HomeMy WebLinkAbout1980-04-14 146 AH RESOLVE146 AM
Introduced by CWncilor Soucy, April 14, 1980
CITY OF BANGOR
(TITLE.) �ltVWJVtt Amending Option Agreument. For purchase of Han Ck York
P ighb rhood Development Project Lana (H-1)
EyW 04 CoukH afthe aro oftmnydr:
RESOLVED. THAT WHEREAS, the City of Beagor, by and through John W. Flynn,
its City Manager, aad,G89 Associates, by and through Warren C. Sawyes, a
general FurtherofGO Associates, entered into an 'Option Agreement for
Purchase of Hancock -York Neighborho0d Development Project Lard (H-1)" on
February 271 19795 and
WHEREAS, said Option Agreement grants OSS Associates anexclu-
sive option to purchase Said promises for the development of a residential
apartment complex until May 1, 1980; and
WHEREAS, said Option Agreement provided that it may, be extended
beyond May 1, 1960 for a period of three months upon approval by a vote of
the Bangor City Council, and that the consideration for such an extension
shall be $RO for each calendar month; and
WHEREAS, said Option Agreement provides for certain deadlines
for the submission of final plans sod the eanpletim of revisions theretoAn
TV be. required by the City's Design Committee; and
WHEREAS, GM Associates has requested that the term of the Option
Agreement be extanded until August 1, 1980 sod that the deadlines referred to
in the foregoing paragraph be extended to May 15, 1980 and Jane 15, 1980, re-
spectively; and
NOW, Ti SRZ BE IT RESOLVED THAT THE CITY MANAGER is hereby author-
ised to execute an Amendment to the Option Agreement for the purposed of see -
tending the team of said Agreement to August 1, 1990 and extending the &ad -
lines for the submission of final plans and the completion of revisions there-
to as ship be required by the Design Review C®ittee to May 15, 1980 and June
15, 1980, respectively. A copy of said Amendment is an Pile with the Office
of the City Clerk.
The purposes of this Resolve is to authorise the City Manager to
execute an Amexdmeut to the original Option Agreement for Instal H-1 whereby
the term of the Option would be extended from May 10 1980 to August 10 1980
and the deadlines for the aubmission of final plans end the completion a
necessary revisions thareto world be extended to May 15, 1980 and June 15, 1980,
respectively.
146 AN
�"--Aptila1 COUNCIL -
RESOLVE
gp APR 10 P3 09
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Apfeca
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'PSsee3 by the following yes
b;
-eating
A.'l//!/
votes, councilors
T OF BARE
CETT OF BEAK
'- voting yes: enounws,
CITTdLEAM
Porter. NeymouN,
Porter, Way
Amending Optim Agr
for
waudNocernan,
Noor] aW 2otzian.
voting oting m: Gass.
Purchase of Yank
Ne igMOLFOM
Councilor abstaining:
Duey.
Project
Development Project iuM
(N-1(
(fty
CLEPN
146 AR
OPTION AOREEtENT FOR PURCHASE OF HANCOCK-YORK
NEIGHBORHOOD DEVELOPMENT PROJECT LAND (H-1)
AMENDMENT N1
THIS ANSNEMENT is made this day of April, 1980, by and
between the City of Bangor, a municipal corporation located in the
County of Penobscot, State of Maine (hereinafter "CITY"), and GO
Associates, a general partnership under the laws of the Commonwealth
of Massachusetts with its principal place of business in ]puny County
of Essex, Commonwealth of Massachusetts (hereinafter "BEVELOPEA").
WITNESSETH:
WHEREAS, by Option Agreement dated February 27, 1979 the City and
the DEVELOPER entered into an exclusive option to purchase agreement re-
lating to Hancock-Yrok Parcel H-1; and
WHEREAS, said Option Agreement granted the DEVELOPER an exclusive
option to purcha§e Parcel H-1 until May 1, 1900; and
WHEREAS, said Option Agreement provides that it may be extended be-
yond May 1, 1980 for a period of three months at a consideration of $520
for each calendar month of said extension. ed
WHEREAS, said Option Agreement provides for certain deadlines for
the submission of final plane and the completion of revisions thereto as
may be regaired by the City's Resign Committee; and
WHEREAS, the CITY and the DEVELOPER have matually agreed to amend
said Option Agreement by extending the date of expiration a $ame to
August 1, 1980; and
WHEREAS, the CITY end the DEVELOPER have mutually agreed to amend
said Option Agreement by changing certain deadlines, all as more fully
set forth herein;
Now, TIH.B OAE, in consideration of $-520 paid by the DEVELOPER, the
parties agree as foliose:
1. The term Of the original Option Agreement shall be extended
until August 1, 1980 at a consideration of $520 per calendar
month of said extension.
2. The second paragraph oY Section B(1) of the Option Agree-
ment is hereby deleted in its entirety, and the following is
inserted in lieu thereof:
After approval of the preliminary plans, but no later
than May 15, 1980, the DEVELOPER shall submit far the
Committee's approval final plena and related drawings,
specifications, and documents in the form specified
by Section 1%2 paragraph G (2) of the Develmlment Plan.
If revisions to the final plans submitted are necessary,
the plane must be so revised and approved by the
Committee within thirty (30) days, but no later than
June 15, 1980.
3. Except as hereinbefore salified sal amended, the option
Agreement shall continue in full force and effect as originally
executed.
• 5' 146 AH
M WITNESS WHEREOF, the parties hereto have set their hands and
seals this day and year first written above.
By
Witness
0
tirA1l
ITS CITY MANAGER
G A S ASSOCIATES
16 lttHd01 d s% MyX4W 39
STATE OF MAINE
penobscot, as. , 1980
Than personally appeared the above named John W. Flynn, in his
capacity as City Manager, and acknowledged the foregoing instrument to be
his free act and deed and that of the City of Bangor.
Before me,
Attorney At Law
COF@DNWEALTH OF MASSACHUMMS
Essex, ss. , 1980
Then personally appeared the above homed Warren C. Sawyer, in his
capacity as a general partner in the general partnership of GO Associates,
and acknowledged the foregoing instrument to be his free act and deed and
that of GO Associates.
Before me,
Notary public
Attorney At Law