HomeMy WebLinkAbout2013-05-13 13-169 ORDERCOUNCIL ACTION
Item No. 13-169
Date: May 13, 2013
Item/Subject: ORDER: Authorizing Amendment to Development Agreement Between the City of
Bangor and Queen City Properties, LLC - 22 Merchants Plaza
Responsible Department: Community and Economic Development
Commentary: This Order will authorize a time extension to the Development Agreement with
Queen City Properties, LLC for substantial completion of the rehabilitation project located at 22
Merchants Plaza. In October 2011 the City Counci['authorized the execution of a Development
Agreement between the City of Bangor and Queen City Properties, LLC, to rehabilitate 22 Merchants
Plaza from an unused office building into 9 market rate apartments downtown. The Development
Agreement provided that the Developer would use its best efforts to substantially complete the
rehabilitation project by to October 31, 2012. During the rehabilitation, there have been several
unanticipated issues that have resulted in the rehabilitation project taking longer than originally
planned. As a result, the Developer has requested an extension of the date for substantial
completion of the project to October 31, 2014
This item was discussed and approved at the May 7, 2013 meeting of the Business & Economic
Development Committee.
Department Head
Manager's Comments:
City Manager
ry,"
Associated Information:
Budget Approval:
Legal Approval:
Introduced for
Passage
First Reading
Referral
nance Director
L.
1
Page _of_
Assigned to Councilor Sprague
CITY OF BANGOR
13-169
MAY 13, 2013
(TITLE.) Order, Authorizing Amendment to Development Agreement Between the City of Bangor and
Queen City Properties, LLC - 22 Merchants Plaza
WHEREAS, Queen City Properties, LLC are parties to a Development Agreement dated October 31,
2011 to rehabilitate a vacant downtown building at 22 Merchants Plaza; and
WHEREAS, said Development Agreement provided that Queen City Properties, LLC would use its
best efforts to substantially complete the rehabilitation project by October 31, 2012; and
WHEREAS, due to unanticipated additional work required during the rehabilitation, Queen City
Properties, LLC, despite its best efforts, has not been able to substantially complete the
rehabilitation on the intended schedule and has requested additional time.
BE IT ORDERED BY THE CITY COUNCIL OF THE CITY OF BANGOR THAT
Catherine M. Conlow, City Manager, is hereby authorized on behalf of the City of Bangor to execute an
amendment to the Development Agreement between the City of Bangor and Queen City Properties,
LLC for the rehabilitation of property located at 22 Merchants Plaza dated October 31, 2011 to extend
the deadline for substantial completion to October 31, 2014. Said amendment shall be in a final form
as approved by the City Solicitor or Assistant City Solicitor.
IN CITY COUNCIL
May 13, 2013
Motion made and seconded for Passage
Passed
Ave
DEPUTY CITY CLERK