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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".) at,ig- erc hbiYM7v/�A1Gn .X Fs"`evlACbYrwv.tGll (/wQVn "(10V0GNA�.^'."'� IFS Assoclat lInformation:O Budget Approval: ksdr. Fina uDrt Legal Approval: y s cao-o. 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