HomeMy WebLinkAbout2006-03-13 06-114 ORDERItem No, 06 114
Date: 3-13-06
Item/Subject: Order, Authodang Execution of a Purchase Option Agreementwlth Me YMCAfor
Property Located at 58 Court Street
Responsible Department: City Manager
The City Council has authorized negotiations with the YMCA regarding Me purchase of the
property at 58 Court Street for use as a parking lot in support of their facility at the comer of
Hammond and Court. Those negobetions are now at the point where the attached option
agreement Is ready for Committee review and recommendation to the full Council.
The major terms of the agreement include:
❑ Apurchase option running until June 30, 2006
❑ A purchase price of $10,000
❑ TIC Committee of approval of Me site plan for the parking lot
❑ A requirement Mat all land development codes be met This will Involve rezoning
the property and Planning Board approval of the she plan
❑ Building demolition and parking construction M begin on or before July 1 and be
completed on or before September 30, 2006.
This agreement has been reviewed and is recommended by the Transportation and
Infrastructure Committee.
Associated Information: Option Agreement
Department Head
/�
l_J:.:
D r�
Finance Director
Legal Approval:
ad( Solicitor
_Lt Passage
_ First Reading page _ of _
Referral
08 114
Annignedto Councikr O'Errico Nareh 13, 2006
CITY OF BANGOR
(TITLE.) ORDER, Order, Authorizing Execu on of a Purchase Option Agreement with the
YMCA far Property Located at 58 Court Sheet.
BE IT ORDERED BY THE QTY COUNCIL OF THE CITY OF BANGOR THAT
The City Manager is hereby authorised to execute a purchase option agreement, a copy of
which is attached hereto, with the YMCA her property located at 58 Court Street.
IN CITY CO il.
!larch 13, 2006
ffitioo Node and Seconded p e6-116
for Passage _ r
Yused
CL BP6 [rITLBr) <r tM1nrivineg mee tiun of a
1 Purchase O tiou Agreement with the YNCA
e Pcypexty Lora a at 58 Court Street
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1
A goed0 Couotlloa iWAfr
06-116
PURCHASE OPTION AGREEMENT
AND DEVELOPMENT OF 58 COURT STREET
This Agreement made this Is/ day of Mouoa 2006 by and between the
City of Bangor, a municipal corporation, duly organized and existing under the laws of
the State of Maine having a place of business at 73 Harlow Street, Bangor, Maine 04401
(hereinafter CITY), and the Young Men's Clunsfian Association, duly organized and
existing under the laws of the State of Maine having a place of business at, Bangor,
Maine 04,401 (hereinafter YMCA).
Section A. Grant of Option
1. Grant of Option: The CITY grants to and the YMCA accepts an exclusive
option to purchase property located at 58 Court Street in Bangor for the purpose of
demolition of an existing budding and construction of a parking lot. Said development
shatl in accordance with the terms and conditions of Us Option Agreement.
2. Premises Subiect to Option:
Exhibit A. (hereinafter the Property)
3. Option Period. This option shall run from March 15, 2006 until lune 30, 2006
or until such later data w the parties may agree.
4. Exercise of Option. Provided that the YMCA is not in default of any of the
teras and conditions of this agreement, the YMCA may exercise this option and acquire
the subject property, by giving written notice of its intent to do so to the CITY at any time
during the option period. Such notice shall be efiective if delivered to the CITY'sof'ice
at One CITY's address stated above. Thereafter, the parties shall schedule a closing at a
mutually convenient data, which may be after the expiration of the option period. If a
date for closing can not be mutually agreed agent, a closing shall take place no later than
sixty (60) days from the data of delivery of YMCA's notice to CITY, or (be first business
day after such date.
5. Purchase Rica The purchase price for the property subject to this Option
Agreement shall be the sum of$30,000,
6. Twe of Convexance Conveyance shall be by Quitclaim Deed with Covenant to
YMCA from CITY. CITY shall prepare the memory Deed, subject to approval by
YMCA's attorney. CHY shall convey title under this nomograph to YMCA Gee and clear
of all encumbrances except customary public utility easements serving the premises, and
any other casements of public record, and shall be subject to applicable wring and land
use laws and regulations.
