HomeMy WebLinkAbout2006-06-12 06-233 ORDERCOUNCIL ACTION
Date: lune 12. 2Ooe uemNo, 06 233
Item/Subject ORDER, Authorizing Option Agreement for Purchase and Development of
Union Place—IoM T. Rames ED
Responsible Department: Community & Economic Development
Commentary: This Order would autiroirze the City Manager to exeo to an Option Agreement wM
Jahn T. Karnes 111 for the acquisition of Union Place, provide forme rehabilitation of the four (4) duelling unit
residential building located at 251-253 Union Street, and MO development of eight (8) additional residential
dwelling units resulting In a total of twelve (12) residential dwelling units ata cost of not less Nan $ 822,751.
The purchase priceis $6,000. The Option Agreementwould remain In effect until October 1, 2006. Thecty
Council may extend the option Agreement for a period net to exo:ed an additional three (3) mando,'d Me
Developer is pursuing the development in goad faith. The additional option fee W an extension "500.00
W mondh. The Developer must submit and receive Business and! Economic Development Committee
approval of preliminary and final plans and extensor materials to be used. Rehabllltatlon of 251-253 Union
Street must start no later than October 1, 2006 and be completed no later than May 31, 2007, except for
approved exterior work which must be completed by July 1, 2007. New construction approved by the
Business and Economic Development Committee must commence no later than October 1, 2006 and be
completed no later Man August 1, 2007. This Option Agreement does not address any finandal assistance
from the City requested by Mr. Kames. That will be reviewed at a late date.
Budget Approval:
Department head
City Manage
prance Director
Introduced for
Passage
_
Most; Reading Page _ of _
Referral
(TITLE.) ORDER, Authorizing Option Agreement for Purchase and
Development of Union Place —John T. I(arnes III
BE IT ORDERED BY THE CITY COUNCIL OF THE CRY OF BANGOR THAT
WHEREAS, John T. I(ames III has submitted a proposal to the CM for the acquiadon of Union
Place, for the complete rehabilitation of Ne four (4) dwelling unit residential building located at
251-253 Union Street, and the development of eight (8) additional residential dwelling units
resuitng in a fatal of twelve (12) residential dowelling units at a cost of net less than $822,751;
and
WHEREAS, the Opton period would extend through October I, 2006, and during Chit period,
and before the property were conveyed to him, the Developer would have to submit and obtain
approval of preliminary and final development plans from the Business and Economic
Development Committee, obtain the necessary permits and site plan approvals, provide
evidence of financing, and evitlence of a corstrucdon contract; and wall a provision for an
e neon of three (3) months by request of the Developer on approval of the Ory Coundl,'d
the Developer Is pursuing the development In gone faith, at an mdension fee of $500/month;
and
WHEREAS, the Option would require to Developer to begin the rehabilitation of 251-253
Union Street no sister than October 1, 2006 and be completed no later than May 31, 2007,
except for approved mdenor work which must be completed by July 1 ,2007 and to begin new
construction approved by the Business and Economic Development Committee no later than
October 1, 2006 and be completed no later than August 1, 2007; and
WHEREAS, the proposal conforms to the Ws plans and objectives for development of Union
Place:
NOW, THEREFORE, BY THE CRY COUNCIL OF THE CITY OF BANGOR, BE R
ORDERED THAT the City MarNger Is hereby authorized to execute, on behalf of the City of
Sanger, an Option Agreement with John T. kames III, under terms and conditions substantially
as contained in the Option Agreement for Purchase and Development of Union Mace, an file in
the office of tse City Clark, and in a final form approved by the City Soacam or Assistant City
Solicitor.
Oo 233
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a
Amimhed to Couneilm
Greene
June 12, 2006
CITY OF
BANGOR
(TITLE.) ORDER, Authorizing Option Agreement for Purchase and
Development of Union Place —John T. I(arnes III
BE IT ORDERED BY THE CITY COUNCIL OF THE CRY OF BANGOR THAT
WHEREAS, John T. I(ames III has submitted a proposal to the CM for the acquiadon of Union
Place, for the complete rehabilitation of Ne four (4) dwelling unit residential building located at
251-253 Union Street, and the development of eight (8) additional residential dwelling units
resuitng in a fatal of twelve (12) residential dowelling units at a cost of net less than $822,751;
and
WHEREAS, the Opton period would extend through October I, 2006, and during Chit period,
and before the property were conveyed to him, the Developer would have to submit and obtain
approval of preliminary and final development plans from the Business and Economic
Development Committee, obtain the necessary permits and site plan approvals, provide
evidence of financing, and evitlence of a corstrucdon contract; and wall a provision for an
e neon of three (3) months by request of the Developer on approval of the Ory Coundl,'d
the Developer Is pursuing the development In gone faith, at an mdension fee of $500/month;
and
WHEREAS, the Option would require to Developer to begin the rehabilitation of 251-253
Union Street no sister than October 1, 2006 and be completed no later than May 31, 2007,
except for approved mdenor work which must be completed by July 1 ,2007 and to begin new
construction approved by the Business and Economic Development Committee no later than
October 1, 2006 and be completed no later than August 1, 2007; and
WHEREAS, the proposal conforms to the Ws plans and objectives for development of Union
Place:
NOW, THEREFORE, BY THE CRY COUNCIL OF THE CITY OF BANGOR, BE R
ORDERED THAT the City MarNger Is hereby authorized to execute, on behalf of the City of
Sanger, an Option Agreement with John T. kames III, under terms and conditions substantially
as contained in the Option Agreement for Purchase and Development of Union Mace, an file in
the office of tse City Clark, and in a final form approved by the City Soacam or Assistant City
Solicitor.
IN CITT COUNCIL
Jaye 1 2006
Paa
y 06-233
CLU&8 0 8 0 8 8
(R R eutharivin¢ Optioa ge[eemea[ for
Purchase and Development of pafon Plue -
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