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HomeMy WebLinkAbout2019-10-16 19-402 Order 10/16/201919-402 10/16/2019 19-402 Finance Order 040-050 Title, Order Authorizing the City Manager to Execute a Disposition and Development Agreement with Kimberly Paige for Property Located at 61 Curve Street This Order would The City Manager to Execute a Disposition and Development Agreement with Kimberly Paige for property located at 61 Curve Street. The two abutting properties located at 57 & 61 Curve Street were acquired by the City through matured tax liens (CO 19-291 & CO 19-292). The properties were submitted for RFP as a bundle to ensure that both homes would be purchased and rehabilitated to transform the neighborhood. We received three offers for the properties. The Agreement will include the following terms and conditions: the purchase price will be $3,000; the buyer may assign the agreement to a Limited Liability Company that she is forming; the buyer will spend a minimum of $50,000 on the rehabilitation of the single family home; the buyer shall obtain a building permit on or before December 1, 2019; the buyer shall complete the project and obtain a certificate of occupancy within one year of obtaining a building permit; and the property shall remain taxable in perpetuity. Finance Committee 09/16/2019 Recommend for passage Consent 10/16/201919-402 CITY OF BANGOR ORDER 10/16/2019 19-402 Graham Authorizing the City Manager to Execute a Disposition and Development Agreement with Kimberly Paige for Property Located at 61 Curve Street WHEREAS, the City owns the property located at 61 through matured tax liens; and WHEREAS, the City is seeking to dispose of the properties and have them rehabilitated for single family housing; and WHEREAS, the properties were offered for RFP; and WHEREAS, a bid to purchase and develop the property was received from Kimberly Paige, in the amount of $3,000: BE IT ORDERED BY THE CITY COUNCIL OF THE CITY OF BANGOR, THAT The City Manager is hereby authorized, on behalf of the City of Bangor, to execute those documents necessary for the transfer and development agreement of the single family houses located at 61 Curve Street (Map and Lot 040-050) to Kimberly Paige. The agreement shall include the following terms and conditions: the purchase price will be $3,000; the buyer may assign the agreement to a Limited Liability Company that she is forming; the buyer will spend a minimum of $50,000 on the rehabilitation of the single family home; the buyer shall obtain a building permit on or before December 1, 2019; the buyer shall complete the project and obtain a certificate of occupancy within one year of obtaining a building permit; and the property shall remain taxable in perpetuity. The agreement shall be in a final form as approved by the City Solicitor's Office. IN CITY COUNCIL OCTOBER 16,2019 CO 19-402 MOTION MADE AND SECONDED FOR PASSAGE PASSED CliPY'CLERW