HomeMy WebLinkAbout1989-05-08 89-205 ORDERDate `May g, 1989 Item NO. 89-205
Authorization to Extend Option Agreement with Gridley
hem(Subien: Street Associates -Community Development Parcels H-2 A
H-3
Responsible Depertmmi: Community 6 Economic Development
Commenury:
The Option Agreement with Gridley Street Associates
for the purchase and development of City/Community Development
Parcels H-2 S H-3 located between Boyd and Nawbury Streets was
in effect until April 1, 1989 but Contained a provision allowing
up to a six month extension with City Council approval. Gridley
Street Associates has requested an extension of the Option Agree-
ment to July 30, 1989. The Developers have not yet submitted
a construction schedule but have indicated they intend to begin
construction as early as this July.The Community and Economic
Development Committee has reviewed the request and recommends
approval by the City Council.
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Manager's Comments: -
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Budget Approval:
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Legal Approval:
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Introduced For
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❑First Heading Page _ of
❑Referral -
89-205
Amigmd[a Counedor Sosnaud, May 8, 1989
CITY OF BANGOR
(TITLE.) (rl'Verr ..._..Authorization_to Extend opt n Agreement with
Gridley Street Associates - community Development Parcels H 2 & H-3
.. ......... ......._.. _... ............
By He ON C"n61 of City ofBasyor:
ORDERED,
THAT WHEREAS, by Council Order 88-403 passed on September 26,
1988 the City Council authorized execution of an Option Agreement
with Gridley Street Associates for purchase and development of
Community Development Parcels H-2 E H-3 located between Boyd and
Newbury Streets; and
WHEREAS, said Option Agreement dated October 3, 1988
was in effect Until April 1, 1989 but contained the provision that
the City Council may extend the Option Agreement, upon the Developer's
written request stating the reasons therefore, for a period not to
exceed an additional six (6) months; and
WHEREAS, a request for an extension dated April 21, 1989
has been received from Gridley Street Associates;
NOW, THEREFORE, BE IT ORDERED BY THE CITY COUNCIL OF THE
CITY OF BANGOR THAT the City Manager is hereby authorized to execute
an amendment to the Option Agreement for Purchase of Parcels H-2 fi
H-3 by and between the City of Bangor and Gridley Street Associates
dated October 3, 1988. The amendment shall provide for the extension
of the date the Option Agreement shall be in effect from April 1,
1989 to July 30, 1989.
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