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HomeMy WebLinkAbout2010-10-25 10-356 ORDERCOUNCIL ACTION Item No. Date: October 25, 2010 Item/Subject: ORDER Authorizing Execution of Agreement for the Purchase and Development of 227 Pine Street Between City of Bangor and Stephen M. Lovell, Dawn Lovell and Nicole M. Lovell Responsible Department: Legal Commentary: Pursuant to Council Order 10-124 the City took possession of the property 227 Pine Street under a matured property tax lien for outstanding real estate taxes. The building at 227 Pine Street is dilapidated and needs to be either demolished or rehabilitated. The abutting property owners, Stephen Lovell, Dawn Lovell and Nicole Lovell have proposed to acquire the property from the City and construct a two car garage with a room above and breezeway. This Order will authorize the execution of an agreement between the City and the Lovells for the purchase and development of 227 Pine Street. The agreement will include the following terms and conditions: purchase price of $14,240 to be paid at execution of agreement and held in escrow until demolition of building is completed; City to demolish the building at 227 Pine Street and remove all building debris and foundation by the end of 2010; the closing to take place within 7 days of signing of agreement; Buyer to construct an attached two car garage with room above and breezeway, start construction within 24 months and complete construction within 12 months. The Agreement shall include a provision that in the event the Buyers fail to meet their obligations they convey the property back to the City. The Business and Economic Development Committee recommends approval. Manager's Comments: Associated Information: Budget Approval: Legal Approval: Intro uced for Passage First Reading Referral Department Head Interim City Manager Page _ of Finance Director ity Solicitor Ap 56 Assigned to Councilor — Weston October 25, 2010 C( GIT'Y OF BANGOR OR4 ED., (TITLE.) ORDER, Authorizing Execution of Agreement for the Purchase and Development of 227 Pine Street Between City of Bangor and Stephen M. Lovell, Dawn Lovell and Nicole M. Lovell WHEREAS, pursuant to Council Order 10-124 the City took possession of the property 227 Pine Street under a matured property tax lien for outstanding real estate taxes; and WHEREAS, the building at 227 Pine Street is dilapidated and needs to be either demolished or rehabilitated; and WHEREAS, the abutting property owners have proposed to acquire the property from the City and construct a two car garage with a room above and breezeway. By the City Council of the City of Bangor. ORDERED, THAT Robert W. Farrar, Interim City Manager, is hereby authorized, on behalf of the City of Bangor, to execute an agreement for the purchase and development of 227 Pine Street by and between the City of Bangor and Stephen M. Lovell, Dawn Lovell and Nicole M. Lovell, said agreement to include the following terms and conditions: purchase price of $14,240 to be paid at execution of agreement and held in escrow until demolition of building is completed; City to demolish the building at 227 Pine Street and remove all building debris and foundation by the end of 2010; the closing to take place within 7 days of signing of agreement; Buyer to construct an attached two car garage with room above and breezeway, start construction within 24 months and complete construction within 12 months. The Agreement shall include a provision that the event that Buyers fail to meet their obligations they convey the property back to the City. Said Agreement shall be in final form as approved by the City Solicitor or Assistant City Solicitor. IN CITY COUNCIL Octboer 25, 2010 Passed CITY y A 10-356 - ORDER (TITLE,) Authorizing Execution of. Aereement for the Purchase -and Development -f227 Pine Street Between -City of Bangor and Stephen M. Lovell, Dawn Lovell and Nicole M. Lovell Assigned -to Councilor