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HomeMy WebLinkAbout2012-07-09 12-240 ORDERCOUNCIL ACTION Item No. 12-240 Date: lulu 9, 2012 Item/Subject: Order, Authorizing Execution of Development Agreement with Largay -Feeney Investments, LLC - 55 Grant Street Responsible Department: Legal Commentary: The City of Bangor acquired possession of the property located at 55 Grant Street by virtue of matured tax liens. The City later requested proposals for the rehabilitation of 55 Grant Street. The City received several responses to the RFP and after reviewing them determined that it is in the City's best interest to accept the proposal submitted by Largay -Feeney Investments, LLC. This Order, if approved, will authorize the City Manager to execute a Development Agreement with Largay -Feeney Investments, LLC for the rehabilitation of the property located at 55 Grant Street. The terms and conditions consistent with the City of Bangor's Request for Proposal and the proposal for acquisition and rehabilitation submitted by Largay -Feeney Investments, LLC and will include a timeline for beginning and completing the work and a reverter clause in the event the rehabilitation is not completed as agreed. Department Head Manager's Comments: C JEL Lew� City Manager Associated Information: Budget Approval: ance Director Legal Approval: _CityNgolicitor Introduced for Passage First Reading Page _ of _ Referral 12-240 JULY 9, 2012 �. Assigned to Councilor Blanchette SA _\ CITY OF BANGOR OR4`t� 0 (TITLE.) ORDER, Authorizing Execution of Development Agreement with Largay -Feeney Investments, LLC - 55 Grant Street WHEREAS, the City of Bangor acquired possession of the property located at 55 Grant Street by Virtue of matured tax liens; and WHEREAS, the City of Bangor requested proposals for the rehabilitation of 55 Grant Street; and WHEREAS, the City of Bangor received a proposal from Largay -Feeney Investments, LLC and others; and WHEREAS, upon review of the proposal it is in the best interest of the City of Bangor to accept the proposal submitted by Largay -Feeney Investments By the Qty Counal of the CityofBangor. ORDERED, That Catherine M. Conlow, City Manager, is hereby authorized, on behalf of the City of Bangor to execute a Development Agreement with Largay -Feeney Investments, LLC for the rehabilitation of the property located at 55 Grant Street. Said Development Agreement shall contain terms and conditions consistent with the City of Bangor's Request for Proposal and the proposal for acquisition and rehabilitation submitted by Largay -Feeney Investments, LLC and shall contain provisions that include a timeline for beginning and completing the work and a reverter clause in the event the rehabilitation is not completed as agreed. Said Development Agreement shall be in a final form as approved by the City Solicitor or Assistant City Solicitor. IN CITY COUNCIL JULY 9, 2012 MOTION MADE AND SECONDED FOR PASSAGE PASSED '00� �q CITY CLERK (TITLE,) Assigned to Councilor