HomeMy WebLinkAbout1988-10-12 88-425 ORDERII
Date Oct. 12,V1988 Item No. 88=625
Item/Subject: Authorizing Execution of Agreement with Bangor
Hydro -Electric Company - Banair Industrial Park
Responsible Department: Economic Development
Commentary:
The purpose of this Order is to authorize the execution of an
Option Agreement with Bangor Hydro -Electric Company for the
purchase of approximately 29 acres in Banair Industrial Park
for a total purchase price of $245,000. The initial Option
term shall run for 120 days with a $5,000 payment as
consideration.
The Hydro will have the right to renew the Option for on, additional
60 days upon payment of an additional $2,500. If the Option i
executed, the parties will enter into a Purchase 5 Sale Agreement,
the final form of which still needs to be worked out. Terms and
conditions for the conveyance of the property under the
agreement are spelled out in the Option.
Department Heed
Manager's CComm`menta�-p".)
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Assoclat lInformation:O
Budget Approval: ksdr.
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Legal Approval:
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Introduced For
[% c sage
First Reading Page _of_
❑ Referral
88-625
Awigned to CouneJor Sullivan, October 12, 1988
CITY OF BANGOR
(TRW (DTbtr Auth rizinq Execution of Agreement with Bangor
-- Bereft Industrial. Park
By the City CawmH of Me CRY ofBooyor:'
ORDERED,
THAT the City Manager is hereby authorized and directed, on
behalf of ,the City of Bangor, to execute an agreement, a copy of
which is on file in the office of the City Clerk, granting to
the Bangor Hydro -Electric Company an option to purchase certain
land described therein, consisting of 29 acres, more or lees,
located in the Banair"Industrial Parkon outer Hammond Street,
Bangor, Maine.
i
In City m cil Oc[oC r 12,1988
Passpd
ty Clerl
I
88-425
ORDER
Title,
Auttutiz Execution of a?repmR W1th
Bmwx Hydro Electric w. Banal[ Industrial
......................................
Per
Cawcllman