HomeMy WebLinkAbout2016-01-25 16-069 ORDERCOUNCIL ACTION
Item No. 16-069
Date: January 25, 2016
Item/Subject: ORDER, Authorizing Execution of an Amendment of the Purchase Option and
Development Agreement with John Karnes for Development of Former Pine Tree Inn —
22 Cleveland Street (Tax Map 001-017)
Responsible Department: Community & Economic Development
Commentary: On June 8, 2015, Council Order 15-210 authorized the execution of a Purchase Option
and Development Agreement with John Karnes for the redevelopment of property located at 22 Cleveland
Street. The approved Purchase Option and Development Agreement included requirements that certain
timelines be met. John Karnes has carefully pursued completion of all requirements of the Purchase
Option and Development Agreement. Nonetheless, he has requested an amendment to extend the time
line as he completes his due diligence. This type of request is not uncommon for projects of this size and
scope.
If approved, this order will amend the Purchase Option and Development Agreement with John Karnes, to
extend the closing on the sale of the property to April 30, 2016; site work and building improvements to
commence no later than May 16, 2016; and site work and building construction to be completed no later
than October 31, 2016.
This item was reviewed and recommended for approval by the Business & Economic Development
Committee at its January 19, 2016 meeting.
Manager's Comments:
Associated Information:
Budget Approval:
Legal Approval:
Introduced for
X Passage
First Reading
Referral
s/ Tanya Emery
Department Head
Finance Director
Page _of_
licitor
Assigned to Councilor Durgin
CITY OF BANGOR
16-069
JANUARY 25, 2016
(TITLE.) ORDER, Authorizing Execution of an Amendment of the Purchase Option and
Development Agreement with John Karnes for Development of Former Pine Tree Inn
— 22 Cleveland Street (Tax Map 001-017)
WHEREAS, the Bangor City Council on June 8, 2015, by Council Order 15-210, authorized
the execution of a Purchase Option and Development Agreement with John
Karnes for the development of 22 Cleveland Street, the former Pine Tree Inn;
and
WHEREAS, the Purchase Option and Development Agreement includes requirements that
certain timelines be met; and
WHEREAS, John Karnes has diligently pursued completion of all requirements of the
Purchase Option and Development Agreement; and
WHEREAS, John Karnes has requested an amendment to the Purchase Option and
Development Agreement to receive additional time to meet some of the
requirements of the agreement.
BE IT ORDERED BY THE CITY COUNCIL OF THE CITY OF BANGOR THAT
Catherine M. Conlow, City Manager of the City of Bangor, is hereby authorized to execute, on
behalf of the City of Bangor, documents necessary for an amendment of the Purchase Option
and Development Agreement with John Karnes for land and buildings located at 22 Cleveland
Street, Bangor, Maine. Said Purchase Option and Development Agreement shall be amended
such that the closing on the sale of the property is to be completed by April 30, 2016; site work
and building improvements are to commence no later than May 16, 2016; and site work and
building construction to be completed no later than October 31, 2016. Said documents shall be
in a final form as approved by the City Solicitor or the Assistant City Solicitor
IN CITY COUNCIL
JANUARY 25, 2016
PASSED
CITY CLEITK