HomeMy WebLinkAbout2002-05-13 02-201 RESOLVERam No. 02-201
Date: May 13, 2002
Item/Subject: RESOLVE, Ratifying the Execution and Acceptance of Certain Decennia s
Relating to the City of Bongoes Acquisition of a Portion of the Former Freeses Building
Responsible Department: legal
In 1999 pros City and JMC Partners, LLC, owner of the Main Street portion of the former Freeses
Building entered into an agreement to lease with an option to purchase that portion of the building used
"a Maine Discovery Museum.
The agreement nWth JMC Partners, LLC included a provision Mat the City would acquire the space
far the Maine Discovery Museum for a reduction of a porton of the City's loan to JMC Partners, LLC W
rehabilitate the space into'White box" condition. The reduction would be on a square foot, pro rata
basis
The closing with JMC Partners, LLC took place before April Ix to avoid another year's tax
assessment. The documents executed at closing were: Amended and Restated Declartlon of the Freese
Building Condominium,. Qu'il Deed with Covenant from JMC Partners, LLC to City of Bangor,
Promissory Note from JMC Partners, LLC be City of Bangor, Commercial Mortgage from JMC Partners, LLC
W City of Bangor, Discharge of Mortgage from City of Bangor M JMC Partners, LLC, Termination of Lease
between City of Bangor and JMC Partners, LLC and Limited Warranty Certificate from JMC Partners, LLC
to City of Bangor.
This Resolve will ratify the City's execution and/or acceptance of the above referenced documents.
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Budget Approval
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a CITY OF BANGOR
(TITLE.) Resolve, Ratifying the Execution and Acceptance of Certain Documents Relating to the
City of Bangor's Acquisition of a Portion of the Former Freeses Building
WHEREAS, in 1999 the City of Bangor and IMC Partners, LLC agreed that the City of
Bangor would lease a portion of the former Freeses Building with an option to purchase; and
WHEREAS, the agreement between the City of Bangor and IMC Partners, LLC included a
provision that the City would acquire the space for a reduction of a portion of the City's loan to
IMC Partners, LLC to rehabilitate the space into' white box" condition; and
WHEREAS, it was in the City's best interest to close on the purchase of the space prior to
April 1o; and
WHEREAS, certian documents were executed or accepted at the closing,
NOW, THEREFORE, BE 1T RESOLVED By THE CITY COUNCIL OF THE CITY OF BANGOR,
THAT:
The City Council of the City of Bangor hereby ratifies the execution of the Amended and
Restated Declaration of the Freese Building Condominium, Discharge of Mortgage from City of
Bangor to JMC Partners, LLC, and Termination of Lease between the City of Bangor and IMC
Partners, LLC and the acceptance of Promissory Note from JMC Partners, LLC to the City of
Bangor, Commercial Mortgage from IMC Partners, LLC to the City of Bangor and Limited
Warranty Certificate from IMC Partners, LLC to the City of Bangor.
IW CITY COUtlCIL
May 13, 2002
Passed p 02-201
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(TITLE,)eacffyiog [he Pnecarma aad
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to the City of Haago[ s Muguisition of a
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Assigned to Councilor
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