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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 1900 _ Apfeca - '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