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HomeMy WebLinkAbout2004-01-12 04-55 ORDERItem Ma 04-55 Date: January 12, 2004 Item/Subject: Authorizing Option Agreement for Purchase and Development of Bangor Riverfront Development Site with Purview Associates, LLC Responsible Department Business and Economic Development Penview Associates LLC has proposed development of 28W 32 residential condominium units with a construction cwt of not less than $5,350,000 on a City owned development site at the comer of Railroad and Summer Streets in the Bangor Riveifront Project. The proposed development is consistent with the City's plans and objectives for the nverfront develapment area. The proposed Option extends through December 31eof this year, with a six-month extension option on approval of the City Council. Construction would begin not later than June 30, 2005. City approvals of development plans would he requiretl before conveyance of the property. Deparbnent Head Manager's Comments: We have scheduled an executive session anon W the meeting to allow for final review of the terms and conditions of this agreement. City Manager Associated Inforrlration: Budget Approval: Finance Director Approval: X Passage _ First Reading Referral Parte _ of Assignedto Councilor eat r Jao ry 12. 2004 CITY OF BANGOR (RTLE.) Order, Authorizing Option Agreement (or purchase and Development of Bangor Riverfrant Development Site Wth Perrom Assotiates, LLC WHEREAS, Penviear Asodates, LLC has submitted a proposal to the City to develop not lea than 28 residential condominium units in the Bangor Rlverfront Project on a site located at the comer of Railroad and Summer Streets; and WHEREAS, one proposal conforms to the CWs plans and objectives for development of are site. NOW, THEREFORE, BE BORDERED BY THE CRY COUNCIL OF THE CRY OF BANGOR THAT the City Manager Is hereby authorized to execute, on behaY of the City of Bangor, an Option Agreement for purchase and Development of Bangor Riverfmnt Development Site vdlh Penvim Associates, LLC, providing for the sale and development of the City owned development site loOded at One. comer of Railroad and Summer Streets, under toms and conditions suledoodially as contained In the Option Agreement for Purchase and Development of Bangor Rivelfront Development Site on Me in the office of the City Clerk, and In a final form approved by Ne City SolirJlar or Aaisbmrt City SolkAor. IP CITY COBBCIL Janmry 12. 2006 Nation Made and Seconded for Passage Motion Made and Seconded to Table Until the sett Regularly Scheduled Meeting of the Bang" City Council Tabled (O1/26/0{) TP4 CLffi IB CITY COBMCIL January 26, 20" Motion Made sad Seconded for Passage motioa,- obbted Voce 6 yea. 3 no Councilors voting yea: Cmbuell. D•Brrica, Greene, Reilley. Palmer and 'Tremble Camumilors voting m: Allen. Farrington, and Gratwick Passed C p OM33 0 R D E R (TITLE,) Authorlslag option Agreement for Purchase and Development of Sanger Uverfront Development Site with Pansies Associates, LLC Assigned M Countlka