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HomeMy WebLinkAbout2018-10-22 18-395 Order 10/22/201818-395 10/22/2018 18-395 Community & Economic Development Order 040-038-B Title, Order Authorizing Execution of a Development Agreement with Michael and Donna Allen for a Vacant Parcel located on Market Street This order will authorize a development agreement with Michael and Donna Allen for the sale and construction of a new single-family home on Market Street for $3,000. In April 2015 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. Ultimately, the city decided to demolish the existing structure and sell the vacant residential lot for development. If approved, Michael and Donna Allen will purchase the land for $3,000 and build a single-family home for a family member. This will benefit the City by returning the property to the tax rolls and creating new housing in the community. This item was reviewed and recommended for approval by the Finance Committee at its October 15, 2018 meeting. Finance Committee 10/15/2018 Recommend for passage 50 Consent 10/22/201818-395 CITY OF BANGOR ORDER 10/22/2018 18-395 Supica Authorizing Execution of a Development Agreement with Michael and Donna Allen for a Vacant Parcel located on Market Street WHEREAS, the City of Bangor owns a parcel of land on Market Street (Map/Lot 040-038-B) acquired by the City by virtue of matured tax liens; and WHEREAS, the City of Bangor wishes to dispose of this property; and WHEREAS, Michael and Donna Allen wish to purchase the property and construct a single-family home on the property; Be it Ordered by the City Council of the City of Bangor that, Catherine M. Conlow, City Manager, is hereby authorized on behalf of the City of Bangor to execute a Development Agreement with Michael and Donna Allen for the sale and construction of a single-family dwelling located on Market Street. The terms of the agreement shall include a purchase price of $3,000, a minimum investment by the developer of $180,000, that the construction be substantially completed by December 31, 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 OCTOBER 22, 2018 CO 18-395 MOTION MADE AND SECONDED FOR PASSAGE PASSED 11 _ � ° f 1 *2/1.-t- /. ►.i� CITrCLERIi' ' l`