HomeMy WebLinkAbout2007-03-12 07-118 ORDER07 119
COUNCIL ACTION
Item No_.
DdM: March 12, 2007
Item/Subject ORDER, Authorizing Option Agreementfor Purchase and O ripmentof
Bangor Waterfront Development Parcel 2 - tarry Springer
Responsible Department: Community & Economic Development
Commentary:
This Order would authorize the City Manager W execute an Option Agreement With Mr. Springer far the
development of a 2 % story, 25,000 square foot multi-purpose building on front St The Option requires
me Developer to build a building of not less ban 25,000 SF at a construction cost of $120.00/SF
exdusive of mon-construction `soft" costs such as design, legal, accounting, and marketing fees, plus
tenantfitoutof$25.00/SF. Soft rostsaretyplolly 20% or more oftotal proleet costs. Streetleimuses
are limited to uses open to the public and which will serve me reeds for visitors to the waterfront such as
eating and drin long establishments, other retail mercandise and retail service businesses, museums,
theaters or an galleries, and similar type uses. The space may be usetl for quasi -municipal uses such as
harbormasters office, tourist information center, or similar uses as deemed appropHate by the Bangor
30, 2007. The option fee Is $3,000. The City Council may extend the Option Agreement for a period not
to exceed an additional two months if the Developer is pursuing the development In good faith. The
additional option fee for an extension is $500.00 per month. The Developer must submit and receive
Business & Economic Development Committee approval of prellminaIr and final plans and exterior
materials to be used. Canstmction must start by July 1, 2007, and be completed by December 1, 2008.
Department Head
-' W rt u
(wovLdGo ��w
res• 4-S"�07
- flnante Director
Legal Approval:
Shcdtar
Introduced for
C� Passage .
_First Reading Page _of .
_ Referral
AMENDED BY SUBSTITUTION
Auignedw Coannior Famn&ron 07I18
CITY OF BANGOR
(MLE.) Order, Authorizing Option Agreement for Purchase and Development of
Bangor Waterfront Oevelopme t Parcel 2 —Larry Springer
WHEREAS, Larry Springer has submitted a proposal W the City to develop a building on Front
Street in the OWN Waterfront Deyelopment Project on the development site
designated as Parcel 2 an a plan entitled "Front Street Development Parcel 2"
dated July 20, 2006; and
WHEREAS, the Option will require that Mr. Springer construct a building, 2 Y stories high,
and containing not less than 25,000 SF of floor area; and
WHEREAS, the purchase price for Parcel 2 will be $142,800 les any extraordinary
development costs enownteretl on the development sites Involved; and
WHEREAS, construction posts consisting of site work, building construction, building
Improvements, Interior fit up, purchase and installation of equipment, and permit
fes shall not be les than $126.00 per square foot and tenant fit out cost an
additional $26.25 per square foot.
WHEREAS, the Option fee will be $3,000 with a Im Wslon for a developer requested extension
of two monks, at an extension fee of $500/month, and with approval of the City
Council upon a showing that the Developer Is. pursuing the development in good
faith; and
WHEREAS, the Option period will extend through August 31, 2007, during which period and
prior to conveying the property to him, the Developer will submit and obtain
approyal of preliminary and final development plant from the Business & Economic
Development Committee, obtain the neassry permits and site plan approvals,
provide evidence of financing, and evidence of a construction contract; and
WHEREAS, the Option will require the Developer to begin construction no later than
September 1, 2007 and be completed by February 1, 2009; and
WHEREAS, the proposal conforms to the City's plans and objectives for development of the
site;
NOW, THEREFORE, BE 1T ORDERED BY THE CITY COUNCIL OF THE CITY OF BANGOR
THAT the Oty Manager Is hereby authorized ON e ceoute, on behalf of the City of Bangor, an
Option Agreement with Larry Springer under terms and corMitions Substantially as contained in
the Option Agreement for Purchase and Development of Bangor Waterhont Development Parcel
2 on file in the Office of the City Cleric and In a final form approved by the City Solicitor or
Assistant City Solicitor.
03/12/2007
AevgyMlu CbvvcBor Farrington
Ximn
07 X18
h CITY OF BANGOR
(TITLE.) Order, Authorrzirg Option Agreement for Purchase and Development of Bangor
Waterfront Development Parcel 2— Larry Springer
WHEREAS, Larry Springer has submitted a proposal to the City to develop a building on Front
Street in the Otys Waterfront Development Project on the development site
designated as Parcel 2 on a plan entitled "Front Street Development Parcel Y
dated July 20, 2006; and
WHEREAS, the Option will require that Mr. Springer construct a building 2 W stories high, and
containing not less than 25,000 SF of floor area; and
WHEREAS, the purchase price ter Parcel 2 will be $136,000 leas any nNaoNirary
development costs encountered on the development sites involved; and
WHEREAS, the Option fee will be $3,000 wit a provision for a developer requested extension
of two months, at an eadension fee of $5001month, and with approval ofthe City
Council upon a showing that the Developer Is Weaning to development in good
faith; and
WHEREAS, the Option period will extend trough June 30, 2007, during whidt period and
prior to conveying to property M him, the Developer will submit and obtain
approval of preli unM and final development plars from the Business St Economic
Development Committee, obtain the necessary permits and site plan approvals,
provide evidence of finandng, and evidence of a construction contract; and
WHEREAS, the Option will require the Developer to begin construction no later than July 1,
2007 and be completed by December 1, 2008; and
WHEREAS, the proposal cannons to the City's plans and objectives for development of the
site;
NOW, THEREFORE, BE If ORDERED BY THE CITY COUNCIL OF WE CITY OF BANGOR
THAT Me City Manager Is hereby authorized W execute, on behalf of the City of Bangor, an
Option Agreement with Lany Springer under tens and conditions substantially as contained In
the Option Agreement for Purchase and Development a Banger Waterfront Development Parcel
2 on file In the office of the City Clerk and in a final form approved by the City Solldtor or
Assistant City Solicitor.
U CITr wf➢ cfL
March 12. 2007
Motion M ads And Seconded
for Referral to Business S
8ca mie Development Comittee
Paan
a ea
CITY CLee[
IN CITY CODMCIL
April 9, 2007
Mocian Made and Seconded
forPassage
Motion Made and Seconded to
Amend by Suhstitutiou
Passed
Matioa Made and Seconded
for,passage As Amended
Paskied
CITY CL
y W-118
O ROER
pIITLEJ Au ho 1 1 Oo Agr
Purcbax and Development of Bangor
Naterfron Develoocent Parcel 2 - Larry
Springer
W 1
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