HomeMy WebLinkAbout2016-08-22 16-326 ORDERCOUNCIL ACTION
Item No. 16-326
Date: August 22, 2016
Item/Subject: ORDER, Authorizing Execution of an Option and Development Agreement with
TIMKA, INC. — Dutton Street
Responsible Department: Community and Economic Development
Commentary: This Order will authorize the execution of an Option and Development Agreement with
TIMKA, INC. for the development of a .78 parcel of land on Dutton Street (Tax Map 43, Lot 40). TIMKA,
INC. has proposed the construction of a parking lot and to expand their existing business on the adjacent
parcel of land at 570 Main Street. The estimated cost of the parking lot and the development of the
expansion, equipment, and site work is at least $600,000.
If approved, the terms of the agreement our as follows: The city will sell the lot to TIMKA for $90,000 to
facilitate construction of a parking lot and the expansion of the business ; the agreement requires an
investment in construction costs consisting of a parking lot, site work, building construction, building
improvements, interior fit up, purchase and installation of equipment, furnishing and permit fees of not
less than $600,000; an agreed upon construction progress schedule, and such other terms and conditions
as reasonable and appropriate.
This item was reviewed August 8, 2016 meeting of the Business & Economic Development Committee.
Manager's Comments:
Associated Information:
Budget Approval:
Legal Approval:
Introduced for
Passage
First Reading
Referral
Department Head
City Manager
Finance Director
Page _ of
Assigned to Councilor Plourde
CITY OF BANGOR
16-326
AUGUST 22, 2016
(TITLE.) ORDER, Authorizing Execution of an Option and Development Agreement with
TIMKA, INC. — Dutton Street
WHEREAS, the City is the owner of real property located on Dutton Street; and
WHEREAS, TIMKA, INC. has proposed and is desirous of constructing a parking lot and to
expand their existing business on the adjacent parcel of land at 570 Main Street; and
WHEREAS, the estimated cost of the parking lot and expansion, equipment, and site work is
estimated to be at least $600,000; and
WHEREAS, it is in the best interest of the City of Bangor to enter into a Option and
Development Agreement with TIMKA, INC. for the development of a portion of this lot on
Dutton Street as proposed by TIMKA, INC.
BY THE CITY COUNCIL OF THE CITY OF BANGOR:
ORDERED,
THAT Catherine M. Conlow, City Manager, is hereby authorized on behalf of the City of Bangor
to execute an Option and Development Agreement with TIMKA, INC. for the development of a
parcel of land on Dutton Street consisting of approximately 0.78 acres (Tax Map 43, Lot 40)
providing for the sale of the lot for $90,000 for the expansion of its business and parking lot; an
investment in construction costs consisting of site work, building construction, building
improvements, interior fit up, purchase and installation of equipment, furnishing parking lot,
and permit fees of not less than $600,000; an agreed upon construction progress schedule, and
such other terms and conditions as reasonable and appropriate. Said Option and Development
Agreement shall be in a final form as approved by the City Solicitor or Assistant City Solicitor.
BE IT FURTHER ORDERED, that during during the term of the Agreement TIMKA, INC. may
have access to the premises with vehicles and personnel.
IN CITY COUNCIL
AUGUST 22, 2016
CO 16-326
PASSED
CITY CLERK