HomeMy WebLinkAbout2006-07-10 06-265 ORDER06 26$
Item Na
Date: July 10, 2006
REMISUMECr: ORDER, Authorizing the &ecution of an Amendment to Agreement By and
Between the Oty of Bangor and Chlou Lin — Let 2, Maine Business
Enterprise park
Responsible Department: Legal
Coundl Order 06198 adopted on May 22, 2006, authorized the a Won of a Purchase and Sale
Agreement for LW 2, Maine Business Enterpnse Park, as part of the Penn Na08nal acquisition of die
Main Street inn. The Agreement provided for a dosing by June 22, 2006. Because the buyer was
farming a Umited liability Company to hold title to the property and his counsel was on vacation
after the initial Coundl action, the closing has not occurred. Through his attorney, Chiou Un is
asking foran amendmenttotheagreemeato provideadditional time ro dose and m provide forhis
Limited liability Company, Stlllwlnd, LLC, to take title to the property.
Manager's Comments:
Recommend! approval.
Department Head
Assodated Information: Amendment to Purchase & Sale Agreement
Budget Approval:
P
Finance Director
Legal Approval:
`LW Solicitor
X Passage
_
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Referral
'06 265
F or �, � Assi�dbCowcilor Oreeue Ju1y1Q, 2006
CITY OF BANGOR
(MI.E.) ORDER, Authodang the Execution of an Amendment W Agreement By and
Between the City of Bangor and Chiou Lin — Lot 2, Maine Business Enterprise Park
WHEREAS, on May 22, 2006, by Council Order 06-198, the City Council authorized the
execution of a purchase and sale agreement for Lot 2, Maine Business; Enterprise
Pada; and
WHEREAS, the buyer has formed a Limited Liability Company for the purpose of holding title
to the Property; and
WHEREAS, Once the buyees counsel was on vacation and due to the tlme it has taken to
form the Limited Uability Company, the original dosing data of June 22, 2006
could not be met;
NOW, THEREFORE, BE Ii ORDERED BY THE CITY COUNCIL OF THE CITY OF BANGOR THAT
Me City Manager Is hereby authxMzexl 0 execute an amendment W the Purchase and Sale
Agreement for Lot 2, Maine Business Enterprise Park in substantially the same farm as
attached hereto. Said Agreement shall be in a final form as approved by the City SolicRor or
Assistant Qty Solicitor.
m CITY CoO m
Judy 10, 2006
Mottnu Made and seconded
# 06-265
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Ameodoeat t0 Agteemeee�eTmV A
toe City d£ Baogoi and Chiou Lfn _ l t 2
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06 266
By agreement between the CITY OF BANGOR (Seller) and CMOU LBS (Buyer), the
Alinement for Purchase and Sale berw¢en tbepartess dihod Wy 23, 2006 is amended to provide
that the closing date for the comeyi nce of the property located 9 Lot 2, Mahe Business
F.nterynser Park, Menne Avenue, Bangor, Mame, is barely erdmded to: July 13, 2006.
BY further agremiiml between these panic, the Agreement for Purchase and Sale is
fuller semen ad to provide that Buyer may take title into the name of Shllwmd, LLC, a rswuly
formed and wholly-owned 4mited liability company of Buyer. ACWrdinglY� the Purchase and
Sale Agresnmt is hereby amended to substitute Stillwind, LLC for Chiou Lin ChiouUnagrees
to guarsmce and continue to be bouts by all the turns all conditions of the Purchase and Sale
Agreement.
All remaining provisions of the Agreented for the Purchase and Side of Red Estate dated
May 23, 2006 shall remain in full force and effet.
C= OF BANGOR
By: Bdwmd A Barrett
Its: City Manager, duly authorized
Oared:
Cbiou lin, Buys