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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'