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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 v 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