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HomeMy WebLinkAbout2018-11-26 19-022 Order 11/26/201819-022 11/26/2018 19-022 Finance Order 044-012A Title, Order Authorizing Disposition of City Property located at 675 N. French Street This Order will authorize the City Manager to execute the documents necessary to transfer the property to Matei Ilina. The City acquired the property located at 675 N. French Street through matured tax liens (Council Order #17-341). Pursuant to one of our policies on property disposition, staff sent out request for proposals. The City received six (6) responses ranging from $1,128 to $11,000. The high bidder, Matei Ilina, plans to rehabilitate the property for his son, who will attend the University of Maine for the next three years and then rent the home. Matei Ilina has rehabbed other properties within the City and estimates investing approximately $65,000. Mr. Ilina is asking to have until late Fall 2019 to obtain a Certificate of Occupancy. Mr. Ilina agrees that the property deed will require that the property remain taxable. The final agreement will be in a form approved by the City Solicitors Office. Finance Committee 11/19/2018 Recommend for passage 50 New Business 11/26/201819-022 CITY OF BANGOR ORDER 11/26/2018 19-022 Supica Authorizing Disposition of City Property located at 675 N. French Street WHEREAS, the City owns the property located at 675 N. French Street (Map and Lot 044-012A); and WHEREAS, the City wishes to dispose of this property; and WHEREAS, the City requested bid proposals; and WHEREAS, Matei Ilina, the high bidder, wishes to purchase the property and has submitted an offer of $11,000 for the house and land: BE IT ORDERED BY THE CITY COUNCIL OF THE CITY OF BANGOR, THAT the City Manager is hereby authorized, to execute a development agreement with Matei Ilina for the property located at 675 N. French Street. Under the terms of the Agreement Mr. Ilina agrees to pay the City $11,000 for the property, invest approximately $65,000 to rehabilitation the property, and complete the renovations by December 2019. Mr. Ilina agrees that the property shall include a deed restriction that requires property tax payments regardless of ownership. The final agreement will be in a form approved by the City Solicitors Office. IN CITY COUNCIL NOVEMBER 26, 2018 CO 19-022 MOTION MADE AND SECONDED FOR PASSAGE PASSED ) 6) J?31",c)""�t'4-') CITY CLERK ,T