HomeMy WebLinkAbout2004-12-27 05-39 ORDERItem No. 05-39
Date: December 27. 2004
Item/Subject: Authorising Extension of Option Agreernentfor Purchase and
Development of Bangor Rlverfrom Development Site with Penview
Assocutes, LLC
Responsible Department: Community and Ecanomic Development
Penview Associates LLC has an Option Agreement with the City dated July 15, 2004 for Me development
of 28 to 32 residential condominium units on a City owned development site at the comer of Railroad and
Summer Sheets In Me Bangor Waterfront Project. The Option extends through December 31°of MIs
year, with a six-month extension option on approval of Me pry Council. Penview has requested a six-
month extension of Me Option tens. Preliminary plans have been submitted and approved by the City.
The Option requires final plans submission for consideration by Me City no later than February 28, 2005.
The Option requires construction W begin not later Man June 30, 2005 and completed by June 30, 2006,
with a construction cost of not less than $5,350,000. The Option requires City approvals of development
plans, all required permit, evidence of financing, and a construction contract before the City conveys Me
property to Penview Associates. Penview has complied with Me Option requirement W date. The
Business and Economic Development Committee has reviewed the request for Me six month extension
and recommends approval.
Department Head
Manager's Comments:
Recommend approval.
City pManager
dhw-,(--``f—
T Finance Director
X Passage
_ First Reading Page _ of
Referral
Anipedto Councilor y emble December 37, 2004
CITY OF BANGOR
(TIRE.) Order, Authorizing Extension of Option Agreement for Purchase and
Development of Bangor Riverfront Development Site with
PeamI Associates, LLC
WHEREAS, Penvievt Aaocla[es, LLC has an Option Agreement v4th the City dated July 15,
2009 to develop not less than 28 residentlal condominium units in the Bangor
Waterfront Project on a site located a the comer of Railroad and Summer Sheets;
and
WHEREAS, the Option ezlends to December 31, 2004 and provides for a six month edemion
at the request of Penvkw Associates; and
WHEREAS, Pemiew Associates has been in compliance with the terms of its Option and has
requested a sb month eztentim to the tarn of the Option:
NOW, THEREFORE, BY THE CRY COUNCR OF RIE CRY OF BANGOR, BE n
ORDERED TWIT the City Manager is hereby authorized to execul on behalf of the City of
Bangor, a sbt month extension to the Option Agreement for Pumhase and Development of
Bangor Riverhont Development Sim with psond w Aszodates, LLC, dated July 15, 2009, in a
final form approved by the City S Ills for or Assistant City Soltdtor.
4 Y �3
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IN CITP COUNCIL
December 27. 2000
Paeeed
O PP[Y�CI,
y 05-39
ORDER
AOTtlORIZING PRTENSION OP OYfION
AG E� OP
BANGOR RIVERFRONT DEVELOPMENT SITE WITH
y _
EXTENSION OF OPTION AGREEMENT
This Ext®ionofOption Amendmmtismadeasoft s" dayofMazch,2005,by
and betwe® the CITY OF BANGOR ("City") and PENVIEW ASSOCIATES, LLC
("Developer").
RECITALS
A. The parties enteral into an Option Ageement For Purchase and Developrvept of
Bangor Riva6ont Development Site on July 15, 2004.
B. By Council Order No. 05-39 adopted on December 29,2004, City extended the
term of the Option Agermmt to time 30, 2005,
NOW, THEREFORE, is consideration of the foregoing recitals and in fmtbemnce of the
consideration cited m the Option Agreement, the parties hereby agree as follows:
1. The term of the Option Agreement is hereby extended to Tune 30, 2005.
2. Except as modified hereby, the terms and conditions of the Option Agreement
shall remain m full force and effect, wilds amended in writing by the parties.
IN WITNESS WHEREOF, the parties bave caused this document to be duly executed on.
their behalf as of the date fust above written.
V
VI
Wim
Wines
CITY OF BANGOR
PENVMW ASSOCIATES, LLC
By. Cl ./
A. Ames, M
By
MQ/Pa, Member
05-39