HomeMy WebLinkAbout1989-07-24 89-317 ORDER6owswr
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Data Su1v18. 1989 Item No. 89-311
Item/Subject: quthoriviog Extension of Option Agreements —Parcel B-4 and
Parcels H-2, R-3
Responsible Department Community & Economic Development Department
Commentary:
The Developers of Parcel B-4 and Parcels H-2 and H-3 have, as provided for
in the Option Agreemehts, requested transfer of title of the respective develop-
ment parcels so they may proceed with construction. The City is obligated by
the Option Agreements to provide an abstract or title insurance to provide good
title before the transfer can take place. The Legal Department has not completed
the title work on either parcel and the extensions provided for in the attached
Council Order are needed to continue the team of the Option Agreements until
the Legal Department hes completed the title work.
parcmrntHead
Manager's Comments:
Ciy Mamgn
Associated Information:
Budget Approval:
Fiea ee Damcsor
Legal Approval -
0C,S0licitor.
trodawag For
g¢
First Reading Page _of_
❑Referral
89-311
Amipied to CouncHar Sokfiaud, July 24, 1989
CITY OF BANGOR
(TITLE.) OCbPr1 Authorizing ExtWe w or optiop_Agpeements - Parcel B-4 and
2arce1H 2t x 3..........
By the City CuufloN of Me qty ofDamfor.
ORDERED,
THAT WHEREAS 'Une City Council has approved an Option Agreement with
Dow.towa Development Group for the. purchase and redevelopment or Coamanity
Development Parcel B-4 located on Main Street which term ended en June 30, 1989;and
Y REASIthe City Council has approved an Option Agreement with
Gridley Street Associates for the purchase and redevelopment of Coseavanity
Development Parcels H-2 & H-3 located between Boyd and Newbury Streets which term
anal on July 30, 19893 and
aHEREAS1by and through the Option Agreement the City has agreed to
furnish to the developers evidence of its titlein the form of an abstract of title,
or a title insurance commitment, and
1111REAS , additional time is required by the City to prepare the re-
quired abstracts or title insurance c®itment which is necessary prior to trans-
fer of the properties to the developers;
HOW, BE IT ORDERED BY THE CITY COUNCIL OF THE CITY OF
BANGOR that the City Manager is hereby authorized and directed to extend both
Option Agreements referred to above for a period of sixty (60) days.