HomeMy WebLinkAbout1995-03-27 95-156 ORDERCOUNCIL ACTION _
Item No. - 95•r56
Date March 27 1995
Item/Subject: Authorizing Execution of Municipal Quitclaim Deed
-- Real Estate Located at 915 Union Street
Responsible Department: Legal
This Order would authorize execution of a Municipal Quitclaim Deed
to U.S. Trust Company of Boston, Massachusetts, as redeeming
mortgage holder of property owned by the N 4 T Westgate Trust. The
deed would release the City's tax title to the Westgate Mall
property located at 915 Union Street. The City holds tax title to
the property by virtue of a 1993 tax lien certificate recorded in
Book 5345, Page 20, Penobscot Registry of Deeds. On March 10,
1995, U.S. Trust Company made final payment of the 1993 taxes, lien
charges and interest_ FY 1994 and 1995 taxes, lien chargee and
interest in the amount of approximately $149,500 remain unpaid.
Manager's Comments:
(cont'd on next page) �n
' °I'
Department Head
City Manager
Associated Information: Order, aadvAt Somm4T
Budget Approval:
Finance Director
Legal Approval:
City So1rc'tor
Introduced For CONSENT AGENDA
X Passage
First Reading
Referral Page I of 3
95-156
Aropud to Commaor Woodcock March 27, 1995
CITY OF BANGOR
/p Authorizing Execution of Municipal Quitclaim
W(TIU) rbM-..... _... _........ _.._ _............. ...._.
Deed -- Real Estate Located at 915 Union Street
By the City CONWO of the Olt NBaW .'
ORDMU 0r
TAT John puartararo, Finance Director, is hereby
authorized, on behalf of the City of Bangor, to execute a Municipal
Quitclaim Deed releasing any interest the City may have in the real
.estate located at 915 Union Street in said Bangor by virtue of a _
undischarged municipal tax lien assessed against the above-
described property for tax year 1993. Said deed shall be directed
to U.S. Trust Company of Boston, Massachusetts, as redeeming
mortgage holder. Said deed shall be in a form approved by the City
Solicitor.
IN CITY COUNCIL
March 27, 1995
Motion to m o New Business
Notion Passed
Read under New Business
Ordom - Passed
yay
95-156
O RDLR
Title,
Authorising Execution of Nunicl 1 Quitclaim
Deed - Real Estate tcostsd'a� D�5'ffiiw street.
.......iSml .W(l0T ..P.0 c,ililmm .an .
Counc.
95-156
The City's lien claims arising out of the PY 1994 and PY 1995 taxes
will not be released by this Order or the deed to be given under
this Order.
U.S. Trust Company was not given notice as mortgage holder of the
original filing of the City's MY 1993 tax lien. under 36 MRS& S
943, therefore, U.S. Trust Company was entitled to a separate 90
day redemption period from the date it received actual notice of
filing of the City's 1993 tax lien. U.S. Trust Company wag sent
the statutory "Notice of Impending Foreclosure" on December 9,
1994, reved the notice on December 12, 1994 and tendered final
paymentof1993 taxes, lien chargee and interest on March 10,
1995, the 88th calendar day following its receipt of that notice.
Payment was posted to the account on Tuesday, March 14th.
At the time of the payment by U.S. Trust Company, N s J Westgate
Trust was in default of a tax workout agreement dated December 5,
1994, having missed weekly payments due in January and February,
1995. The Trust's separate redemption rights, which otherwise
would have been extended by the workout agreement, therefore -
expired as of December 9, 1994, the tax lien foreclosure date for
the 1993 lien. Accordingly, the City's deed will be directed to
U.S. Trust Company as redeeming mortgage holder. .