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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 aJ �/O'Sdrerl�t..ai CITY CLERK