HomeMy WebLinkAbout2005-10-24 05-348 ORDERDate: October 24 2005 Item M-5 2 4 2
Item/Subject: ORDER, Authorizing an Amendment W the Development Agreement
between the City and Shaw House Development, Inc. —
BangorWaterwOrks
Community and Economic Development
Commentary:
City Council Order 03-79 authorized the execution of Development Agreement with Shaw House
Development, hu. for the redevelopment of the Bumper Waterworks. net Agreernent was executed on
April 23, 2W3. AmendrvenUto the Agreement were authorized by passage of Council Orders 03-334 and
04-310 extending the dates by which the developer bad to provide the City evidence of a binding
construction ennead and financing, and extending project completion dates. A Closing on the finewing
of the preset bas been scheduled that would allow conservation to commence by the end of this month.
Further amendments to the Agreanent have been proposed by the Developer that would (1) permit the
Agreement to he assigned m Waterworks Development LP, (2) slimily the amount of dine City's loan to
the Demlopman be $750,000 instead of due previously approved $1,1100,000 with the remaining $250,000
previously approved to be, used by the City t0 complete MDOT required offsite traffic improvements and
installation of signalized rail crossing, (3) establishing December 31, 2006 as the date the City would be
replied to complete the off site improvements, and (4) a provision that any amount of mutual property
taxes paid the City in excess of S7,500 be retmnei b Waterworks Development LP to support the
operation and maintenance of the facility.
Department Head
Manager's Comments:
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CITY OF BANGOR
(TRLE.j Order, Authorizing an Amendment to the Development Agreement between the
City and Shaw House Development, Inc. — Bangor Walerwodcs
By the Cit' cotara Of Me OYy e& gor.
0"ERFD,Y9Ai
WHEREAS, City Council Order 0 n authorized the execution of a Development
Agree nent between the City of Bangor and Shaw House DevelopmerL Inc. for the
redevelopment of the Bangor Waterworks into 35 units of affordable housing for low Income
people; and
WHEREAS, the said Agreement was executed on April 23, 2003; and
WHEREAS, amendments W the Agreement were authorized by passage of Council
Orders 0 212 and N-310 extending Me dates by which the developer had to provide the City
evidence of a binding construction contract and financing, and extending project completion
dates; and
WHEREAS, a closing on the financing of tre project has been scheduled that would
allow construction to commence; and
WHEREA%further amendments to the Agreement have been proposed by Ithe
Dever;
NOW, THEREFORE, BE R ORDERED BY THE CRY COUNCIL OF THE CRY OF
BANGOR THAT, line City Manager Is hereby authorized m enter into an Amendment to the
Development Agreement executed Apt 23, 2003, that would permit the Agreement to be
assigned to Waterworks Development 1P; specify the amount of the Chys loan to Cee
Developer to 6e $750,000 instead of the previously apWoved $1,000,000; establishing
December 31, 2006 as Me date the City would complete the rail crossing, State Street widening
and traffic light Installation required by the MMT; and add a provision Mat any amount of
annual property Was paid the City in excess of $7,500 be netumed M Walurwoiks
Development LF to support the operation and malntenam tithe fadllty, in a form approved
by the City Solicitor or the Assistant City Solicitor.
IN CITY COOPCIL
October 26, 2005
Notion Naae and seconded
for Passage
Yass 1
CLYHR
R 05-368
(FPLE.) Auttiorisivg m Anendmnt w the
Development agreeoeat between the City
and Shaw House Development inc.. - Eevgor
Waterworks'
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