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HomeMy WebLinkAbout2020-03-09 20-090 Order 03/09/202020-090 03/09/2020 20-090 Community & Economic Development Order 043-040-C Title, Order Authorizing Option and Development Agreement with Timka, Inc., and Rescinding Council Order 20-076 This order would authorize execution of an option and development agreement with Timka, Inc. for expansion of brewery operations and rescind Council Order 20-076. On February 10, 2020 the City Council authorized the execution of an option and development agreement and credit enhancement agreement with Timka, Inc. for the expansion of brewery operations on a parcel of land approximately 0.78 acres in size. The 0.78 acre figure was based on a preliminary site plan, which since has been modified to include a necessary retention pond. The City Engineer has reviewed this proposed modification and recommends that Timka, Inc. own the portion of the parcel required for retention pond, with the City retaining easements. If approved, this agreement will authorize staff to finalize an option and development agreement, for 1.32 acres of land for $50,000. The other terms of this agreement remain unchanged. This item was reviewed and recommended for approval at the March 3, 2020 Business and Economic Development Committee meeting. This order addresses the Council goal to "improve economic vitality of the city and promote job growth, economic development, cultural opportunities, and housing opportunities to support job growth and expansion and growth of tax base". Business & Economic Development Committee 03/03/2020 Recommend for passage 40 Consent 03/09/202020-090 CITY OF BANGOR ORDER 03/09/2020 20-090 Fournier Authorizing Option and Development Agreement with Timka, Inc., and Rescinding Council Order 20-076 WHEREAS, the City of Bangor owns a parcel of land on Dutton Street (Map-Lot 043-040-C) adjacent to the existing Geaghan's Pub, which is owned and operated by Timka, Inc.; and WHEREAS, Council Order 20-076 authorized the City Manager to execute an option and development agreement and credit enhancement agreement with Timka, Inc. dba Geaghan's Pub for a parcel of land approximately 0.78 acres; and WHEREAS, upon further review Timka, Inc. and the City Engineer agree it is in the parties best interests to increase the size of said parcel to approximately 1.32 acres so that the retention pond required for the development by Timka, Inc. is located on their portion of property, with the City retaining all necessary and appropriate easements. Be it Ordered by the City Council of the City of Bangor that, The City Manager is authorized on behalf of the City of Bangor to execute an option and development agreement with Timka, Inc. This agreement shall include the terms and conditions under which the City will sell approximately 1.32 acres to Timka, Inc. for $50,000 for their business expansion project, including that Timka, Inc. agrees to invest at least $2.0 million in the project within 2 years, obtain all necessary plan approvals from City staff and Planning Board, and all other such terms and conditions as reasonable and appropriate. The agreement will be in a final form approved by the City Solicitor or Assistant City Solicitor. Be it Further Ordered by the City Council of the City of Bangor that, Council Order 20-076 is hereby rescinded. IN CITY COUNCIL MARCH 9 2020 CO 20-090 PASSED V-,D CI Y CLE