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HomeMy WebLinkAbout1976-12-13 56 AE ORDERAE Introduced by CuuncU*r Gass, December 13, 1976 CITY OF BANGOR (TITLE) Authorizing_ Expenditure OY_Seventy-five. Thousand Dollars ($75,000.00) - City's Share of Hogan Road Improvements ._._...._ ._....... ,____.._ .__.. _. 11 ................. By CHy Ca lafMs a*ofBanwr: ORDERED, THAT WHEREAS, a proposal for the development of a shopping center on property located in the northwest quadrant of the Hogan Road Interchange of Interstate I-95 will require extensive improvements to said Rogan Road Interchange and the Hogan Road approaches, and WHEREAS, the. City has previously requested that the State Department of Transportation undertake said improvements under the Federal Urban System program, whereby the funding of said improvements would be 70% Federal funds and 306 local funds, end WHEREAS, the estimated coat of said improvements is Five Hundred Thousand Dollars ($5001000.00), with the local share being One Hundred Fifty Thousand Dollars ($150,000.00), with one-half of the local share required to be paid prior to the initiation of the project by the State Department of Transpor- tation, HOW THEREFORE, be it ORDERED, that the City Finance Director be and hereby is authorized to expend from the State Aid Construction Account paid to the State Department of Transportation as representing one-half of the local share, said payment to be made on the con- dition that an acceptable agreement will first be obtained from the shopping center developer which will provide a bond to guarantee payment of the remainag one -hely of the local share, or Seventy - (five Thousand Dollars $75,000.00), prior to the award of a con- struction contract, or in the event of abandonment of the project by said shopping center development, will guarantee reimbursement to the City of.. all expenditures which may have been made out of the initial commitment to the State of Maine Department of Trans- IWCxTY COUNCIL 56 Ae 30D 'Deco beY'14, 1976 = 421& Title, - %ECEIYPO CYms c "' - CITY OF Rp COR x cn Q.�q m,p a m of s p give CITY CLERK,& OFFICE pma„sa„a muara tS�s .000: ool - citra X76 DEC 'SheYe Nopan. Road Impiovements. a duced an led ... ' Councilman