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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 o`E��O �R4iEDfE'r' (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