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HomeMy WebLinkAbout1989-09-25 89-388 ORDERInked For Passbge Q First Reading - Page_ of 0 Referral - Date 9-25 �89r1Y11 Item No. 89-388 Item/Subject: Authorizing extension of Option Agreement -- Parcels H-2 A H-3 Respomible Department: Legel Commemary: Manager's Comments: c Associated Information: Order Budget Approval: ' I+iwna tlimaor Legal Approval: _ Inked For Passbge Q First Reading - Page_ of 0 Referral 89-388 Aeugnedto(:ouncOor Stone, September 25, 1909 CITY OF BANGOR rye (TITLE.) Mrbtr, Autbori 1 g Extension of option Agreement, - .......... __. ................. Parcels H-2 6 R-3 By toe Coy CmW of W Oity efBangow: ORDERED, . THAT WHEREAS, the City Council has approved an Option Agreement with Gridley Street Associates for the purchase and redevelopment of Community Development Parcels N-2 S B-3 located between Boyd and Newbury Streets which term,as previously extended by Council Order No. 89-317, endson September 30, 1989; and WHEREAS, by and through the Option Agreement the City has agreed to furnish to the developers evidence of its title in .the farm of an abstract of title, or a title insurance commitment; and WHEREAS, the City has furnished the required title abstracts. but additional time is required for the developer to complete its examination of them, NOW, THEREFORE, By the City Council of the City Of Bangor: ORDERED THAT the City Manager is hereby authorized and directed to extend the Option Agreement referred to above for a period of sixty (60) days. - In City Council September 25,1989 Amended as follows Approved Extension Of option Agreement with the following conditions Title, Authorising Extension of Option A9reeoent parcels S-3 S-3 ...................................... #1 that all past due option fees be �eas:L-GuwFa+..t .. #3 th t the 'teebw dd 60rdiluciion scbWsle be r6pzl6d nd 9g47{ tAa to tA; City council for Approval #3 Tatar for site plan submittal be Change] to reflect the current schedule �......I.......�.'............... 6....... Ae®p" m[g � .:............ Councilman