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:
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❑ 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.
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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.
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PEABODY. BRADFORD & EEAGUE.
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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