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HomeMy WebLinkAbout1995-06-26 95-298 ORDERCOUNCIL ACTION Date: 8/26/95 Item No.: 95-298 Item/Subject: Sale of Lot t in the BanAir Industrial Park to Jose W. Diaz Responsible Department Community and Economic Development See attached memo Depafnerd Head . Manager's Comments: -jk, W a .qua2:erso I u7 e"orsbtk� C W44V City Manager Associated Information Finance Director Introduced For X Passage First Reading Page of Referral - 95-298 Aeupmd to Counuem Soucy June 26, 1995 CITY OF BANGOR (TITLE.) ADTe Authorizing the city Manager to execute a Purchase and Sale Agreement with Tose W. Diaz. BY Bm a'+v Comeit o/Gla C1N ofBuwor: ORDER®r THAT the City Manager is hereby authorized and directed, n behalf of the city of Bangor, to execute a "contract for Bale of Real Estate" with Tose W. Diaz for Lot #1 in the BanAir Industrial Park. KoemUc MW (sns/.m IN CITY COUNCIL .June 2 1995 P CITY CVRK 95-298 0R D I R Title, Autlhori irg the City Ms er to «acute a �e and Bale Ageeamt w th Jose W. Diaz. ...................................... ...................... 4............... a �^ Ae®pied to Comcilmen 95-298 To Members of the City Council From: Stephen A. Bolduc, Executive Manager Date: June 26, 1995 -'S TS Subject: Sale of Lot 1 in the BanAlr Industrial Pada to Jose W. Diaz Issue Jose W. Diaz, Diaz Construction, has made an offer to purchase Lot #1 in the BanAir Industrial Park on Outer Hammond St. for $64,400. Background Mr. Diaz is the owner of Diaz Construction, Jay, Maine, and has been in the construction and development business for approximately twenty-five years. He is proposing to construct a building on lot #1 as a location for Jay Rent -A -Tool, which he owns, and other tenants. The equipment rental store is projected to employ 4 - 5 people. Presently Mr. Diaz proposes to construct a 2,400 sq. ft. building which is below the desired minimum building size for the lot. However, Mr. Diaz has said that it is his intention to expand the building to accommodate additional tenants. He is discussing the project with several passible tenants, and it appears probable that the lot will be developed beyond our minimum standards. Based upon Mr. Dmfs past record as a builder and developer and the interest of possible tenants, it appears reasonable to expect that the lot will be�suficienlly developed. Lot #1 is 1.53 acres with 272' of frontage on Hammond St. / Route 2. The current price of Lot #1 is $64,400 or $42,091 per arse. Mr. Dees has made two previous offers. The City of Bangor is represented by Robert M. Gilbedi, J. F. Singleton Company, who is due a commission of 5% at closing to be paid by the City. Recommendation The Board of Directors of the BanAir Corporation is currently reviewing this offer. Their recommendation will be presented to the Council when this item is considered on June 26.