HomeMy WebLinkAbout2006-09-25 06-333 ORDERIfem No, 06 333
Date: September 25, 20%
Item/Subject: ORDER, Amending Purchase Option Agreement for Development
of Former Trustees Wilding at 107 Maine Ave. - Paul and Liz
Leonard
Responsible Department: Community and Economic Development
Commentary:
This Order would authorize the Cay Manager to execute an Amended Purchase Option Agreement wit
Paul and ❑z Leonard to provide for their purchase and renovation of to former Trustees Building at 107
Maine Avenue for its use as a daycare facility at a total project cost of not less tan $996,000 including a
purchase price of $475,000. The Amended Purchase Option Agreement would remain In effect until
October 30, 2006. Renovation of to daycare fadlity would have to begin not later tan November 1,
2006 and be completed no later than January 30, 2007. Prior to purveyance of to property by the City,
to Leonard's would be required to seek and receive all necessary permits, approval of renovation and
property improvement plans byte Business and Economic Development Committee, and provide
satisfactory evidence of financing and a construction contract.
Department Head
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Legal Approval:
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_ First Reading
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CITY OF BANGOR
(TITLE.) Order, Amending Purchase Option Agreenent for Developrnent of Fewer
Trustees Sulking at 107 Maine Ave. — Paul and Liz Leonard
WHEREAS, Paul and Uz Leonard submitted a proposal to the City to develop a daycare fadlity
In the former University of Maine Trustees Building at 107 Maine Avenue; and
WHEREAS, the City authorized a Purchase Option Agreement to Liz and Paul Leonard by
passage of Order 06-278 on 3uN 24, 2006; and
WHEREAS, the Purchase Option petlod extended through September 30, 2006 and during this
period, and before the property were wnveyed w Paul and Liz Leonard, May
would have M submit and obtain approval of preliminary and final development
plans from the Business and Ecewmic Development Committee, obtain the
necessary permfis and sb plan approvals, provide evidence of financing, and
evidence of a consbucdon contract; and
WHEREAS, the Option would require constmcdon to begin no later than October 1, 2006 and
be completed by December 31, 2006; and
WHEREAS, the Leonard's have secured the financing commitments to carry, out the daycare
facility project at 107 Maine Avenue; and
WHEREAS, amendments to the Purchase Option have been proposed which require the
approval of Me City Council;
NOW, THEREFORE, BY THE CITY COUNCIL OF THE CITY OF BANGOR, BE IT
ORDERED THAT the City Manager is hereby authorized to execute, on behalf of the City of
Bangor, amendments to the Purchase Option Agreement with Paul and Liz Leonard, under
toms and conditions substantially as contained in the Amended Purchase Option Agreement on
file in the office of the City Cha& and in a final horm approved by the City Solidtnr or Assistant
City S01ICAor.
IP Un COONCIL
September 25, 2006
Notion Made and Secovded
for P�a ag/e
�V`"VUt.Y
CITT CLBBB
ffffL& A nd3ng Purchase Option
Afire® t tares Former
4ustees Building at 107 Maine Avesue
Paul and Lie Leonard