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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