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HomeMy WebLinkAbout1995-12-11 96-54 ORDERCOUNCIL ACTION Date December 6. 1995 Item No. 96-56 Item/Subject: Extending Dates in Option Agreement Between The City of Bangor and Realty Resources Chartered Responsible Department: Community & Economic Development Commentary: The attached Order will extend certain dates contained within the option agreement between the City of Bangor and Realty Resources Chartered. Realty Resources has made steady and substantial progress in omplishing the rehabilitation of a portion of the former Freese's Building for affordable housing. The date changes included in the Council Order reflect the realistic timetable for the implementation of the project. Deiiartment Head Manager's Commence: G rty manager Associated Information Finance Director City EolicitorP—' Introduced For X Passage _ First Reading Page I of _22 Referral 96-54 Migmd to Ccamefloe popper December 11, 1995 CITY OF BANGOR i (TITLE.) (oTbCi Extending Dates in. opn cn Agreement Between The City of Bangor and Realty Resources By the City C"neV of W sty OfBawet+ ORDERED, THAT WHEREAS, the City of Bangor and Realty Resources Chartered executed an option agreement on May 26, 1995 which granted Realty Resources the option to purchase a portion of the former Presses Building; and WHEREAS, Realty Resources and the City have been making substantial progress in accomplishing the goal of rehabilitation of this property into 34 units of affordable housing; and WHEREAS, Section B of the option agreement certain ertain dates for the progress m undertaking the project; and WHEREAS, there is a need for some dates to be extended so that the option agreement is consistent with the current timetable of the project, THEREFORE, BE IT ORDERED THAT the following timetable be established: Submittal of Preliminary Plans by January 31, 1996 Submittal of Preliminary Plan Revisions by February 29,1996 Submittal of Applications to City Historic Preservation. Commission and State Historic Preservation Commission (if necessary) by March 1, 1996 Target Date for Application Approvals by March 31,1996 Submission of Final Plans by March 31, 1996 1 Submission of Any Revisions to Final Plane by April 30, 1996 Evidence of Financing by March 15, 1996 Completion of Construction by February 15, 1997 IN CITY COONGIL uedembde5ll, 1995 96-56 Passed DRRER DEW UEEdc -.Title, Extending Oates in Option Agreement :Between The City of Bangor and Realty Resources ` Chartered dto A— ...CRAJ?..Assigned Eta °�P°'............ n Councilmaon