HomeMy WebLinkAbout1993-01-11 93-99 ORDERCouncil Action
pate January & 1883 Item No. 93-99
Item/Subject Authorizing Execution of Option Agreement - Parcel B-11 B
Responsible Department: Community Development
Commentary:
ne Community and Fmmorl Development Centuries has reviewed and recommendetl approval aha a
request for an Option Agreement purchero and devebp a major portion W former Urban Renewal Parcel
B-11 anted adjacent and In the same Nock as MaOaeM Gardena on Exchange Street (see attached
pill SlgNhcantdrms of Opson Agreementare:
Option period: 12 months MM provision for n month w]ension subject Council approval.
Minimum development requlrri 25.000 aquarebot 2 army commercial building, 40 perking spaces.
Developmental Approximately 48,425 squarefeet
PnliMnery plans submitted for Council approval: Nallaterman August20,taas.
Final plane and construction schedule submitted for Counce approval: Net hater Man January 2A, race.
Conversation shut: Within 8 months W purchase of development site.
CcnstNNon finish: Within 18 monis W construction stat
Purchase price: $1.00 per equals an W land nnvervi
Omit 1/e W 1% W purchase pricefor eaM mathW me Opton pedod,
The developer proposes to former a second structure on the are ea scop as economic c,nd'Nens
permit and hes requested a right W fine all on the remaining 13,481 square aW potion W me
development bar deegnated as Parts B-110 which would be usrid to based par ing r supPotMe
additional developmant The Option would movies me demonstrable right derangenton the developers
legally binding commitment to build a second minimum 2 a tory commerckl atmre concerning not
less than 15,000 square toret.
Deoetmea Heetl
Manager's Comment:
r
Tn CI Mene er
Associated Intrmetion: t "
Budget Approval:
/ ri ance DlreMcr
Legal Approval: ]lois ikmf may beHreed;c(eff til
1tn✓jive Secs/dn Grier, fi ¢/rel Pesnril
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i�PMerral
93-99
A akned to Counedor Sullivan, January 11, 1993
CITY OF BANGOR
(TITLE.) (DCDErt Aythp =int Execution of option Agreement.- Parcel.. a -11B
BY ttt MY CWWWU Of W Gift of Bootee:
ORDERED,
TAT the City Manager is hereby authorized and directed, o
behalf of the City of Bangor, to execute an Option Agreement, a copy
of which is on file in the Office of the City Clerk,
with Bangor Real Estate for the purchase and
redevelopment of a portion of the former Urban Renewal Parcel 8-11
designated in the Option Agreement as Parcel B -11B.
IN CITY COUNCIL
January ll, 1993
Passed by the following yes
and no votes. Councilors
voting yes: Blanchette, Bragg,
Frankel, Saxl, Shubert, Soucy
and Sullivan. Councilor abstaining
Stony. CounciUer absenC Cohen
CPPV CLEAR
93-99
ORDER
Title,
AAtAop}e}ng Eaecutipn of option
Agreement Parcel B -IIB
................4 ...................4.4
W.." (I. ("W
AmAwd to
.......C".�........
Councilman
,.
sr. F HOUL'1Y)NBAND OF
MALISEET INDIANS
Y ;Ri
PHASE I — -I PARCEL 3-11B
PARCEL B -11C
+/- 48,425 sF ,i.�_l. +/ 13,432 SF
AREA _ g _
■ _ ( _
L_ 4
EXHIBIT A