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HomeMy WebLinkAbout2008-07-28 08-257 ORDERDate: Iuly 28 2008 Item No. 08 257 ItemlSubjeot ORDER, Authorizing Option Agreement for Development of Bangor Waterfront Property with LhIle Wood island, LLC Responsible Department: Community & Economic Development Commentary: Little Wood Island, LLC has proposed development of a Tim Horton's restaurant on its property a<+40- 460 Main Street lithe Wood Island has requested th City sell 0.17 acres of City land behind this site needed to accommodate a drive-thru, related parlang and site improvements. This Order would authorize an easement to permit Othe Wood Island, LLC M do their proposed project. This proposed Option Agreement for Development of Bangor Waterfront Property would extend Mmugh October 30, 2008 and could be extend two (2) months to December 30, 2008, 9 the Developer has submitted and received Business and Economic Development Committee approval of all preliminary and final plans and of a construction progress schedule requiring construction start no later than May 1, 2009 and completion no later than March 30, 2010. Prior W exercising the Option, the Developer would be required to provide evidence of all necessary permits, the necessary financing to carry out the project, and of a constmction contract before easement for the property would be granted to the Developer. Department Head Aranagees Commands: I, f i • ' Associatedl Information: Budget Approval: Z&L Fin Director Solicitor Int used for Passage _ First Readirg Page—of- - age_of_ Referral 08 257 Assigned 0 Councilor Fury gtou July 28, 2008 CITY OF BANGOR (TITLE.) ORDER, Authorizing Option Agreement for Development of Bangor Waterfront Property with Little Wood Island, LLC WHEREAS, Little Wood Island, LLC has purchased 440460 Main Street and proposes development of a Tim Norton's Restaurant on the property; and WHEREAS, Little Wood Island, LLC has submitted a request to acquire an interest in 0.17 acres of City land behind its Ste needed to accommodate a drive-thru, related parking and site Improvements; and WHEREAS, the 0.17 acres of City property would primarily involve the slope area adjacent to the title Wood Island, LLC property: BE IT ORDERED BY THE CITY COUNCIL OF INE CITY OF BANGOR THAT on or before August 31, 2008, the City Manager is hereby authorized to exearte, on behalf of the City of Bangor, an Option Agreement for Development of Bangor Waterfront Property with tittle Wood Island, LLC providing for an easement of approximately 0.17 acres (7,700 sq. ft. +/-) of City of Bangor Waterfront land abutting W460 Main Street, as depicted on a Boundary and Topographic Survey Plan of the Little Wood Island, LLC property prepared by Make & Day dated October 29, 2007, for development of a Tim Honor's Restaurant with a drive-thru substantially In conformance with the proposal submitted to the City on December 12, 2007 entitled, "410-460 Main St., Bangor, Maine (the "Property"), Proposal for Site Improvements, dated! December 12, 2007, under terms and conditions approved by the City Council Business and Economic Development Committee, and in a final form. approved by the City Solicitor or Assistant City Solicitor. IA CITY MWCIL July 28, 2008 Notion tl e end Seconded for Peeaege Passed WP� c1r;CCY1�4Y.Ap O 8D88' fffff d Pott iziue Option UreemM for Development of Daogoc waterfront "eity with Little wop Isl , LLC