HomeMy WebLinkAbout2018-09-10 18-349 Order
09/10/201818-349
09/10/2018
18-349
Community & Economic Development
Order
045-009-D
Title, Order
Authorizing Execution of a Development Agreement with John Karnes - 472 Essex (Map/Lot 045-009-D)
This order will authorize the execution of a development agreement with John Karnes for the sale
and renovation of property located at 472 Essex Street for the purchase price of $4,120. In August
2017 the City took possession of the property by virtue of matured tax liens. After acquisition, the
City investigated options for the reuse of the property or demolition. John Karnes will rehabilitate the
structure as a 4-unit building, benefiting the City by returning the property to the tax rolls and
creating needed housing units in the community.
This item was reviewed and recommended for approval by the Business and Economic Development
Committee at its September 4, 2018 meeting.
Business & Economic Development Committee
09/04/2018
Recommend for passage
50
Consent
09/10/201818-349
CITY OF BANGOR ORDER
09/10/2018
18-349
Supica
Authorizing Execution of a Development Agreement with John Karnes - 472 Essex (Map/Lot 045-009-D)
WHEREAS, the City of Bangor owns a parcel of land at 472 Essex Street (Map/Lot 045-009-D) acquired by the
City by virtue of matured tax liens; and
WHEREAS, the City of Bangor wishes to dispose of this property; and
WHEREAS, John Karnes wishes to purchase the property to rehabilitate it as a four-unit property;
Be it Ordered by the City Council of the City of Bangor that,
the City Manager is hereby authorized on behalf of the City of Bangor to execute a Development Agreement
with John Karnes for the sale and renovation of property located at 472 Essex Street. The terms of the
agreement shall include a purchase price of $4,120, a minimum investment by the developer of $320,000,
that the renovations be substantially completed by September 28, 2019, and that the property remain taxable
or if the property should become exempt from property taxes for any reason that payment of the taxes shall
be accomplished by the payment in lieu of taxes (PILOT).
IN CITY COUNCIL
SEPTEMBER 10, 2018
CO 18-349
PASSED
4, g grati,"4:1A)
CITY CLERK