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HomeMy WebLinkAbout2016-10-24 16-384 ORDERCOUNCIL ACTION Item No. 16-384 Date: October 24, 2016 Item/Subject: ORDER, Authorizing an Amendment of the Purchase Option and Development Agreement with John Karnes for Development of Former Pine Tree Inn — 22 Cleveland Street (Tax Map 001-017) Responsible Department: Community & Economic Development Commentary: The City of Bangor has a Purchase Option and Development Agreement with John Karnes for the redevelopment of 22 Cleveland St. Mr. Karnes has been diligently working on the project, however, additional time is needed to complete the renovation. Mr. Karnes has requested an extension of the completion date of the project to March 15, 2017. This item was reviewed and recommended for approval by the Business & Economic Development Committee at its October 18, 2016 meeting. Manager's Comments: Associated Information: Budget Approval: Legal Approval: Introduced for X Passage First Reading Referral s/ Tanya Emery Department Head C;"ii M L�, City Manager Finance Director City t4icitor Page _ of _ Assigned to Councilor Graham CITY OF BANGOR 16-384 OCTOBER 24, 2016 (TITLE.) ORDER, Authorizing Execution of an Amendment of the Purchase Option and Development Agreement with John Karnes for Development of Former Pine Tree Inn — 22 Cleveland Street (Tax Map 001-017) WHEREAS, the Bangor City Council on June 8, 2015, by Council Order 15-210, authorized the execution of a Purchase Option and Development Agreement with John Karnes for the development of 22 Cleveland Street, the former Pine Tree Inn; and WHEREAS, the Bangor City Council on January 25, 2016, by Council Order 16-069, authorized an amendment to the Purchase Option and Development Agreement to extend the closing on the sale of the property to April 30, 2016; site work and building improvements to commence no later than May 16, 2016; and site work and building construction to be completed no later than October 31, 2016; and WHEREAS, John Karnes has diligently pursued completion of all requirements of the Purchase Option and Development Agreement; and WHEREAS, John Karnes has requested an amendment to the Purchase Option and Development Agreement to receive additional time to meet some of the requirements of the agreement. BE IT ORDERED BY THE CITY COUNCIL OF THE CITY OF BANGOR THAT Catherine M. Conlow, City Manager of the City of Bangor, is hereby authorized to execute, on behalf of the City of Bangor, documents necessary for an amendment of the Purchase Option and Development Agreement with John Karnes for land and buildings located at 22 Cleveland Street, Bangor, Maine. Said Purchase Option and Development Agreement shall be amended such that the site work and building construction are to be completed no later than March 15, 2017. Said documents shall be in a final form as approved by the City Solicitor or the Assistant City Solicitor IN CITY COUNCIL OCTOBER 24, 2016 CO- 16-384 PASSED CITY CLERK