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HomeMy WebLinkAbout2005-03-28 05-112 ORDERItem No ns_rto Data; March 28 2005 Item/Subject: ORDER, Authorizing Acceptance of Assignment of Contract for Sale from BanAir Corporation and Purchase of Buildings and Improvements — 690 Malne Avenue Responsible Department: Community & Economic Development Commentary: The BanAlr Corporation has secured a Contract for Sale for the purchase of 690 Maine Avenue from the Irving Oil Corporation. This contract is assignable to the City of Bangor. This Order would authorize the City Manager to accept the assignment of the Contract for Sale from and, upon the execution of a lease agreement with L.L. Bean for its use of the property as a call center, to purchase the buildings and improvements from the Irving Oil Corporatlon under the terms of the Contract for Sale. Department Head Recommend approval. Ufa -r Oty Manager Associated Information: Budget Approval: Legal Approval: Introduced for X passage _ First Reminding Referral finance Director Page _ of 05-112 S? A ipedmcounoilor Castue11 Msrca 28. 2005 4%. CITY OF BANGOR (TITLE.) Order, Audwmang Acceptance of Assignment of Contract for Sale from BanAJr Corporation and Purchase of Buildings and Improvements -690 Maine Avenue WHEREAS, the Bangor Airport Civic Development Corporation (Bankr) has entered a Contract for Sate for the purchase of 698 Maine Avenue from the Irving 011 Corporation, dated March 18, 2005; and WHERFJS, under the terms of the Contract for Sale, Irving Oil Corporation bes coasamed W the assignment of the Contract for Sale by BanAir M Me City of Bangor, and WHEREAS, the obligations of the Irving Oil Corporation and BanAlr under the Contract for Sale are cenNngent upon the buyer searing a prospective tenant with not less Man a five-year lease within forry-five (45) days of acceptance of Me Contract for Sale by Me IMng Oil Corporation; NOW, THEREFORE, BE IT ORDERED BY THE CITY COUNCIL OF THE QTY OF BANGOR THAT the City Manager is hereby authorized to accept from the Bangor Airport Civic Development Corporation (BaMir) the assignment of the Contract for Sale by and between the Bangor Airport Civic: Development Corporation (BaNJr) and the Irving Oil Otrporation; and BE IT FURTHER ORDERED THAT, upon the execution of a lease agreement by and between the City of Bangor and L.L. Bean, Inc, for the lease of 69D Maine Avenue by the City to L.L. Bean, Inc., as authorized by the City Council of tice City of Bangor under separate Council action, the City Manager S hereby authorized and directed to purchase Me buildings and Improvements at 690 Maine Avenue from the Irving WI Corporation under the terms contained In the Contract for Sale by and between the Bangor Airport Civic Development Corporation and Irving Oil Corporation dated March 18, 2005 IP CITY COMIL March 20, 2005 Motion Made and Seconded for sage Pea d TY CLE p 05-112 O BDEk (TITLE.) authorising Acceptance of dssigoveat of Contract for Sale Fran Baodir Corporation and Purchase of Building and Improveamta - 90 Maine Street