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
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Councilmaon