HomeMy WebLinkAbout2003-04-28 03-140 ORDERItem No. 01140
Date: April 2B, 2003
Item/Subject: ORDER, Authorizing the City Manager to Execute an Amendment to purchase
Option Agreement with Earl Black, Assignee of Grotto Bay Realty Trust
Responsible Department: Legal
On October 18, 2002 the City and Grotto Bay Realty Trust executed a Purchase Option Agreement for the
construction of a building on a lot an Telcom Drive. The Agreement provided that it could be assigned to
Earl Nark and on February 25, 2003 R was assigned. The Agreement provided that construction of the
project was W begin by April 30, 2003. Due to unforeseen delays, Earl Rack will not be able to begin
constructon by that date and has requested an amendment to the agreement to provide for a later
construction date.
This Order will authorized an amendment to change the data that construction is to begin t0 June 30,
2003.
The Business and Economic Development Committee recommends approval.
Department Head
Recommend approval. Alibi 1
City Manager
Associated Information: Order
47111R371F!;17,
Legal Approval:
Oty 8olicdor
Introduced for Consent
X passage
_ First Reading Page 1 of —IL-
Referral
Referral
03-160
A ignedto Councilor R013080 ABrll 20. 2003
A,
CITY OF BANGOR
(TITLE.) ORDER, Authorizing the City Manager to Execute an Amendment to
Purchase Option Agreement with Earl Blady Assignee of Grotto Bay Realty Trust
WHEREAS, on October 18, 2002 the qty of Bangor executed a Purchase Option Agreement
with Giotto Bay Realty Trust for a IM on Telcom Drw, and
WHEREAS, Grotto Bay Realty Trust assigned said Agreement to Ead Black as permitted in said
Agreement; and
WHEREAS, said Agreement prodded that rnnshuddon of the project was W commence by April
30, 2003; and
WHEREAS, due to unforeseen delays, Earl Black Mg not be able to start construction by April
30,2003; and
WHEREAS, Earl Black has inficated his (Mention remains to undertake this project and m
commence construction as mon as possible.
NOW, THEREFORE, by the qty Council of the qty of Bangor:
ORDERED,
THAT Me qty Manager is hereby authorizetl and directed W execute an Amendment to the
Purchase Option Agreement dated October 18, 2002 between the qty of Bangor and Grotto
Bay Realty Toast to provide that the construction of the project shall commence by lune 30,
2003.
IN CITY wugcn -
Apnil 28, 2003
pamsed
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(TITLE,) Authorizing the city Manager to
Execute avBmanoment to p
Agreement with Earl Black,ruretase Assiguee of
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FIRST AMENDMENT TO
PURCHASE OPTION AGREEMENT
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THIS AMENDMENT, executed in duplicate, this' day of May, 2003, by and
between CITY OF BANGOR, a body politic and wrpomte, only organized and existing
by vine of the laws of the Stale of Maine, and being located in the County of Penobscot,
State of Maine (hemhmftu sometimes refereed to as the "City') and EARL BLACK of
Bangor, Comty of Penobscot and State of Maine, assignee of Grotto Bay Realty Trust.
WHEREAS, on October 18, 2002 the City of Bangor executed a Purchase Option .
Agreement with Grotto Bay Realty Trust for a lot on Telcom Drive; and
WHEREAS, Grotto Bay Realty Trust assigned said Agreement to Earl Black as
penrdtted in said Agreement; and I _
WHEREAS, add Agreement provided that construction of the project was in
commence by April 30, 2003; and
WHEREAS, due to unforeseen delays, Earl Black will not be able to start
construction by April 30, 2003; and
WHEREAS, on April 28,2003, the Bangor City Council, by Council Order 03-
120, approved an ammdmw to the agreement to ext®d the time in which construction
ism commence.
NOW, THEREFORE, the parties agree amrnd Purchase Option Agreement
dated October 18, 2003 as follows:
By deleting the following:
10. Other Conditions
f. OPTIONEE shall comraence site work and building construction no later
thea May 1, 2001 Sufficient evidence of proceeding with site work and
building construction is an approved Land Development Pemut, issuance
of a Building Construction Pemdt and initiation of conmuotlon of the
building.
And by replacing it with:
IO.Offer Conditions
E OPTIONEE shall commenee site work and building coastruction no later
than June 30, 2003. Sufficient evidence of proceeding with site work and
vk,
building construction is an approved Land Development Perron, issuance
of a Building Constructioa Permit and vitiation of construction of the
building.
The remaining terms of the Pomhase Option Agreement shall remain in fall force
and effect.
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A/
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