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HomeMy WebLinkAbout2019-10-16 19-391 Order 10/16/201919-391 10/16/2019 19-391 Community & Economic Development Order 045-009-D Title, Order Authorizing Extension of Development Agreement for Property located at 472 Essex Street This order will authorize the extension of the timeline in a development agreement for the renovation of 472 Essex Street. In September 2018, the Council approved Council Order 18-349, authorizing execution of a development agreement with John Karnes, providing for his rehabilitation of the property to be substantially complete by September 28, 2019. Some delays in project financing led to Mr. Karnes requesting an extension of six months. If approved, this order will provide Mr. Karnes an additional six months to complete the project, with the new completion date being April 2020. Business & Economic Development Committee 10/08/2019 Recommend for passage Consent 10/16/201919-391 CITY OF BANGOR ORDER 10/16/2019 19-391 Schaefer Authorizing Extension of Development Agreement for Property located at 472 Essex Street WHEREAS, the City of Bangor entered into a development agreement with John Karnes for the rehabilitation of a property at 472 Essex Street (Map/Lot 045-009-D); and WHEREAS, the City of Bangor wishes to see this property rehabilitated; and WHEREAS, John Karnes has experienced a delay in some project financing necessary to complete the renovations; Be it Ordered by the City Council of the City of Bangor that, The City Manager is hereby authorized to enter into an agreement for an extension of the timeline for the development agreement for 472 Essex Street with John Karnes. The new date for the project to be substantially complete will be April, 2020. IN CITY COUNCIL OCTOBER 16, 2019 CO 19-391 PASSED ��; CITY LERK