HomeMy WebLinkAbout2007-09-24 07-309 ORDERCOunCIL ACUON
Item No
Data: September 24, 2007 07 309
Item/ Subject: ORDER, AuNorizing Option Agreement with John Sites for Purchase and Development
of Bangor Waterfront Development Site
Responsible Department: Community & Economic Development
Commentary:
John Sites has been granted tentative developer status "a City Council and has submitted a proposal
for development of 47 residential condominium units on the city's Waterfront development site on the
center of Railroad and Summer Streets. The proposed development Is consistent: with the Bangor
Waterfront Master Man. The proposed Option Agreement for Purchase and Development of Bangor
Waterfront Development Site extends through October 1, 2008 and would automatically extend to
December 31, 2008 if Me Developer has submitted and received Business & Economic Development
Committee approval of all preliminary and final plans and of a construction progress schedule requiring
construction start no later than May 15, 2009 and completion no later than November 30, 2010. Prior In
exercising the Option W Purchase, the Developer would be required to provide evidence of all necessary
permits, the necessary financing W cany out the project, and of a construction contract before City
ownership of the property would be transferred to the Developer.
Department Head
This has been reviewed and is recommended by the Business and Economic Development Committee.
Staff and the Developer are currently working on finalizing Me actual development agreement, and we
anticipate having this completed by Mondays meetlng.
to
City Manager
Legal Approval
city Sollcltor
I ro oduced for
_2L passage
_
First Reading page _ of _
Referral
07 309
A ogcod to Councilor D'Er Ico seete bwr za. 2007
CITY OF BANGOR
(TITLE.) ORDER, Anblorbing Option Agreement with John Sites for purchase and
Development of Ranger Waterfront Development Site
WHEREAS, John Sites has submitted a proposal to the Citym develop not less than 47
residential condominium units in the Bangor Riverfront Project on a site located
at the comer of Railroad and Summer Snorts;
NOW, THEREFORE, BE IT ORDERED BY THE CITY COUNCIL OF THE CITY OF BANGOR
THAT
on or before October 31, 2007, the City Manager is hereby authorized to execute, on behalf of
the City of Bangor, an Option Agreement With John Sites for Purchase and Development of
Bangor Waterfront Development Site, said agreement providing for the sale and development
of Me City owned development site located a[ the comer of Railroad and Summer Streets for
development substantially in conformance with the proposal submitted to the City on July 11,
2W7 entitled, Ranger Waterfront, Residential Condominium Projett, DEVELOPMENT PROPOSAL
FOR THE CITY OF BANGOR, Bangor, Maine, dated July 11, 2007, and substantially in
conformance with the terms and conditions as contained to the "Option Agreement far purchase
and Development of Bangor Waterfront Development Ste" on file in the office of the City Clerk,
and in a final form approved by the City Solicitor or Assistant City Solicitor.
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