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HomeMy WebLinkAbout2005-10-24 05-347 ORDER[tem NcO5 347 Date: 09tober24.2005 Item/Subject: Authorising Option Agreement with Penview Associates, LLC for Purchase and Development of Banger Waterfront Development Site Responsible Department: Business and Economic Development Commentary: Penview Associates, LLC has proposed development of N residential condominium units with a construdfon cost of not less than $7,000,000 on a City owned development site at the comer of ludimad and Summer Streets in the Bangor Riverfront Project. The proposed! development is consistent with the CINs plans and objectives for the Merfrort development area. The proposed Option Agreement for Purchase and Development of Bangor Waterfront Development She eatencis through Riamary 15, 2006 and would automatically extend to May 15, 20M If the Developer has submitted and received Council approval of all preliminary and final plans, and Council approval of a construction progress schedule requiring construction start no later than June 30, 2006 and completion no later than September 30, 2007. The Developer would be required to provide evidence of all necessary permits prior to exercising the Optlon to Purchase. The DeveloperwouN he required to provide evidence of the necessary financing W carry out the project and of a opmtrgmon contract before City ownership of the property would be trensfened to the Developer Department head Manage/�es Comments: 7�iir rgn ucr 4WRf Olaf At Ok�Lrr lrR posariax/ "it dtr�yaf �yw,m,fbmmrr% /�`.� City Manager ASa��nyyCl/Iat�d Information: f/f/fi CI Solldtor Introduced for ✓ passage _ First Reading Page _ of Referral 05 347 Aa.ignwwcounmmr Tremble OCT 242005 CITY OF BANGOR (TITLE.) Order, Authorizing Option Agreement with Penview Associates, LLC for Purchase and Development of Bangor Waterfront Development Site By the CRY CowMyafzhe Ery asangor. ORDERED, WHEREAS, Permew Associates, LLC has submitted a proposal to the City to develop not has than 28 residential condominium units in the Bangor Rivedront Project on a she looted at the comer of Railroad and Summer Streets; NOW, THEREFORE, BY THE CITY COUNCIL OF THE CITY OF BANGOR, BE IT ORDERED THAT the City Manager Is hereby authorized to execute, on behalf of Me City of Bangor, an Option Agreement for Purchase ant Development of Bangor Riverfront Development Site, with Penview Associates, LLC, prowling for the sale and development of the City owned development site located at the comer of Railroad and Summer Streets, under terms and conditions substantially as contained in the Option Agreement for PurMaw and Development of Bangor RiverfroM Development Site on file In the office of the City Gleety and In a final form approved by the City Sdirlmr or Assistant City Solicitor. xa CITY COUNCIL ) r October 26, zoos Motion Made and Seconded A 03 341- for Sh£or Passage pas4d 0%068 I= GLI'& eftr , Autborizing Optics,. Agreement. . with LIC,foxTurcWcp and Drrilopumnt of namgor Yateffrout Develufamut Sit, Aedgnedto(awn[Uor t(W/—C A )0�' /