HomeMy WebLinkAbout2014-07-14 14-240 ORDERCOUNCIL ACTION
Item No. 14-240
Date: July 14, 2014
Item/Subject: ORDER, Authorizing Execution of Option Agreement for Purchase and
Development with Bangor Federal Credit Union – (Map -Lot R25-33)
Responsible Department: Legal
Commentary: This Order will authorize the City Manager to execute an Option Agreement
with Bangor Federal Credit Union for the purchase and development of Lot 13 and abutting land
in the Maine Business Enterprise. If approved, the Bangor Federal Credit Union will acquire Lot
13 in the Maine Business Enterprise Park to construct a 3,200 square foot building for a credit
union branch office. The terms of the purchase will include a purchase price of $185,000, a
deposit, a requirement that construction begin by June 1, 2015 and be completed by December
31, 2015, a minimum building size of 3,200 square feet, a minimum investment of $250 per
square foot, a contribution of up to $50,000 for a traffic signal at the intersection of Maine
Avenue and Venture Way and such other terms and conditions as appropriate and necessary for
the development. This item was reviewed and recommended for approval at the Business and
Economic Development Meeting on July 8, 2014.
Manager's Comments:
Associated Information:
Budget Approval: �L -
Legal Approval:
Introduced for
Passage
First Reading
Referral
Department Head
—ICity Manager
A&ZIr"
finance Director
Page _ of _
Solicitor
14-240
JULY 14, 2014
Assigned to Councilor Durgin
CITY OF BANGOR
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(TITLE.) ORDER, Authorizing Execution of Option Agreement for Purchase and Development
with Bangor Federal Credit Union — (Map -Lot R25-33)
WHEREAS, the City of Bangor is the owner of development parcels in a subdivision known as
the Maine Business Enterprise Park; and
WHEREAS, the Bangor Federal Credit Union wishes to purchase Lot 13 in the Maine Business
Enterprise Park to construct a 3,200 square foot building for a credit union branch office.
By the Oty Coundl of the Oty of Bangs►:
ORDERED,
That Catherine M. Conlow, City Manager, is hereby authorized on behalf of the City of Bangor
to execute an Option Agreement with Bangor Federal Credit Union for the purchase and
development of Lot 13 in the Maine Business Enterprise Park. Said Agreement shall include a
purchase price of $185,000, a deposit, construction to begin by June 1, 2015 and be completed
by December 31, 2015, a minimum building size of 3,200 square feet, a minimum investment of
$250 per square foot, a contribution of up to $50,000 for a traffic signal at the intersection of
Maine Avenue and Venture Way and such other terns and conditions as appropriate and
necessary for the development. Said Agreement shall be in a final form as approved by the
City Solicitor or Assistant City Solicitor.
IN CITY COUNCIL
JULY 14, 2014
MOTION MADE AND SECONDED FOR PASSAGE
PASSED
CITY CLE C