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