HomeMy WebLinkAbout2011-07-25 11-253 ORDERItem No,
Date: July 25, 2011
Item/Subject Order, Authortzing &ecudon of Documents m Acquire Ownership of Unit 3,
Freese Building Condominium, 7496 Main Street - JMC Partners, LLC
Responsible Department: Legal
JMC Partners, LLC is the owner of Unit 3 of the Freese Building Condominium in the Frease
Building located at 74-76 Main Street Bangor consisting of a portion of three Floors of the
building. JMC Partners, LLC granted the City of Bangor a mortgage in the property dated March
28, 2002 in the original amount of $660,471.40. It is in default on the mortgage. JMC Partners,
LLC has also failed to pay real estate taxes due on the property and real estate tax liens have
matured.
JMC Farmers, LLC is willing to convey the property to me City. The space is currently vacant
with the exception of office space being utilized by JMC Partners, LLC and a portion of the first
level that Is leased to Eastern Area on Aging.
If approved, this Order will authorize the Gty Manager to execum all documents necessary far
the Cry to acquire and accept the conveyance of Ung 3 of the Freese Building Condominium, 74-
76 Main Street, Bangor from JMC Partners, LLC in lieu of foredosure.
This will give the City clear title to the property and the City will then be able to explore ways to
have the vacant space deveioped.
Deparinxnt Head
Manager's Comments: r n
City Manager
Associated Information: Order
Budget Approval:
Finance Director
Legal Approval:
'G Solidtor
x passage
_ First Reading page _ M_
Referral
11 253
6w� A. ignad to Councilor _ Durgin July 25. 2011
CITY OF BANGOR
(MILE.) ORDER, Authorizing Execution of Documents to Acquire Ownership of Unit 3,
Freese Building Condominium, 7476 Main Street —JMC Partners, LLC
WHEREAS, JMC Partners, LLC is the owner of Unit 3 of the Freese Building Condominium in
the Freese Building, so-called, at 74-76 Main Street Bangor consisting of a
portion of the first three floors; and
WHEREAS, JMC Partners, LLC granted the City of Bangor a mortgage in said property dated
March 28, 2002 in the onginal amount of $660,471.40; and
WHEREAS, JMC Partners, LLC is in default on said mortgage; and
WHEREAS, JMC Partners, LLC has failed to pay real estate taxes due on said property; and
WHEREAS, the property Is currently vacant with the exception of JMC Partners, LLC and first
Floor space leased! to Eastern Area on Aging; and
WHEREAS, it is in the interest of the City of Bangor to accept title to said property in lieu of
foreclosure in order for the City to work towards the development of the
property; and
By the City Council of the aty ofBangs:
ORDERED, TRAT Catherine M. Conlow, City Manager of the City of Bangor, is hereby
entail on behalf of the CIN of Bangor to execute all documents necessary for the City to
acquire and accept Conveyance of Unit 3 of the Freese Building Condominium, 74-76 Main
Street, Bangor from JMC Partners, LLC in lieu of foreclosure. Said documents shall be in a final
form as approved by the City Solicitor or Assistant ON Solicitor.
IH CITY COUNCIL
July 25, 2011
Notion Made and Seconded for Passage
Passed
ORDER
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to ACquire OwershlF of Unit 3,Freese
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76-06 Mai? street
INCiPartners
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