HomeMy WebLinkAbout1994-10-12 94-433 RESOLVECODNCIL ACTION
Item No. 94-433
Date October 12, 1994
Item/Subject: Ratifying Execution and Delivery of Partial Release
of Subdivision Improvement Guarantees -- Bangor Mall Business Park
Responsible Department: Legal
In February, 1994, the City and Stillwater Avenue Land Associates
entered into a Subdivision Improvement Guarantee Agreement to
secure completion of project -related off-site traffic improvements
In connection with "Phase II" of the Bangor Mall Business Park. As
security for completion of the improvements, the developer pledged
11 lots within the approved "Phase II" subdivision. Recently, as
provided in the agreement, the developer requested a release of let
3 from operation of the agreement, so that the lot could be
sold to a prospective buyer. An instrument titled "Partial Release
of Subdivision Improvement Guarantees" was submitted to the City
for that purpose. In that the remaining ten lots provide ample
security for completion of the improvements concerned,
rned, the Legal
Department asked the City Manager toe cute the Partial Release.
The Partial Release was executed and delivered in advance of
Council approval to facilitate a scheduled closing on the sale of
lot 83 in the Business Park. This Resolve would ratify execution
and delivery of the City's release.
Associated Information: Resolve, Letter, Partial Release
Budget Approval:
Finance Director
Legal Approval: W
City solicitor
Introduced For Nesi-e>i>#9EDaC AISl E r —
X Passage
First Reading
,� Referral Page 1 of 4
Department
Head
Manager's
Comments:
Associated Information: Resolve, Letter, Partial Release
Budget Approval:
Finance Director
Legal Approval: W
City solicitor
Introduced For Nesi-e>i>#9EDaC AISl E r —
X Passage
First Reading
,� Referral Page 1 of 4
94-433
Assigned to Councilor Tyler lectober 12, 1994
CITY OF BANGOR
(TITLE.) C""n"'f... Rat ifying,ExecutloR end,. Del iverp of Part a1
Release of Subdivision Improvement Guarantees -- Bangor Bull
Business Park
By the City CMw+I ofd w City WDongur.
ROWLVBD, THAT the action of Edward A. Barrett, City Manager,
in executing and delivering a Partial Release of Subdivision
Improvement Guarantees releasing Lot No.3 at the Bangor Mall
Business Park to Stillwater Avenue Land Associates is hereby
ratified and affirmed.. A copy of said Partial Release is
attached to this Resolve, and is incorporated herein by
reference.
In City Council October 12. 1994
Passed
�3 //
Ci[ Clevk
94-433
R E S O L V E
Ratifying ffiecutlou and Delivery
of Partial Release of Subdivision
improvement Guarantees Bangor Nell
September 30,1994
94-433
STILLWATER AVENUE LAND ASSOCIATES
100 MUDDLE STREET
TOWER A, 7TH FLOOR
PORTLAND, MAINE 04101
(207) 772-0548
(207) 772-0481 FAX
RE�" IVED
OCT 034194
DEPAr, i e.92NT
Mr. Eric Smmpfel, Esq
City Solidtor
City of Bangor
73 Harlow Street
Bangor, ME 01401
:Th
Dear Enz:.
Co Thursday, Ocmber 6,1994, we Plea to close on O sale of Lot 3 m the Bangor Mail Business
Pork As lou know, SpBwater Avenue Latta Associates and the City efRango+ have executeda
Subdivktiion Improvement Guaremy Agreement and a Second h Vmvement GuarantyAgxmeat
forcompletionofPhase1all Phase BimpmvemensmtheBmg Mail Business Pah.
Weatepleasaimfmailybeathepointofsellinganaddidosa WmStore Farm MumalAmo
In6araaCe Co. andwouldappresdateyommleasmg Lot83 form We mors of the Subdivision
Impmvement Guarantees
I have enclosed appropriate discharge doeumeas which should be executed by the City of Bangor
and seatm tlw Buyers attorney with a copy tome. Pleau send fie signed documents m:
Robot Morden, Esq., Marden
DuborA Bernier & Stevens
44EIm Sart
P.O. Box 708
Waterville. ME 01903-0708
Phone(207)873-0186
Fix (207) 873-2245
Please ensure that Mr. Mallen receives these documens prior m the Omobar 6th Closing.
Thank you for your assistatme in this matin.
ShICe'1J-`�
F. Brown
V preddent&velopaw&Srrb Umr1Hoadng
ldl
nc
The CRY Of Same, Maine, Grandee of a Suedivalon Improvement Guaranty
Agreement lrcm SlilMater Avenue Land Aemclatea, a Maine Unload Patneiship,
dead August 19. 1992. and recorded at the Penobscot Coundy Rmistry of Deeds in
Seek 514% Page 193; entl
The Clry of Banger. Marne, grantce Of a Second Subditri Improvement Guaranty
Agreement fmmSlrllwMer Avenue Land Asmci&et dil February 17, 1994 entl
re(oMed in the Penobscot County Regndry of Beetle In Book 5582 Page 89,
FOR CONSIDERATION PAID, relaesee to Stillwater Avenue Land Assai with a
mailing address of 100 Middle Streak. Finland. Maine 04101, all Waned acquired
under send SubdNlslam Improvement Gramenly Agreement and Mid Second
SuMlvlpon lmpmvemant Guaranty Agreement Inline WCMISSa described as mlbws:
Lor No, Thee ME) o1 Me Bangor Melt Badness Park W delineated on the
Second Amended Suhdviaon Flet edhletl'Bangor M311 Business Park' dated
January 22. 1993 add attended in the Penobscot County Registry of Beetle In Flan
File D-8994, being a Perrot of Me premises conveyed by Bangor Mall De✓ebpment
AgOtnales m.Slluwater Avenue Land ASs(clales by dead indeed August 29, 1992amd
recOrtlN tithe Penobscot County Registryof Deeds In BOOL 5147. Page 2
IN WITNESS WHEREOF, The City of Bangor, Marne has caused NIS Indiumeed to be
�hereuniodUl mftru ,tN84thday0l October ,1934.
by Edward A. Barrett, it City Hamper,
WITNESS: - The City of Bangor, Maine
Name: Erik M. 9twupfel. I: City Manager
$4mrof MAINE )
Countyoi Penobscot )$a October 4, 1994
PERSONALLY APPEARED the above-mmed Edward A. Barrett as
City Mannar of the Gry M Bamor and acknowledged the breading
Instrument m be his free and and Caedffi6tlq
Jur his said capacity and he free act sad deed o£ said City of
Bangor.
Before me. VpY'�`^�'�'
Name' �k M. EC}
True: Attorney -at- e