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HomeMy WebLinkAbout1989-08-14 89-344 ORDERDate August 7, 1989 Item No. 89-344 Item/SublectAmendmeat M1 to Option Agreement for Forehead of Urban Renewal Parcel D-13 Responsible Department Comity & Economic Development Commentary: The Option Agreement with Eaton, Peabody, Bradford & Veague, P.A. ("Developer') provides for an extension of the teams for up to slmonths. The requested two month extension (see attached letter) will provide the additional time necessary to propose final plans for the project which may, involve the expansion of the project to accommodate a major potential tenant. The Developer's request also involves an extension of date Prom August 15th to November 30th, by which final plaremust be submitted ad has agreed to resub- mit preliminary plans for review by October 15th. The Developer hes indicated that no change In the construction schedule is proposed. Approval is recommended. Oepmmeer I'Manager's Comments: Coyxi wit Associated Information: Budget Approval: Fine Le Ulre Legal Approval: �5 .day S w000a or l t(oa i �G,in� @ab laude" 0b�Ief }n lk3 We Poll eased { fo,04M Introduced For eon et[ eY neiom e Fsa rsfge Reading Page_ of ❑ Referral 89-344 Assigned to Couneilor Soanaud, August 14, 1989 CITY OF BANGOR nnu (Orber, Amendment #1 to Option Agreement, for Perchase of. Urban Renewal .- ....................... Parcel B-lj. .. BY Be City Lowest arae Due ofBasaor: osnaesn, THAT WHEREAS, the Option Agreement for Purchase of Urban Renewal Parcel B-13 by and between the City andEaton, Peabody, Bradford a Veague, P.A. dated October 3, 1988 (hereinafter "Agreement") is in effect until October 31, 1989; and WHEREAS, the Section A.4. of the Agreement Contains a provision whereby the City Council may extend the Agreement for a period not to exceed six months upon the Developer's written request stating the reason therefore; and WHEREAS, the Eaton, Peabody, Bradford 6 Veague, P.A., as "Developer" has submitted aritten request to extend the term of the Agreement until December 31, 1989 to allow additional time to prepare final plans which may provide for expansion of the project to accoamadate a major potential tenant; and WHEREAS, the Developer would re -submit revised preliminary plans by October 15, 1989 and final plans by November 30, 1989; NOW, THEREFORE, BY THE CITY COUNCIL OF THE CITY OF BANGOR ORDERED that the City Manager is hereby authorized to execute, on behalf of the City of Bangor, an amendment to the Agreement providing for an extension of the term to December 31, 1989, and requiring the Developer to resubmit preliminary plans for review by the City no later than October 15, 1989 and to submit final plans for review no later than November 30, 1989. . 89 0 R R- ;D G ai In City munch August 14,19889 - Rased t bIi to bionA 1, fox P� 1�B-113..J]�/ � C' Clps C 6 �o F y o cc l Ls PG'0x r �oiL?tJ C YGi Y6' L r➢Q pD.n'. :'C aYp up cr - _rtP .a5 TWtm O n 'cc ti'Y� En Sc s`.en=pn . _ Dtnvm dC _ Cm[ �Lnyc _ 6y9 ` Edward A. Barrett City manager City Hall Bangor, HE 04401 AN Eaton Peabody Option on Urban Renewal Disposition Parcel B-13 Dear Ed: - -. As you know, the City of Bangor and Eaton Peabody entered into an Option Agreement for the purchase of B-13 on October 3, 1988. Oneof the provisions of the Option provides that the developer may request an extension of time up to. six months, according to section A(2). As you may recall, our preliminary plan proposal involved the construction of one 115,000- sq. ft. building with approximately 300 parking spaces. Since our discussions, there has been a strong expression of interest on the part of a major potential tenant to lease the majority of a second building o the site consisting of 65,000 sq. ft. However, negotiations have not yet progressed to the point where we can submit final plans r designs. in addition, because of the change the second building creates, conversations with the staff, as well as our own thoughts, lead us to the conclusion that we should present new plans for the site at the preliminary plan stage. Financially we have also been confronted with the high cost of parking and believe the "sandwiched deck" has such a major Impact On the project cost that we need to re -think parking options. For these reasons,,we would request that the City Council consider extending our option to be exercised no later than December 31, 1989. If the Council would approve this extension, we suggest that a new schedule for plan review be established which would require re -submission Of preliminary plans by October 15, 1989, and final plans by November 30, 1909. EATON. PEABODY. BRADFORD & EEAGUE. PA. C 0 COX AIR Mow 1. MAW" GENERAL A CCITT TICARNMURN IMR "CAN 11 111111M "A""' APPEAL W16K FAX MI MALCOLM 6. MORROLL, AS CAME .11111 'All' A." 101, MICHAEL 8 TRAINOR WE I LEONARD I HE A, "all ""I'D 0 1 MARC GREATER MEANT 11,11"I.J11,11,11 JULIA A KNIGHT CIPJACCE WILSTOW 1111, woos. MWE 1, 11 ""OITA 110111 MEMO MAT THADMI ^ August 4, 1989 ING11111,111111L LAURIE A DART SALE PORTER All A PARE Edward A. Barrett City manager City Hall Bangor, HE 04401 AN Eaton Peabody Option on Urban Renewal Disposition Parcel B-13 Dear Ed: - -. As you know, the City of Bangor and Eaton Peabody entered into an Option Agreement for the purchase of B-13 on October 3, 1988. Oneof the provisions of the Option provides that the developer may request an extension of time up to. six months, according to section A(2). As you may recall, our preliminary plan proposal involved the construction of one 115,000- sq. ft. building with approximately 300 parking spaces. Since our discussions, there has been a strong expression of interest on the part of a major potential tenant to lease the majority of a second building o the site consisting of 65,000 sq. ft. However, negotiations have not yet progressed to the point where we can submit final plans r designs. in addition, because of the change the second building creates, conversations with the staff, as well as our own thoughts, lead us to the conclusion that we should present new plans for the site at the preliminary plan stage. Financially we have also been confronted with the high cost of parking and believe the "sandwiched deck" has such a major Impact On the project cost that we need to re -think parking options. For these reasons,,we would request that the City Council consider extending our option to be exercised no later than December 31, 1989. If the Council would approve this extension, we suggest that a new schedule for plan review be established which would require re -submission Of preliminary plans by October 15, 1989, and final plans by November 30, 1909. 44Z 89-344 Edward A. Barrett -- -2- August 4, 1989 We would be available to discuss these matters further with both the Council and you at your convenience. In the meantime, if we can provide any further information, please do not hesitate to contact me. since sly, mss TCJ/Jma cc: Rod M ay