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-