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Home My WebLink About1999-08-23 99-291 ORDERDate: Aueusl23 1999 Item No. 99-291 Item/Subjea: Extending Option Agreement with ReeltyResunwesChartered - Development Parcel between Lloyd and Newbury Streets Responsible Department: Community and Economic Development This Order would extend Realty Resources Chartered's option to purchase and develop 32 to 34 two-bedroom units of affordable Sandy housing on a two -acre City development parcel bebind St John's Church on York Shen[ the Option Agreement was approved by passage of Council Order 99-101 on Febmary 22, 1999 (wpy attached). The site remains from the acquisition and demolition of several dilapidated dwellings along the former Gridley and Frazier Streets as pmt of the Hancock -York Neighborhood Development Project in the late 197O's. The initial Option Agreement lean was six months with an option to extend the term sa additional six months with City Council approval. Realty Resources would be required to develop a uninsured of 32 apartments, with plans approved by the Community and Economic Development Committee. The proposed sale price is$60,000. Realty Resources Chartered is also the developer of the Freese's building. De arhncar He Manager's Comments�: ��rr (saa a j City Manager Associated Information: O 4oOO're-ro Budget Approval; Finance Director d Solic, r Introduced For. Passage XFint Reading Mefereal Page -1 of 2 * c+cD 4-r-99 99-291 A KOrd to Councilor Aube August 23, 1999 CITY OF BANGOR -Ext endsvg Ophon A@eevnent wn[h Realty Renames Chartered 11 Development Parcel between Boyd and Newbury Streets avwan coanea otfNa saw a/9saoar: ORDE W, TUT WFE;REAS, by passage of Council Order 99-101 on February, 22,1999 Realty Resources Chemed of Rockport Maize was granted an option from the City to purchase and develop 32 to 34 two-bedroom wits of affordable family housing on a two - acre City development parcel behind St. John's Church on York Social; and WHEREAS, the site remains from the acquisition and demolition of several dilapidated dwellings along the former Gridley and Frazier Streets as pan of the Hancock - York Neighborhood Development Project that took place in the late 1990's; and - WHEREAS, the Option Agreement dined 25 February 1999 is in effect until August 23, 1999; and WHEREAS, the Option Agreement contains a provision whereby the City Council may approve an extension to the term of the Option for a period not to exceed six (6) months upon the Developer's mitten request if the Developer is pursuing the project in good both; and WHEREAS, Realty Resources Chattered as Developer has requested the City extend the Option Agrament; NOW, THEREFORE, BE IT ORDERED BY THE CITY COUNCIL OF THE CITY OF BANGOR, ]HAT the City Manager is hereby authorized to execute an amendment to the Option Agreement for Purchase and Redevelopment of Development Parcel Belwan Boyd and Newbury Streets by and between the City ofBanga and Realty Resources Chartered dated 25 Febmary 1999, providing for an extension of the Noun of the Option Agreement until February 28, 2000, hr a form approved by Ne City Solicitor or Assistant City Solicitor. IN Gin COUNCIL August 23, 1999 First Reading Referred to C d SO Cottee IN CITY COUNCL. Septewbex 13, 1999 notion for Passage made and Seconded 99-291 O ROER Title, Estes" Optus Agceeweat vlth Realty Resources Chartered - Oevelsfinent Parcel between Boyd and Newbury Streets ...................................... ...................................... tea. 1M �nb.A 6gaed to ...... Y�`V .VK'll........... ... n Councilman f -16-1939 11:49 Ri23653V P.02 02 Q - - 99-291 REALTY RESOURCES CHARTERED August 16, 1999 liodney 0. McKay Director of Community and Economic Development City of Bangor 73 iisrlow Shit Bangor, bM OU01 ill Our Option Afternoon with the City for the Boyd and Newbury Street property includes ammo dale ofAug t 31,1999. According to the Ageament this date on be extended six months if requested by the Developer. Kindly accept this as aur request m extend this agreement for an additional six months. IM wehave been making a be" than"goodfaith" effartto complete the project As you grow, atter sorting through cenflicting land records we presented aplan to the planning depamvcnt in July. They responded to our plan with commems that we are now incorporating into a revised plan that we will submit to both the planning depamnent for planning board approval and m the Community and Economic Development Committee. Our dmelice to make these submissions is the week of August 23. 1 would appreciate your favorable consideration of this request and would be glad to provide additional information m answer any questions you might have. Do not hesimte W crew M. Sly. L E. Shenaben Senior Development Officer MAIN OMCE: 2A7 Cocwercial St. liockpon, ME 0IS56 •Phone: (e' ) 2366002 • Fax: (207) 236630'1 118 Clark St, Newton, MA 02159 • Phase: (617) 960.3410 • Fax: (617) 9645189 0 (99-291)99-101 Assigned to CoumcJor Oardamis PebruaOr 22, 1999 CITY OF BANGOR App o mg Opt on Agreement with Reale Resources Chanered (TITLE,) �' raEr,.....__. . 11 -.._. _. _.._ _. Development Parcel between Boyd and Newbury Streets IN CITY f22, IL 19 '--"--"" Passed 22, 1999 Pawed By Ue City Coueod of the City ofBanym: A True Copy, Attest: ORDERED, ar(/£.6 6a THAT WHEREAS, Realty Resources Chartered of Rockport M esPreques ed an option from the City to purchase and develop 32 to 34 two-bedroom units of affordable family housing on a mo -acre City development parcel behind St. John's Church on York Street; and WHEREAS, the site remains from the acquisition and demolition of several dilapidated dwellings along the former Gridley and Frazier Streets as pert of the Hancock -York Neighborhood Development Project that took place in the late 1970's; and WHEREAS, the proposed development is approlgiate for this development parcel which is zoned for multi -family use; and WHEREAS, the proposed development is consistent with the Hancock - York Redm elopment Plan; and WHEREAS, the option requires full payment of real estate and personal property taxes due the City; NOW, THEREFORE. BE IT ORDERED BY THE CITY COUNCIL OF THE CITY OF BANGOR, THAT the City Manager is hereby authorized to execute an Option Agreement with Realty Resources Chartered, providing Realty Resources Chartered the option to purchase and develop 32 to 34 nvo-bedroom units of affordable family housing on the two -acre Cin' development parcel behind St. John'a Church on York Street. at a purchase price of 560,000, with a term of six months, with an option to extend the term an additional six months with City Council approval, with plans approved by the Community and Economic Development Committee,. and such other terms and conditions as may be deemed appropriate by the Director of Community and Economic Development, City Solicitor or Assistant City Solicitor, and in a form approved by the City Solicitor or Assistant City Solicitor.