HomeMy WebLinkAbout2006-04-24 06-157 ORDERIcem No. 06 157
Date: April 24, 2006
Item/subject: Order, Authorizing an Amendment to Option Agreement with Penvlew 0.ssada[es.
Responsible Department: Community and Economic Development/Legal
Commentary:
A provision the existing option agreement with Penview Associates for the development of a
condominium on ourwaterfroM indicates that If he City did not acquire an adjoining parcel of land
from Summer Street Capital by November 18, 2005, the City would. negotiate in good faim -
concerning an extension of all the deadlines set forth in the agreement. Due to the necessity to
eliminate a mortgage on this property priorto transfer, the City did not take actual ownership until
January11,2006. Penview has nowrequested aseven weekevtension tothe remaining deadlines
in the option agreement. Please see the attachment which lays out the current deadlines in this
agreement.
At its last meeting, me Business and Economic Development Committee heard this requeetfrom the
developerand, in a subsequentexecutive session, provided guidelines forstaff to negotiate certain
changes with the developer. We anticipate that discussions will take place prior to Monday's
meeting. Given that one next deadline is May 3, 2006, at which time the developer is required to
submit evidence of all permits, licenses, or governmental approvals, the Committee also directed
that an Item appear on Monday's agenda at whidr I me, pending agreement between he parties, an
amendment m the development agreement could be considered.
Attached is an order that will serve as a place holder for such an amendment. If in order for
passage on Monday, It will require an amendment by substitution to attach the substance of me
amendment.
Department Head
Associated Information: Ctr, 40 Y -r dkflu A�DWAu.•
Budget Approval:
Finance Director
Legal Approval:
City 5alltlhr
Introduced for
Z Passage
_First Reading Page_of_
Referral
pg 157
_` AasiDhei [o Councilor Greene April 24. 2006
f9
CITY OF BANGOR
(TITLE.) ORDER,AuBmdzingan Amendmentto Option Agraementwith Pemiew Associates.
BE IT ORDERED BY THE CITY COUNCIL OF THE CITY OF BANGOR THAT
The O'ty Manager is hereby authorized to execute an amendment to an Option Agreement with
Pewiew Associates for certain property on the Cry's waterfront in accordance with the terms
and conditions attached hereto and in a form acceptable to the City Solicitor.
ID CITY COUNCIL
April 26, 2006
Motion Made and seconded
for Passage
Nation Made and seconded to
Anand with Exhibit A
Ton Mussell, representing
fairies Associates, expressed
mancem regarding four deadlines
happening in One day.
Vote: 6-1
Councilors voting yes: Cashwell,
Farrington, 44atwick, Creme,
Henn, Palner
Comellors voting m: D'Errim
Councilors Absent: Allen b
See
Motion Made andseconded for
ss
Paage As numbed
Motion Doebted
Vote 6-3
Councilors voting yes: Gratwlck,
Creme. gowns, Palmer
Councilors voting no: Gvtwlck,
Creme. eaves, Palmer
CouncilOrs voting m: Camwell,
D'Errim, Partington
lots Absent.' Allen 6 stone
Pa d
I -CITY CLRM
crMEA Natborislvg an Amndamt to
Option Agreement with Peavlew Associates
Awq,vd b C000tlbr i }UOAtI
O6-157
Al®Ep
Penview Deadlines Pf
UMer 11/9/05 Option Agreement
Aofidly
Deadliney r
Current
Agreement
New
Deadline
OPTION EXTENDED TO
5/15/06
6/15/06
Deadline to Exercise Option in wntin
5/4/06
6/15/06
Evidence of Financing
6/1/06
6/15/06
Certification of Construction Contract
6/1/06
6/30/06
closing
62/06 1
6/30/06 -
Submission of evidence of all permits, licenses or
governments] apparavais
5/3/06
N30/Ob
Commence Construction
6/30/06
6/30/06
Com lesion of Construction
06 157
Peavlew Deadlines
Under 11/9/05 Option Agreement
daym
Deadline
Submission of Prelimirmay Plans
11/28/05
Submission of Preliminary Plans(revised, if necessary) to BED Committee
ForApfaroval
12/2/05
Submission of Final Plans, Drawings, Specifications & Construction
Schedule
1223/05
Submission of SubdivisioNSite Plans for Planning Board Consolestion
andoval
12/30/05
Meeting wob BED Committee For Final Plan and Construction Schedule
A oval
1/11/06
If Necessary, Submission of Revised Final Plans, Drawings, Specifications
& Construction Schedule
120/06
If Necessary,Meetiag with BED Committee For Approval of Revised
Plans, Drawings, Sfecifications & Construction Schal' ule
1/31/06
Site Plan/Subdivision A orval
2/15/06
END OF OPTION PERIOD
2/15/05
IF FOREGOING SATISFIED, OPTION EXPENDED TO
5/15/06
Submission of evidence of all pearnits, licenses or goverrunartalapprovals
5/3/06
Deadline to Exercise Option is wntin
5/4/06
Evidence of Financing
6/1/06
Certification ofConstrucnon Contract -
6/t/06
Closing
6/2/06
Commence Construction
6/30/06
Completion of Construction
930/07