HomeMy WebLinkAbout2006-03-13 06-115 ORDERItem No, OB 115
Date: 3-13-06
hon Subjxt ORDER, Authorizing Option Agreement for Purchase and Development of
Bangor Waterfront Development Parcel I— Larry Springer
Responsible Department. Community and Economic Development
Commentary:
This Order would authonze the City Manager to exembe an Option Agreement with Mr. Springer
to provide for Lie development of a 2 % story, 25,000 square Met multi-purpose building on
Front Sb The Option requires the Developer m build a building of not less than 25,000 SF, at a
construction cost of $120.00 / SF exclusive of non-constmction "soft" costs such as design,
legal, accounting, and marketing fees, plus tenant fit out of $25.00 / SF. Soft costs are typically
20% or more of total project costs. Street level uses are limited to uses open to the public and
serving the needs of visitors to the waterfront such as eagng and drinking establishments, other
retail merchandise and retail service businesses, museums, theaters or art galleries, and similar
type uses. The space may be used for quasi -municipal uses such as harbormaster's office,
tourist information center, or similar uses as deemed appropriate by the Bangor Oty Council.
The purchase price is $136,000. The Option Agreement would remain in effect until June 30,
2006. The spoon fee Is $3,000. The Cry Council may extend the Option Agreement for a
period not W exceed an additional two months if the Developer is pursuing the development in
goad faith. The additional option fee for an extension is $500.00 per month. The Developer
must submit and receive Business and Economic Development Committee approval of
preliminary and final plans and exterior materials to be used Construction must start by July 1,
2006, and he completed by December 1, 2007.
Department Head
pe 6-t E.V.(&rwr�'W AtAm"
C'"An"r-e . City Manager
AssociahE Information:
G •FI 1 DI [o
Passage
_ First Reading Page _ of _
Referral
0e 115
Aaignedb Cowu or Greene March 13, 2006
Cnib "•;a;°
CITY OF BANGOR
(71TLE.)Order, Authorizing Option Agreement for Purchase and Development of
ganger WatmlmrH Development Parcel i — Larry Springer
WHEREAS, Lany Springer has submitted a proposal to the City to develop a building on From
Street in the Citys Waterfront Development Project on the development site
designated as Parcel 1 on a plan entitled "Waterfront Development Parcels" dared
November 2, 2009; and
WHEREAS, the option will require Mat Mr. Springer construct a building, 2 W stores high,
and containing not less than 25,000 SF of floor area; and
WHEREAS, the purchase price for Parcel 1 will be $136,0001ess any extraordinary
development costs encountered on Me development sRa involved; and
WHEREAS, Me Option fee will be $3,000 with a provision for a developer requested mttonsion
of two montiu, at an extension fee of $500/month, and with approval of the City
Coundl upon a showing that Me Developer is looming the development In good
faith; and
WHEREAS, the Option period will extend through June 30, 2006, during which period and
prior W conveying the property W him, Me Developer will submit and obtain
approval of preliminary and final development plans from the Business and
Economic Development Canmittae, obtain the necessary pemiE and site plan
approvals, provide evidence of financing, and evidence of a construction contract;
and
WHEREAS, Me Option will require Me Developer W begin construction no lata Man July 1,
2006 and be completed by December 1, 2007; and
WHEREAS, the proposal conforms to the Ctys plans and objectives for development of the
site;
NOW, THEREFORE, BE Tr ORDERED BY THE CRY COUNCIL OF THE CRY OF BANGOR
THAT the City Manager is hereby authorized to execute, on behalf of the City of Bangor, an
Option Agreement with lam/ Springer under terms and condition Substantially as contained In
Me Option Agreement for Purchase and Development of Bangor Waterfront Development Parcel
I on file In to office of the City Clerk and in a final forth approved by Me City Soldier or
Assistant City Solicitor.
IN C w CODPCII
March 13. 2006
Motion Made and seconded
for ,passage
P d
cin
y 06-115
ORDER
InTLGI Authunziug Option Agteemeut fe
Purchase an a opment
Waterfront -Larry
Parcel -1ax
pT�ngeT
Avl6ned to CouncRoe—iFvz'