HomeMy WebLinkAbout1985-10-28 85-368 ORDER85-368
Introduced by Councilor Cox, October 28, 1995
CITY OF BANGOR
(TITLE.) (jDrbKrr.......Auth ixinE B aRosition or Property to
By the atF Ca mdt of the My of BUmgeP:
ORDERED,
TUT WHEREAS; the Merchants National Bank now
operating a
Maine National Bank has been. leasing from the Citya ten (10) foot
wide strip of land containing 1,573.9 feet of former Urban Renewal
Land bordering the southerly line of Maine National Bank property
and located partially under the Kenduskeag Stream elevated
pedestrian walkway, amore particular description of this parcel
being attached hereto; and
.WHEREAS, the Maine National Bank has offered to purchase
the property at market value; and
WHEREAS, it is in the best interest of the City to
dispose of this land, excepting and reserving therefrom the right of
the City to enter thereon to maintain or rebuild the elevated
pedestrian walkway;
NOW, THEREFORE, BE IT ORDERED BY THE CITY COUNCIL OF THE
CITY OF BANGOR THAT the City Manager i6 hereby authorised to sell
this parcel to the Maine National Bank at a price to be approved by
the City Council Finance Committee, but retain an easement to enter
thereon for purposes of maintaining or rebuilding the Kenduskeag
Stream elevated walkway.
`85-368 '
ORDER
24 P3:16
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IN'CITY COUNCIL Title,
October 38, 1485 _ - -
a ea RE,
'46 H .; I^ Authorizing 9DS PStl nof .rope..t
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CIPF C18NN to Mine Nt 1 Book
INtrodu ed by
• / c'/�.CoweSlman
36
SCHEDULE n
Descripmea of land leased by the city of Oengoe to the
Merchants National Bank of Can got
Begiasing at the intersection of the southerly line of
land amend by the Merchente National Bank of DsNN r with the
westerly line of Benduskoeg Plaza, said Merchants property
more fully described in a Bead dated Pounder 5, 1993 and
recorded in Penobscot Registry a Deeds in Vol. 2422, Page 401
thence Caere 930 31' 14" Cash along said southerly property,
I'M for a dietence of 159.05 feet to the northuesterly anchor
Of amid properyi thence South 160 32' 24" East for a distance
Of 10.02 feet{ thence Horn 730 31. 14" East on a 11w
Walla, to, and 10 feet South from, a" Moomboriy prnparty
lien for a diocesan of 156.73 feet to the baetarly afore of
Kenduskeag Plast' thence North 120 26" 40a tient a1mp5 ties
veeterly line of said RmdmReag Plata for a distance of
10.02 feet to the point of beginning.
He doing mod intending to describe a strip of land having
A width at 10 feet bordering the Southerly Him of said
Merchants Bank property, and being part OP ghs ems pramlaee
conveyed to the City of Bangor by the Bangor Creme Rahewal
sutborlty, referred to as Parcel 9-9, yed mymp bbgyy®m
Corral Battelle 1,573.9 square Let.
MEMORANDUM
October 25, 1985
TO: City Council
FROM: Rodney McKay, Director of
Planning and Community Development
SUBJECT: Council Order 85-368
Request of Maine National Bank to Purchase City Property
The Merchants National Bank (now Maine National Bank) has been
leasing a strip of land from the City having a width of ten (10) feet
containing 1,573.9 feet of former Urban Renewal land bordering the
southerly line of Maine National Bank property and located parallel to
and partially under the Kenduskeag Stream elevated pedestrian walkway.
The Bank has been leasing the property to provide adequate width to
their parking area. The lease was for a term of eight (8) years
expiring on September 1, 1985 for a fee of One Hundred Dollars ($100)
per year.
The Maine National Bank has offered to purchase the property for
$1,500 based onestimate of market value performed by Lowell T.
Sherwood, Jr. 'Mr.1 Sherwood's judgement of market value was based upon
existing option agreements entered into by the City to sell former Urban
Renewal parcels to developers (at $.50/s.f. and $1.00/s.f.) and by
capitalising the value of a downtown parking space permit at $7.50/
month. The report did not take into consideration two fairly recent'
sales of property on Columbia Street acquired for parking purposes which
would indicate a higher value. One sale amounted to $1.91/s.f. which
applied to the subject strip of land would indicate a value of $3,011.
Sixteen parking spaces are being created on that parcel which would
indicate a value of $1,250 per space and applying Mr. Sherwood's
reasoning that theten foot strip provides approximately 1/2 of 13
parking spaces on 6.3 spaces (a parking space being 18 feet in depth)
would indicate a value of $7,875 for the strip of land in question.
The other sale on Columbia Street involved the Adams -Pickering
Associates and a reservation of parking spaces to be provided to the
seller and therefore is not considered a good comparable sale.
The strip of land in question actually has no value except to the
City of Bangor for purposes of maintaining the elevated pedestrian
walkway and to the Maine National Bank as abutter. The City retaining
an easement for purposes of maintaining the elevated pedestrian walkway
further complicates the market value issue.
Conversations I have had with a representative of the Maine
National Bank indicate that the Bank is willing to pay a reasonable
price for the strip of land. It was actually at my suggestion that the
Maine National Bank obtained an appraisal of the strip of land to
accompany its offer.
2
I have suggested to representatives of the Maine National Bank that
recent sales have indicated a higher value than $1 per square foot.
They have indicated that if the City is not willing to accept the $1,500
offer that, rather than submitting another offer,'they would prefer the
City to indicate to them at what price the 'City would be willing to
sell.
My personal opinion is that the value of the strip of land is
higher than $1 per square foot and that a comparable sale of land on
Columbia Street indicating a value of $1.91 per square foot is probably
rappropriate. The Finance Committee considered this recommendation
at Its meeting on October 24th and voted to recommend to the City
Council that the City Manager he authorized to sell the ten foot strip
of land to Maine National Bank for $3x000 while reserving an easement
'for the purposeof maintaining the elevated pedestrian walkway.
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Subject strip 6 overhead walkway from Merchants Plaza