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