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HomeMy WebLinkAbout2013-07-08 13-241 ORDERCOUNCIL ACTION Item No. 13-241 Date: July 8, 2013 Item/Subject: ORDER, Authorizing Execution of Documents with Cabrel Company for Sale of Land at 396 Griffin Road Responsible Department: Community and Economic Development Commentary: The City owns real property located at 396 Griffin Road. Cabrel Company is the owner of a building at this location and leases the land from the City. Cabrel Company wishes to purchase the land on which their building is located, pursuant to the City -owned property disposition policy which allows for the purchase of leased land given the satisfaction of certain terms and conditions. This Order, if approved, will authorize the execution of documents necessary to terminate the lease between the City of Bangor and Cabrel Company dated January 1, 1979 and convey the property to Cabrel Company on or before December 31, 2013. This matter was discussed by the Business and Economic Development Committee at its July 1, 2013 meeting. Manager's Comments: Associated Information: Budget Approval: Legal Approval: Intro uced for Passage First Reading Referral Department Head f City Manager Page _ of _ Solicitor 13-241 JULY 8, 2013 Assigned to Councilor Baldacci 16f 84W . CITY OF BANGOR a .. 9 . 4JED.F •N (TITLE.) ORDER, Authorizing Execution of Documents with Cabrel Company for Sale of Land at 396 Griffin Road WHEREAS, the City is the owner of real property located at 396 Griffin Road; and WHEREAS, Cabrel Company is the owner of a building at this location and leases the land from the City; and WHEREAS, Cabrel Company wishes to purchase the land on which their building is located; and WHEREAS, the City -owned property disposition policy allows for the purchase of leased land given the satisfaction of certain terms and conditions; and WHEREAS, it is in the best interest of the City of Bangor to terminate the existing land lease and enter into an Agreement with Cabrel Company for the purchase and sale of the land at 396 Griffin Road By the City Council of the City of Bangor. ORDERED, THAT Catherine M. Conlow, City Manager, is hereby authorized on behalf of the City of Bangor to execute all documents necessary to terminate the lease between the City of Bangor and Cabrel Company dated January 1, 1979 and convey the property to Cabrel Company on or before December 31, 2013 consisting of approximately 6.9 acres (Tax Map 100, Lot 7) for a purchase price of $346,000.00; contingent on documentation of additional investment in the City of Bangor creating a net taxable value of not less than $1,628,498.70 to satisfy the conditions of the City's policy for sale of City -owned leased land, and upon such other terms and conditions as reasonable and appropriate and consistent with the City of Bangor's policy for sale of City -owned leased land. Said documents shall be in final form as approved by the City Solicitor or Assistant City Solicitor. IN CITY COUNCIL July 8, 2013 Motion made and seconded for Passage CITY CLERK