HomeMy WebLinkAbout2021-05-10 21-170 Order
05/10/202121-170
05/10/2021
21-170
Community & Economic Development
Order
041-096
Title, Order
Authorizing Amendment of a Development Agreement with Cressey, Butler & Cohen, LLC, for Property at 29
Franklin Street
This order will authorize an amendment to the Development Agreement with Cressey, Butler &
Cohen LLC, for the development of a property located at 29 Franklin Street. In March 2019 the City
Council authorized a development agreement with Cressey, Butler & Cohen, LLC to redevelop 29
Franklin Street. The agreement included provisions for the developer's investment, timeline for
completion, and a credit enhancement agreement of 75% for 7 years to address a gap in project
financing. In preparing to issue the first rebate back to the developer, City staff identified that an
error was made in calculating the original credit enhancement agreement due to the presence of
multiple tax cards for the property. To correct this error, the development and credit enhancement
agreement need to be amended to reflect the actual FY2019 valuation of $555,700 as the base
value.
Business & Economic Development Committee
05/04/2021
Recommend for passage
50
Consent
05/10/202121-170
CITY OF BANGOR ORDER
05/10/2021
21-170
Dubay
Authorizing Amendment of a Development Agreement with Cressey, Butler & Cohen, LLC, for Property at 29
Franklin Street
WHEREAS, the City of Bangor supports new investment and the creation of additional commercial and
residential space in its downtown area; and
WHEREAS, the City entered into a development agreement with Cressey, Butler & Cohen in 2019 pertaining to
the redevelopment of 29 Franklin Street; and
WHEREAS, an error was made in calculating the original credit enhancement agreement due to the presence
of multiple tax cards for the property; and
WHEREAS, to correct this error and provide the assistance necessary, the credit enhancement agreement can
be amended to use the FY2019 valuation of $555,700 as the original assessed value,
NOW THEREFORE, BE IT ORDERED BY THE CITY COUNCIL OF THE CITY OF BANGOR THAT:
The City Manager is hereby authorized to enter into an amendment to the development agreement and credit
enhancement agreement with Cressey, Butler & Cohen, LLC to rebate 75% of the real estate taxes paid on
the increase in the value from the original assessed value of the FY19 valuation of $555,700 for the property
located at 29 Franklin Street for a period of seven (7) years. The amendment shall be in a final form approved
by the City Solicitor or Assistant City Solicitor.
IN CITY COUNCIL
MAY 10,2021
CO 21-170
Motion made and seconded for Passage of Consent Agenda
Vote: 8—0
Councilors Voting Yes: Davitt, Dubay,Fournier,Nichols, Okafor,Schaefer, Sprague,Tremble
Councilors Voting No: None
Passed
CITY ffiERK