HomeMy WebLinkAbout2001-12-26 02-66 ORDERItem No. 02-66
Date: 12/26/01
Item/Subject: ORDER Authorizing Approval of an Amendment to an "Option To
Purchase" with Northeast Cardiology Associates, P.A.
Responsible Department: Community & Economic Development
Commentary:
The Council authorized an option to Northeast Cardiology Associates for the purchase and
development of lots 4 and 5 in the Maine Business Enterprise Park. This Order would authorize
extending dates in the Option to Purchase. The extension is necessary bemuse the title to the
property must be claMed with the Dept. of Defense. The Option provides for development of a
two story, 26,000 square fool, high quality medical services building which will allow the
cardiologists to consolidate their current practice which has just under 100remployeesand -- -
physicians. The building can be expanded to 40,000 square feet in the future to accommodate
their growing practice.
Department Head
Manager's Comments: xp4yyNO.sra n 0v.&I'6
City Manager
Assodated Infom:ation
Budget Approval:
Finance Director
Legal Approval:
OW Solicitor
(Passage
First Reading Page 1 of 1
_ Referral
02-66
�./ Assignedto Council« ealdacci 0ecembex 26, 2001
� s. :vet:
.,, M
CITY OF BANGOR
(TREE.) Order, Authorizing Approval of an Amendment to an "Option To Purchase" with
Northeast Cardiology Associates, P.A.
By mealy Camey of tl re Oty Wavgw.
ORDEREDr TI WT
WHEREAS, by passage of Council Order 01-298 on July 23, 2001 the Council approved
an "Option To Purchase" doted July 26, 2001 with Northeast CardioloiIy Associates, P.A.
approving their option to purchase Lots 4 & 5 in the Maine Business Enterprise Park; and
WHEREAS, by passage of Council Order 01-368 on September 24, 2001 the Council
amended the "Option To Purchase'; and
WHEREAS, the parties thereto wish to further amend several dates in the "Option To
Purchase';
NOW THEREFORE BE IT ORDERED BY THE CITY COUNCIL OF THE CITY OF
BANGOR THAT the City Manager is hereby authorized, on behalf of the City of Bangor, to
execute an amendment to the "Option To Purchase" dated July 26, 2001 and amended September
24, 2001 between Northeast Cardiology Associates P.A. and the City of Bangor for Lots 4 & 5 in
the Maine Business Enterprise Park, in a form substantially the same as the attached harem and
as approved by the City Solicitor or Assistant City Solicitor.
IN CITY 0009CIL
ceceader 26, 2001
{lotion Made and Seconded
for Passage
Passed 6
# 02-66
OMDEA
(TITLE,(Authori:ing Apprwai o£ ao
Ameadeent co av Opcian t0 Purclase
vIIh Northeast Cardiology Associates, P.A.
Assigned! b CoundlOf / .P
SECOND AMENDMENT TO OPTION TO PURCHASE
THIS SECOND AMENDMENT TO OPTION TO PURCHASE, executed
this th day of, December, 2001 by and between:
CITY OF BANGOR, a municipal mrporetion organized and
existing under and by virtue of the laws of the State of
Maine, and having 0s principal offices at 73 Harlow Street,
Bangor, Maine hereinafter sometimes referred to as
"Optionor')
AND
NORTHEAST CARDIOLOGY ASSOCIATES, PA., a
corporation, duly organized and existing under and the laws
of the State of Maine, and having a place of business at 700
Mt. Hope Ave., Bangor, ME (hereinafter sometimes referred
to as "Options")
WITNESSETH:
WHEREAS, the City of Bangor is the owner of an airport commonly known
as "Bangor International Airport", formerly known as Dow Air Force Base, located in the
C'Ty of Bangor, County of Penobscot, State of Maine (hereinafter sometimes referred to
as the "Airport'); and
WHEREAS, by Option To Purchase dated July 26, 2001 the parties
agreed to an Option To Purchase regarding Lots 4 & 5 in the Maine Business Enterprise
Park; and
WHEREAS, by First Amendment To Option To Purchase dated October
18, 2001 the parties agreed to amend the Option To Purchase regarding Lots 4 & 5 in
the Maine Business Enterprise Park; and
WHEREAS, the parties hereto wish to further amend said Option To
Purchase to extend several dates;
NOW, THEREFORE, the parties do mutually agree that said Option To
Purchase dated July 28, 2001 and amended October 18, 2001 be and hereby is
amended as follows:
02-66
NwMeast CardidogYAssoa'ates P. A,
Sewn Amendment to Option To Pwchsse
(1) That Paragraph 2 - OPTION PERIOD be deleted in its entirety and replace
with the following:
2. OPTION PERIOD - This Option shall remain in force until 4:30
PM on the later of (i) January 31, 2002, or (ii) the fifteenth day after the
Release Dead from the United States of America transferring title to the
property now known as the Maine Business Enterprise Park to the City of
Bangor is recorded in the Penobscot County Registry of Deeds. Unless
exercised by the Optionee prior to said data, this Option shall expire at
that data and time. Upon expiration of this Option, Optionee shall forfeit to
the Optionor all sums paid in accordance with Paragraph #1 of this
agreement.
(2) That Paragraph 7— EXERCISE OF OPTION be deleted in its entirety and
replace with the following:
7. EXERCISE OF OPTION - Optionee may exercise this option on
or before 4:30 PM, an the later of (i) January 31, 2002, or (ii) the fifteenth
day after the Release Deed from the United States of America transferring
title to the property now known as the Maine Business Enterprise Park to
the City of Bangor is recorded in the Penobscot County Registry of Deeds.
The Option will be exercised by written notice to Optionor delivered
personalty or mailed to Optionor within the time above limited.
THAT except for the foregoing, said Option To Purchase dated July 26, 2001 and
amended October 18, 2001 between the City of Bangor and Northeast Cardiology
Associates P.A. will remain in full force and effect in all other respeck between the
undersigned.
Page 2 d3
02-66
NOrfheest Cartgology Assadetes P.A.
Second Amendment to Option To Purchase
IN WITNESS WHEREOF, the parties hereto have set their hands and seals the
day and year written above.
CIN OF BANGOR
Date:
By:
(Witness) Edward! A. Barrett
City Manager
NORTHEAST CARDIOLOGY ASSOCIATES, P.A.
Dale:
By:
(Wdness) Robert M. Hoffmann, M.D.
President
Page 3 of 3