HomeMy WebLinkAbout1987-10-26 87-404 ORDER87-404
Introduced by Councilor Frankel, October 26, 1987
r . CITY OF BANGOR
(TITLE.) VYlrbgr, Amending C cil Oiri 8'/ u4 - A.utmrizinglzaacotion of Option
Agreement With Houlton Head of Maliseet ludiens -- Parcel B-11
BY ahs City Couneil Of City ofBanyar:
ORDERED,
THAT Council order 87-114 is hereby amended as follows where
words deleted are struck out:
(TITLE) ORDER, Authorizing Execution of Option Agreement
With Houlton Band of Maliseet Indiana Beaelvpnmte-eorperxlen --
Parcel 8-11;
By the City Council of the City of Bangor:
ORDERED, THAT the City Manager is hereby authorized and
directed, on behalf of the City of Bangor, to execute an Option
Agreement with the Houlton Band of Maliseet Indians Development
CocperaLian ("Developer") for the purchase and redevelopment of the
former Urban Renewal Authority Parcel B-11 in a form or forms
approved by the City Solicitor and containing the following
requirements of the developer:
I. Proposed Phase I Development
A. Proposed Development:
1. TWO (2) story commercial building located at.
the corner of Exchange and York Streets contain-
ing at least 25,000 square feet of retail and/or
office space: and
2. A four (4) story residential building
located at the corner of Oak and York Streets
containing 30 units of congregate housing and
support facilities with at least 35,000 square
feet of total floor area; and
3. A parking area, lot or structure containing
at least 110 parking spaces.
B. Development Cost
At least $3.8 million.
C. Purchase Area
Approximately one half (1/2) of Parcel B-11
divided approximately mid -point between York
and Hancock Streets.
3. A residential building containing thirty
(30) units of congregate housing with at least
25,000 square feet of total floor area.
B. Development Cost
$5.2 million.
C. Purchase Area
Remainder of Parcel B-11 from I.C. above.
D. Purchase Price
$60,000.
E. Option Fee
$200 per month.
F. Term
Three years commencing at construction loan
closing and transfer of property from City to
Developer for Phase I development (approximately
3 years and 10 months or until January 25,
1991).
G. Project Timetable
None
D. Purchase Price
$60,000
E. Option Fee
$200 per month
An initial term of three months with one three
month extension on approval by the City Council
provided that a preliminary commitment for
financing by a private lender and the Bureau of
Indian Affairs is secured by the Developer prior
to the expiration of the initial three (3) month
period and an additional six-month (6) extension
n approval by the City Council provided that a
legally binding commitment for financing by a
private lender and the Bureau of Indian Affairs
_ is secured by .the Developer prior to the expira-
tion of the initial six (6) month period.
G. Project Timetable
1. Bureau of Indian Affairs June 30, 1987
approval of Maliseet -0ave]uryeenL
Ca orahior. and Baldacci Partnership
Agreement, Project Concept and
Project Financing (90 days)
2. Submission of Preliminary July 30, 1987
Design Plans 1120 Days)
3. Submission of Final Design Nov. 27, 1987
Plans (240 Days)
4. Construction Loan Closing Jan. 26, 1988
(300 Days)
5. Construction Start Date Feb. 25, 1988
(330 Days)
6. Construction Completion Aug. 18, 1989
Date (540 Days/18 months
from construction start date)
I1. Proposed Phase II Development
A. Proposed Development (In addition to I above)
1. A three (3) story commercial building
located at the Corner of Exchange and Hancock
Streets containing at least 25,000 square feet
of retail and/or office space; and
2. A two (2) story commercial building con-
taining at least 8,000 square feet of floor
area; and
IN CITY COUNCIL
October 26, 1987
Passed Mayor Willey
abstaining. A
CITYUCLERR
8I-404
ORDER
Title,
fimending Couvcil Orde[ 8)-ll6 A�tfieriziug
Execution of 0[iov [e¢men[ vitM1 Noultan
Band of Meliseet Ivdians - Parcel B -ll
Introduced and filed by --
7h� R.ce.m:wRP........
Councilmen