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:
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ASa��nyyCl/Iat�d Information:
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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
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I= GLI'& eftr , Autborizing Optics,. Agreement. .
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