HomeMy WebLinkAbout1990-09-24 90-330 ORDERDate WY11L11 rs�yig
Item No. yp_gSD-
Item/Subject: Authorising Extension of Option Agreement, Parcels H-211-3,
Gridley Street Associates
Responsible Department
Community.& Economic Development
Department
Commentary: -
The Coam,mity and econcmic Development Committed
reviewed the request
of Gridley Street Associates for an extension of the
Option Agreement to
develop the City's property behind St. John's Church
at its meeting on
September 18th and voted to recommend approval of the
extension subject
to the terms contained in the proposed Council Order.
Manager's Comments:
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Associated Information
Budget ApprovaL
£im ae Dina' o.
Legal Approval:
City solicao,
munducad For
Passage
First Reading Page 1 of
❑ Referral
90-330
Awagnelto Couneilot Sullivan, September 24, 1990
CITY OF BANGOR
(pTLE.) (®iDtt Auth tsiug Extensta oP Option,Ag to Paxcela H 2'H-3,
g._....... .. _
Street
By the My CoYBeH of Me City ofBaxOrt:
ORDERED,
TBATNHEREAS, by Council Order 90-95 passed February 26,.
1990 the City Council authorised extension of a certain Option
Agreement with Gridley Street Associates for purchase and
redevelopment of Community Development parcels H-2 and H-3,
located between Boyd and Newbury Streets; and
WRERBAS, said Option Agreement, as extended, expired on
any 29, 1990; and
WHEREAS, Gridley Street Associates have requested a
renewal of said Option Agreement and have tendered past due option
fees through May 29, 1990 in the amount of $2,550.00;
NOW, THEREFORE, BY THE CITY COUNCIL OF THE CITY OF
BANGOR BE IT ORDERED THAT, the City Manager is hereby authorized
to renew and extend said Option Agreement for the period ending
December 31, 1990, provided that;
1. Gridley Street Associates shall tender option fees
in the amount of $2,975.00 in advance of such
extension;
2. As a condition of the renewed Option Agreement,
Gridley Street Associates saaliz
(a) Submit a final plan consistent with Section
B.2.b of the Option Agreement for approval by
the City's Community and Economic Development
Committee no later than November 30, 1990;
(b) Submit a construction progress schedule
moisten with Section B.3 no later than
November 30, 1990; and
(c) Submit evidence of a legally binding financing
commitment for the project to the City
Solicitor no later than December 14, 1990, for
review prior to Community and Economic
Development Comunittee review on December 18,
1990.
IN CITY COUNCIL
September 24. P90
Peen
ITY &RR
90-330
ORDER
Title,
AtMao Lzing DaeneloR of, OppJGR"rpement
Parcels R -2/R-3. Gridley Street Associates.
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Assigned to
............. 4........................
Councilman