brewer's Harbor Meter and Mr. Glidden as Brewer's Deputy Harbor Master enabling each to enforce laws and .ordinances on either side of the Harbor. AGENDA ITEM e3 - Modification to Option Agreements for Purchase of Urban Renewal Parcels B-113 and B -11C The attorney for the developer, Bangor Real Estate, has requested modifications to the Option Agreement approved by the City Council on January 11, 1993. City Solicitor Stumpfel explained that the requested changes primarily involve a second, separate option for Parcel B -11C. The Option for Parcel B -11B contained a provision which gave the developer the right of first refusal to acquire Parcel. B -11C if the developer built a second phase of the proposed project within 10 years. City Solicitor Stumpfel. advised the Committee that he was satisfied that the developer's request for a separate option for Parcel B -11C would give the developer essentially the same right as provided for in the Option for Parcel B -11B approved by the City Council. Council Shubert moved and the Committee voted to approve the changes requested. The meeting adjourned at 5:35 PM rm/ced-3-3 2