HomeMy WebLinkAbout2007-07-23 07-251 ORDERItem no, n7 251
Date: July 23, 200]
Item/Subje . ORDER, Authorivng Option Agreement with Jahn Sites for Purchase and Development of
Bangor Waterfront Development Site
Responsible De rldnrem: Community 8. Economic Development
Commentary:
John Sides, who has been granted tentative developer status by the City Council, has submitted a
proposal to develop 97 residential condominium units on the OWs Waterfront development site on the
corner of Railroad and Summer Streets. The proposed development is consistent when the Bangor
Waterfront Master Plan. A proposed Option Agreement for Purchase and Development of Bangor
Waterfront Development Site has been negotlated with him. It extends through January 31, 2008 and
would automatically extend to May 1, 2008 V the Developer has submitted and received Business and
Economic Development Committee approval of all preliminary and final plans and of a oonstruaion
progress schedule requiring construction start no later than May 15, 2008 with completion no later than
September 30, 2009. Prior to exercising the Option be Purchase, the Developer would be required to
provide evidence of all necessary permits, the necessary financing to carry out the project, and of a
construcIon contract before City ownership of the property would be transferred to the Developer.
Department Heatl
This has been reviewed and is recommended by the Business and Econom�ic De,v�elo.pme�ent Commin
CiNyanager
Associated Information:
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Referral
07 251
MSIPW to CUUMMIor Fa[zivgton July 23. 2007
CITY OF BANGOR
(TITLE.) ORDER, Authorizing Option Agreement with John Sides for Purchase and
Development of Bangor Waterfront Devebpment Site
WHEREAS, John Ates has submitted a proposal to the Cityto develop not less than 47
residential condominium units In the Bangor Riverfront Project on a site located
at the comer of Railroad and Summer Streets; and
WHEREAS, this proposal has been reviewed by the Business and Ecordmic Development
Committee of me Coundl which has found it to be consistent with the qty's
master plan for waterfront development;
NOW, THEREFORE, BE IT ORDERED BY THE CITY COUNCIL OF THE CM OF BANGOR
THAT
on or before August 31, 2007, the City Manager is hereby authorized! to execute, on behalf of
the City of Bangor, an Option Agreement for Purchase and Development of Bangor Riverfront
Development Site with John Sites that provides for the sale and development of the Oty owned
development site located at the comer of Railroad and Summer Streets for development
substantially in conformance with the proposal submitted to the City on July SI, 2007 entitled,
Bangor Waterfront, Residential Condominium Project, DEVELOPMEM PROPOSAL FOR THE
CITY OF BANGOR, Bangor, Maine, dated! Juty 11, 2007, under terms and conditions approved
by the Oty Council Business and Economic Development Committee and in a final form
approved by the Oty Solicitor or Assistant City Solicitor.
IN cIn COppfil.
July 23, 2007
Mott® Sade and Secavded
fos spa age
PaZia
y 0]-251
crrmvJ Authox£sine Oo[faa Aetemeat with
John Sites for Purchases and Development
of Mgsggr Waterfront Development Site