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HomeMy WebLinkAbout2020-07-27 20-237 Order 07/27/202020-237 07/27/2020 20-237 Community & Economic Development Order 035-179 Title, Order Authorizing the Sale of Property at 10 Barker Street to Bangor Savings Bank This Order, if approved, would authorize the sale of city-owned property at 10 Barker Street (Map-Lot 035-179) to Bangor Savings Bank for $425,000. In 2014, the City acquired a vacant building at 10 Barker Street, formerly a redemption center, as part of the West Side Village Neighborhood Revitalization Strategy Area project for future use or development. In 2019, Bangor Savings Bank acquired the property at 317 Main Street, adjacent to 10 Barker. They demolished the empty former auto parts store and stated they wished to use the site for future development related to their new corporate campus on Main Street. In November 2019, the City was approached by Bangor Savings Bank about acquiring the property at 10 Barker Street. The City invested over $230,000 in acquisition, demolition, and minor expenses such as lawn care. As the acquisition of the parcel was a CDBG project, we are required to sell the property for fair market value (in this case, the appraised price, $425,000) and return the money to our CDBG program as program income. This item meets the Council's stated goals of developing building/properties opportunities for lease or sale, and promoting job creation and tax base stabilization through attraction and retention of new business. This item was reviewed and recommended for approval at the Business and Economic Development Committee meeting on July 20, 2020. Business & Economic Development Committee 07/20/2020 Recommend for passage 40 New Business 07/27/202020-237 CITY OF BANGOR ORDER 07/27/2020 20-237 Nichols Authorizing the Sale of Property at 10 Barker Street to Bangor Savings Bank WHEREAS, in 2014 the City of Bangor purchased a parcel of land at 10 Barker Street, map-lot 035-179, acquired as part of the West Side Village Neighborhood Revitalization Strategy Area project for future use or development; and WHEREAS, Bangor Savings Bank wishes to acquire the property at 10 Barker Street for future development; and WHEREAS, the City of Bangor invested over $230,000 of CDBG funds in the property and Bangor Savings Bank has agreed to buy the property for fair market value; and WHEREAS, Bangor Savings Bank has agreed to pay $425,000 for the property which will return funds to the City's CDBG program to assist low- and moderate-income residents; and WHEREAS, it is in the City's best interests to sell the property to Bangor Savings Bank: 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 any and all documents necessary to sell the parcel of land at 10 Barker Street, map-lot 035-179, to Bangor Savings Bank for $425,000. All documents will be in a form approved by the City Solicitor or Assistant City Solicitor. IN CITY COUNCIL JULY 27,2020 CO 20-237 Motion made and seconded for Passage Vote: 9—0 Councilors Voting Yes: Fournier,Hawes,Nichols, Okafor, Schaefer, Sprague, Supica, Tremble,Davitt Councilors Voting No: None Passed CITYtLERW-