M-116
T CITY Nat to Crater" or Encumber Tide. During the term of the option period,
CITY shall not voluntarily convey, mortgage or otherwise etwumber the option property
or any portion thereof, without YMCA's prior written consent.
Sayan B. Conditions Precedent to Exercise of Option and Conveyance to YMCA
L Submission of Plans. On or before May 30, 20M and prior in submission to the
City of Bangor Planning Board, the YMCA shall submit a site plan to the City's
Transportation and Infrastructure Commit4e. The site plan shall comply in all respects
with all applicable Codes and Ondmances of the City of Bangor and, in particular, with
the requirements of the City's Land Development Code.
2. Approval of Plans. All plans shall be submitted to the City Manager of the
CITY. All plans shall he reviewed by City Staff. Said plans shall be reviewed and
approved by the City's Transportation and Infrastructure Committee.
3. Planning Board Approval. The YMCA shall obtain approval of its site plan
from the City of Bangor Planning Bond on or before Jane 15, 2006.
4. Permit 12eauirement. Prior to exercising the Option granted berein, the YMCA
shall obtain, and provide setisfacmry, evidence to the CITY of every permit, license and
governmental approval necessary for the commencement and completion of the
development provided for herein.
Section C. l2gvditions Subsequent to the City's Convevance of the Proverty to the
YMCA.
L Completion Date. The YMCA shall begin the demolition of the building and
construction of do parking lot on or before July 1, 2006 and shall complete the same on
or before September 30, 2006.
2. Title Reversion Prior to Countedon. In the event that the YMCA;
a. shall default in or violate its obligations with respect to the construction of the
Improvements (including the rnmre and the dams for the beginning and completion
thereof), or shall abandon or substantially suspend construction wank, and any such
default, violation, abandonment, or suspension is not cured, ended, or remedied within
three (3) months after written demand by the CITY to do so; or
b. shall place thereon any encumbrance or lien, or shall suffer any levy, or
attachment to be made, or any materiaimen's or mechanic's lien, or any other
nauthorized encumbrance or lien to attach, and the encumbrance or lien is not removed
or discharged or provision made, satisfactory to the CITY, for such payment, removal, or
discharge, within thirty (30) days after the CITY'S written demand to do so; or
c. shall make any assignment for the benefit of creditors or a receiver or similar
officer shall be appointed to rake charge of all or any substantial pan of the YMCA's
property, and such assignment or appointment is not dismissed or released within thirty
(30) days of the date the assignment or appointment is made
then the CITY shall have the right to reenter and take possession of the Premises and to
terminate and reveal th the CIN the curve ¢ante conveyed by the Deed to the YMCA as
if no Deed had ever been given; it being the intent of this provision that the conveyance
of the Premises to the YMCA shall be made upon the condition that in the event of any
default, failure, violation, or other action or inaction by the YMCA specified in this
Agreement, and faJure on the part of the YMCA to remedy, end, or abrogate such
default, filure, violation, or other action or inaction, within the period and in the manner
stated in this Agreement, the CITY, at its option, may declare a termination in Over of
the CITY of the tide and of all the rights and interest in and to the Premises, and that such
title and all rights and interest of the YMCA, and any assigns or successors in interest to
and in the Premises, shall revert to the CITY.
The CITY shall have the right to institute such actions or proceedings as it
may occur desirable for effectuating the purposes of this Section including also the right
to execute and record or file among the public land records in the office in which the
Deed is recorded a contest declaration of the termination of all right, title and interest of
the YMCA, its successors in interest and assigns in the Premises and the westing of fide
in the CITY; provided, however, that any delay by the CITY in instituting or prosecuting
any such sedans or proceedings or otherwise asserting its rights under this Agreement
shall not operate as a waiver of such rights or to deprive it of or limit such rights in any
way.
Dated: 3-sS -O G+ CITYOFBANGOA
AJliness Edward A.
VVV Barred
CityManager
Da .3� YOUNG M
E
N'
S
CHRISTIAN ASSOCIATION
W Name: P. E%
Title: C.E.O.