HomeMy WebLinkAbout2001-09-24 01-368 ORDERItem No e1-368
Date: September 24, 2001
Item/Subject Authorizing Approval of an Amendment to an "Option to Purchase" with
Northeast Cardiology Associates, P.A.
Responsible Department: Community and Economic Development
The Council has authorized an option to Northeast Cardiology Assoclates 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 original plan was for a design/build project to provide for the
earliest possible completion of the project. Northeast Cardiology Associates has now decided to
complete the project's design before entering the construction phase. The proposed extensions of dates
in the option will allow time for this. The Option provides for development of a two story, 26,OOo square
foot, high quality medical services building which will allow the caniologists to consolidate their current
practice which has just under100 employees and physicians. The building on be expanded to 4,000
square feet in Me furore to accommodate their growing prance.
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Manager's Comments: UY d'aa Dt E -b
d,(,vd.,,Y� G YY
Oty Manager
Associated Information: 04LA
Hearts Director
Legal Approval:
' 1T,Y 5olidtor
Introduced for C6.i
X Passage
_
First Reading Page 1 of 1
Referral
Assignedw Councilor Aal.daeei Septober 26, 2001
or,xe
CITY OF BANGOR
(TITU.)Order, Authorizing Approval of an Amendment to an"Option To Purchase"with
Northeast Cardiology Associates, P.A.
By the C/ty Council ofth p[y ofBanger:
ORDERED,THAT
WHEREAS, by passage of Council Order 01-298 on July 23, 2001 the Council approved
an "Option To Purchase" dated July 26, 2001,with Northeast Cardiology Associates, P.A.
approving their option to purchase Cots 4 & 5 in the Maine Business Enterprise Park; and
WHEREAS, the parties memo wish to amend severe[ dates in the Option;
NOW, THEREFORE, BE Tf 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 providing for the following changes to the "Option To Purchase" dated
July 26, 2001 between Northeast Cardiology Associates P.A. and the City of Bangor for Lots 4
at 5 in the Maine Business Enterprise Park, in a form approved by the City Solicitor or Assistant
City Solicitor
1. Extending the "due diligence" or the option termination period from September 24 to
October 24, 2001
2. Extending the optionperiod from November23 to December31,2001
3. Extending the closing period Pram 60 to 90 days
IP CITY CO®CIL3
Septeu&er 24, 2001 iYi
Passed
# 01-368
Q-Slp CLBHH
(MLEAuthorising Approval of mm Ne Oonc
to as 6ptwtowit Nor[ eat
Cardiology Associates. P.A.
Assigned to CcunclW &Ueza
f
01-368
FIRST AMENDMENT TO OPTION TO PURCHASE
I� pp THIS FIRST AMENDMENT TO OPTION TO PURCHASE, executed this
IQ\ h day of, October, 2001 by and between:
CITY OF BANGOR, a municipal corporation organized and
existing under and by virtue of the laws of the State of
Maine, and having its principal offices at 73 Harlow Street,
Bangor, Maine hereinafter sometimes referred to as
"Optionor")
Vi
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 "Optionee")
WITNESSETH:
WHEREAS, the City of Bangor is the owner of an airport commonly known
as "Bangor International Airporr', formerly known as Dow Air Force Base, located in the
City of Bangor, County of Penobscot Slate 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 Lots 4 & 5 in the Maine Business Enterprise Park;
and
WHEREAS, the parties hereto wish to 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 be and hereby is amended as follows:
(1) That Paragraph 2—OPTION PERIOD be deleted in its entirety and replace
with the following:
2. OPTION PERIOD - This Option shall be in force until 4:30 PM
on December 31, 2001. Unless exercised by the Option%prior to said
01-368
Northeast Civdiiag Associates P.A.
First Amends est to Option To Purchase
date, this Option shall expire at that date and time. Upon expiration of this
Option, Optional shall forfeit to the Optionor all sums paid in accordance
with Paragraph #1 of this agreement. The Optional may terminate this
Option on or before 4:30 PM, October 24, 2001 by written notice to
Optionor delivered personally or mailed to Optionor. This data shall be
extended for an additional 30 days in the event the Option Conditions set
forth in Paragraphs 3(C) and 3(D) below are not met by October 24, 2001.
If the Option is terminated by October 24, 2001, or any extensions thereof,
the Optionor shall refund all sums paid by the Optionee in accordance with
Paragraph #1 of this agreement, and neither party shall thereafter have
any further obligations or liabilities under this agreement.
(2) That Paragraph 7 -EXERCISE OF OPTION be deleted in its entirety and
replace with the following:
EXERCISE OF OPTION - Optional may exercise this option on or
before 4:30 PM, December 31, 2001, by written notice to Optionor
delivered personally or mailed to Optionor within the time above limited,
and within ninety (90) days thereafter the Optionor shall deliver to the
Optional a good and marketable title in fee simple to the slid property,
free and clear of all taxes and encumbrances, and shall convey the same
by municipal quitclaim deed.
THAT except for the foregoing, said Option To Purchase, dated July 26, 2001,
between the City of Bangor and Northeast Cardiology Associates P.A. will remain in full
force and effect in all other respects between the undersigned,
Page 2 0 3
01-368
Nafheasf Garth ogy Associah5 PA.
First Amendment to Option To Purchase
IN WITNESS WHEREOF, the parties hereto have set their hands and seals the
day and year written above.
CITY OF BANGOR
Date:
BYaJY/.Ar
{Witness) EdwaN A. Barrett
(/ City Manager
NORTHEAST CARDIOLOGY ASSOCIATES, P.A.
Date:
/3)01
mess) Name xresid9�. Hoftmann, H.n.
Title President -
Pages of 3
BANAIRCORPORATION 73 Harlow Sc
operamr of Bangor Foreign naee die M Bangor, Maine 04401
(207) 9474842
(207) 945-0447 (Fax)
Memorandum
To: Norman Herrman, City Solicitor
Gail Campbell, City Clerk
From: Stephen A. Bolduc, Exe i Manager
Date: October 19, 2001
Subject: Amendment to Option Agreement with Northeast Cardiology Associates, P.A.
Enclosed is your copy of the fully executed first amendment to the option
agreement between the City of Bangor and Northeast Cardiology Associates, P.A. for
Lots 4 & 5 in the Maine Business Enterprise Park.
Please contact me if you have any questions.
Eric. (Option amendment)