HomeMy WebLinkAbout2017-01-09 17-064 ORDERCOUNCIL ACTION
Item No. 17-064
Date: January 9, 2017
Item/Subject: ORDER, Authorizing Execution of Documents for an Option Agreement
with C3 Developers, Inc. for Sate of Summer Street Parcels, Map 043 Lots
020 and 032, and a Portion of the Former Railroad Street
Responsible Department: Community and Economic Development
Commentary:
This Order would authorize the execution of an option agreement for the sale of a vacant parcel of
land at the corners of Summer and Railroad Streets consisting of parking lots and a portion of the
former Railroad Street to CJ Developers, Inc.
Cl Developers is acquiring a lot of land and office building adjacent to the City property and proposes
to renovate the building for office space use. To support the reuse of this long underutilized space,
the Developer requires both additional surface parking and space for site work to improve grades and
access. The option agreement is effective until August 2017. The purchase price is $250,000, and
the property will be used only for the re -development of the adjacent land and building. Prior to
transfer, Buyer must acquire the adjacent land and office building. The agreement contains a
condition the property will always remain taxable, and the City will retain the ability to use the
parking lot until the buyer requires its use.
The Business and Economic Development Committee reviewed and approved this proposal on
December 6, 2016.
/s/ Tanya L. Emery
Department Head
Manager's Comments:
0 -:::7--
City Manager
Associated Information:
Budget Approval:
Finance Director
Legal Approval: If
Gty SolYcitor
Introduced for
X Passage
First Reading Page _ of _
Referral
Assigned to Councilor Nealley
CITY OF BANGOR
17-064
JANUARY 9, 2017
(TITLE.) ORDER Authorizing Execution of Documents for an Option
Agreement with C3 Developers, Inc. for Sale of Summer Street
Parcels, Map 043 Lots 020 and 032, and a Portion of the
Former Railroad Street
WHEREAS, Cl Developers, Inc. is in the process of acquiring a property adjacent to City
property at Summer and Railroad Streets; and
WHEREAS, renovation and utilization of this long vacant space requires both additional
surface parking and space for site work to improve grades and access; and
WHEREAS, the City of Bangor owns property at Map 043 Lots 020 and 032 and a portion of
the former Railroad Street;
BE IT ORDERED BY THE CITY COUNCIL OF THE CITY OF BANGOR THAT
The City Manager is hereby authorized, on behalf of the City of Bangor, to execute an Option
Agreement, and all other necessary documents, for the sale of real estate located at the corners
of Summer and Railroad Streets, Map 43 Lot 20, Map 43 Lot 32, and a portion of the former
Railroad Street to 0 Developers, Inc. Said documents shall include a purchase price of
$250,000, a condition that it remain taxable, a provision for the continued use of the parking
lots until need by the Buyer, a condition for the acquisition and redevelopment of an abutting
land and building by the Buyer, and such other conditions as are appropriate. The documents
shall be in a final form as approved by the City Solicitor or Assistant City Solicitor.
IN CITY COUNCIL
JANUARY 9, 2017
CO 17-064
MOTION MADE AND SECONDED FOR PASSAGE
PASSED
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CITY CLERK