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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. nayre,n«rrr«e Manager's Comments: - 6Y!! A[s Oeitlad in}ormdlia n: Budget Approval: «Die Legal Approval: CirySalirimr Introduced For opu:age ❑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. �n In Qty Qift 811 - O R D E R Rue9 Title, Autln'.aetlmaYad¢tim KC............. .a .................. ........ Q Cleric .wM God1 Y5LffiA �s�a mmuut1' R Pa[®1�iL].tl-3..................��� .... ti®rw.e . s