HomeMy WebLinkAbout2013-08-26 13-296 ORDERCOUNCIL ACTION
Item No. 13-2--6
Date: August 26, 2013
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 acre parcel of land on Dutton Street for the purpose of
expanding the brewery operations known as Geaghan's. If approved, TIMKA will pay $55,000 to the
City and invest approximately $1.5 million into an expansion of the brewery operation including
equipment, site work and parking. Under the terms of the agreement, TIMKA will agree to a
construction progress schedule and such other terms and conditions as reasonable and appropriate.
This item was reviewed and approved at the August 19, 2013 meeting of the Business & Economic
Development Committee.
Manager's Comments:
Associated Information:
Budget Approval:
Legal Approval:
Introduced for
Passage
First Reading
Referral
Department Head
Page _of_
City Manager
Finance Director
City Solicitor
13-296
AUGUST 26, 2013
Assigned to Councilor Longo
CITY OF BANGOR
:R, Authorizing Execution of an Option and Development Agreement
with TIMKA, INC. — Dutton Street
City is the owner of real property located on Dutton Street; and
NKA, INC. has proposed and is desirous of developing a larger
ition to expand their existing restaurant and brewery business on the
el of land at 570 Main Street; and
estimated cost of development of the brewery expansion,
id site work is estimated to be at least $1.5 million; and
s in the best interest of the City of Bangor to enter into a Option and
Agreement with TIMKA, INC. for the development of a portion of this
Street as proposed by TIMKA, INC.
COUNCIL OF THE CITY OF BANGOR:
ie M. Conlow, City Manager, is hereby authorized on behalf of the City
xecute an Option and Development Agreement with TIMKA, INC. for
ent of a parcel of land on Dutton Street consisting of approximately
ix Map 43, Lot 40) providing for the sale of the lot for $55,000 for the
if a brewery expansion and parking lot that shall have a building
A less than 2,500 square feet; an option fee; an investment in
:osts consisting of site work, building construction, building
:, interior fit up, purchase and installation of equipment, furnishing
Bs of not less than $1.5 million; an agreed upon construction progress
such other terms and conditions as reasonable and appropriate. Said
.velopment Agreement shall be in a final form as approved by the City
sistant City Solicitor.
IN CITY COUNCIL
August 26, 2013
Motion made and seconded for Passage
Passed
Clft CLERK