HomeMy WebLinkAbout1995-04-10 95-164 ORDERDate: 4/10/95 jr,,, Ro.: 95-164
Item/Subject: Purchase s sale agreement with Jose W. Dias
Responsible Department: Community and Economic Development
lXmOeMaty:
See attached Amo.
Department Read
all
Associated Information:
Budget Approval[
Director
Legal Approval[ j"(),k���/
ity Sol' or
Introduced For
X Passage
First Reading Page 1 of 2
Referral
95-166
Aeeipmd to Countiloe Cohen April 10, 1995
CITY OF BANGOR
(TITLE.) @rbtra .,.,..,.,,Authorising the City Manager to execute a Purchase
and sale Agreement with dose W. Dicta
By the CWy Comes! of city ofBansoe.
ORDERED,
THAT the City Manager in hereby authorized and directed,
on behalf of the City of Bangor, to execute a purchase and sale
agreement with dose W. Diaz for Lot M1 in the BatNir Industrial
Park for $570000.00.
IN CITY COUNCIL
April 10, 1995
Motion for Passage
Roll Call Vote: 9 No
Councilors voting n
Baldacci, Blanchette, Cohen,
Frankel, Popper, Soucy, Sullivan
Tyler & Woodcock
Oydtfl Failed Passage
CITY/LLERR
95-164
O ROER
Title, Authorizing the City Manager to Execute a
Purchase and Sale Agreement with Jose W. Diaz
.... ...........�. ..... ..... ,...... (�...........
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Assigned to
Councilman
95-164
Ln1EM1IUM"CORPORATION
• BANGOR AIRPORT CIVIC DEVELOPMENT CORPORATION
Go economic Gmeammenf Depammenv
BwWx Lay Mall
Swap,, mare M401
xmoranam
To: Members of the City Council
Prom: Stephen A. Bolduc,ive Manager
Date: April 100 1995 MB
Subject: Purchase S sale agreement with Jose W. Diaz
Jose W. Diaz, Dias Construction, has made a second offer to
purchase Lot 81 in the Ba:kir Industrial Park on Outer Hammond
St. for $57,000.
Backgroand
Mr. Diaz is the owner Of Diam Construction, Jay, Maine, and has
been in business for approximately twenty-five "are. He is
proposing to construct a 61000 - 8,000 sq. ft. building on lot 81
as a location for Jay Rent -A -Tool and another tenant. Jay
Rent -A -Tool, which is currently leasing space on outer Ha mand
St, will occupy 2,000 u3,000 sq. ft. of the building, and
another tenant would occupy 3,000 - 5,000 sq. ft. At other Jay
Rent -A -Tool locations Mr. Dias has leased to auto parts stores.
The equipment rental store is projected to employ 4 - 5 people
and an auto parts store 6 - 8 people.
Lot it is 1.53 acres with 272• of frontage on Hammond St. / Route
2. The current price of Lot 41 is $64,400 or $42,091 per acre.
Mr. Diaz's previous offer made in January was $50,000.
The City of Bangor is represented by Robert M. Gilberti, J. P.
Singleton Company, who is due a commission of 5% at closing to be
paid by the City.
Recommendation
The Board of Directors of the Bankir Corporation recommends that
the offer be declined because:
1. The offer is only 88.59 of the listed sale price of
the lot.
OPERATOR OF BANGOR FOREIGN TRADE ZONE NO. SB
Telphonm: 12071847-0842. TELEX: SAMAIR 950007
95-164
2. Acceptance of the offer would reduce the value of
other lots in Hankir industrial Park.
3. There are no extenuating circumstances such as
creation of significant jobs or tax revenues to justify
acceptance of the offer.
4. An 8,000 sq. ft. building would be only 308 of the
maximum possible development of the lot.