HomeMy WebLinkAbout1990-04-23 90-169 ORDER{'
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Item/Subject: Option to Purchase Hermon Bog
Responsible Departments Community Development/Legal/Airport
Commentary: The City of Bangor has been approached by,investments
office of Columbia University with an offer to purchase the"Hermon
Bog", 686 acres lying in Hermon west of the Bangor c Aroostook Rail-
road line.. The northeast corner of this property borders the Lorenzo
Daigle lot acquired by the City last year, while a portion of the
northerly edge of this property lies within the present glide -path
easement area northwest of the. BIA runway. Legal title to the property
s held by 19 institutional beneficiaries of the Aidde Foundation, Inc.
Columbia University's investments office is heading up this group.
The property has been appraised at $80.00 - $110.00 per acre
055,000 - $75,000) for the present owners. -The property formerly was
held for commercial peat exploration and development, and was leased
to General Peat Resources of Delaware for that purpose in 1987. That
.lease has recently been abandoned.
Staff believes this offer presents the City with an excellent
opportunity to provide an additional buffer at the northwest end of
the Airports to prevent inconsistent residential development along
Fuller Road in Hermon; to preserve an important area
wetland resource;
and to create a land bank against potential off -set or mitigation
requirements which might be imposed with respect to future industrial
development in Bangor by the Maine DEP.. The parcel also has some
-
Potential for u aa park or nature preserve. Staff recosmnends
approval of a optionagreement at the $55,000 figure, which is at the
lower end of the indicated appraised value'. The option period would
permit the City to complete an environmental site assessment and
necessary title work.
Introduced For Item No.
O Passage
Ej First Reeding Page_ of
FRearral
Introduced For
Xpauage
❑ First Reading Page — of
❑Referral
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Date 17 1990 Item No. 90-169
Item/Subject
Responsible Department: Community Development/Isgal/Airport
commentary:
Please see attached
Oepnrnent�.
Manager's comments:
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Introduced For
Xpauage
❑ First Reading Page — of
❑Referral
90-169
Axipmdm Coundor Blanchette, April 23, 1990
CITY OF BANGOR
(IDLE,) (DrbCr Authorizing City Manager to Execute Option Agreement
with Trustees .of the Walter Kidde 6 Company Foundation. Inc.,
to Secure City's Option to Purchase the Hermon Bog "
By 9& City Cowwit of Be CUy OBmnpar.
ORDERED,
THAT
WHEREAS, the Trust beneficiaries. of. the Walter Slide b Company
Foundation, Inc. have approached the City of Bangor with a
offer to sell to the City the property in Hermon known a
the "Hermon Bog"; and
WHEREAS, the City wishes to secure an option to purchase the
Hermon Bog property,
NOW, THEREFORE, By the City Council of the City of Bangor, be
it
ORDERED,
THAT the City Manager of the City of Bangor is hereby authorized
and directed to execute a certain letter .option agreement with
the Foundation Trustees,.a copy ofwhich is on file in the
City Clerk's Office, provided saidletter option agreement
shall be amended to specify a sales price of not over $55,000
to be paid from the Airport Fund.
IN CITY COUNCIL
April 23, 1990
Passed
M/
CITY %I.ERK
90-169
ORDER
Title,
Authoriz(i'n4 City Manager to Execute
ip[Ion ..a[eemenr with' 'taysieee of"tAe Walter
8idde S Company Foundation Inc. to Secure City's
Opti(�oJ/®to�,F�ur�aFaee.bhe Nea�w�n��(BB S'..
VQ. 4gW'r/y
1n✓ ��AaAg ed to Imo'
.....Y �`Rc.YINi"�'..........
Councilman