Bill Type and Number: Ordinance 2007-464

Sponsor: Council President at the Request of the Mayor

Date of Introduction: April 24, 2007

Committee(s) of Reference: R; F; ECID

Date of Analysis: April 26, 2007

Type of Action: Amended Agreement Authorization

Bill Summary: This bill authorizes the Mayor, or designee, and Corporation Secretary to execute an Amended Purchase and Sale Agreement with Bridgestone Firestone North American Tire, LLC (Bridgestone).

Background Information: Ordinance 2006-755-E authorized the sale of a portion a parcel in the northern part of Cecil Commerce Center to Bridgestone. Since that time, Bridgestone has discovered significant issues with the site that were not known at the time of the original agreement. The proposed amendment to the agreement is intended to address the unanticipated additional development costs by allowing Bridgestone a $3,000,000 credit against the purchase price and by allowing Bridgestone access to another fill dirt stockpile at Cecil Commerce Center at no charge, with Bridgestone being responsible for transport to its site. Also, the acreage amount is adjusted from 63.3 to 67.14.

Policy Impact Area: Cecil Commerce Center; Economic Development

Fiscal Impact: To be determined; Bridgestone would be allowed a $3,000,000 credit against the purchase price at closing

Analyst: Campbell