HomeMy WebLinkAbout1992-05-27 92-264 ORDERQuncu
Date X5-27-92u Item No.
92 254
Authorizing execution of Municipal Quitclaim Deed
Item/Subject: to Real Estate Located at ]3-8] Central Street.
Responsible Department: Legal
Commentary:
As the Council is aware, Central Street Associates, owners of the
Central Building, have become insolvent, leaving an unpaid bill for
City taxes and assessments of some $84,288.20 through May 27,
1992. Attempts by the private mortgage holder, Clinton Capital
Corporation, to sell the property at foreclosure auction have been
unsuccessful. These efforts have been complicated somewhat by
Clinton Capital Corporation's own insolvency, which resulted in the
appointment of a Federal receiver by the D.S. District Court for
the Southern District of New York in October, 1990. -
(r'dn+reed on namE p.�<) �/yI•�
n
Manager's Comments:
In
OrY Mmrnyn �
Associated Information
Budget Approval: N'
Fina aDirc
Legal Approval: Q.-d
cirysnlidw. n
Ntr ced For
Passage Page _ of
❑ First Reading
❑Referral
Quitclaim Deed to Real Estate
Located at 73-87 Central Street 92 2"D4
Commentary (Cont'd)
Recently, Peter Gane, attorney for Clinton Capital Corporation
n its foreclosure action, has obtained a private buyer for the
property. The proposed buyer is Robert G. Duerr of Gouldsboro,
owner of the adjacent former Sears building. A closing has been
scheduled for later this month.
The attached Order would authorize execution of a Municipal
Quitclaim Geed releasing the City's interest in the Central
Building arising by virtue of matured tax liens for tax years
1987-1991. The deed would be held in escrow until closing on the
property, at which time all outstanding City taxes and charges will
be paid out of the closing proceeds. These charges will include
payment of the City's outside legal expenses in connection with the
prior attempted foreclosure sale.
Amended May 27, 1992
Assigned toConneilor Blanchette May 27, 1992 92-264
CITY OF BANGOR
(TITLE)(009T1_...5rkhotbzAug..6zecucicn.ei..MMuvi.cipol Qu>kclaam.Dead to _....
,Coal Estate Located at1. )3-8Central Street.
r ,,.,,,,., __._
By the City CMWUof W Car ofBamapr
ORDERED,
TWT The City Finance. Director is hereby authorized, on behalf of the
City of Bangor, to execute a Municipal Quitclaim Deed, in a form acceptable
to the City Solicitor, releasing any interest the City may have in certain
sal estate located at 73-87 Central Street in said Bangor, know as the spectral
Building's, by virtueofundischarged tax llehs recorded in the Penobscot Registry
of Deeds for tax years 1987-1991. Said Deed shall be directed to Nathan Dane,Ili-
as Special Master, under appointment of the Penobscot County Superior Court. Said
Deed shall be held in escrow by the City Solicitor pending full payment of taxes
and other charges need to the City.
Assigned to Coundlor Blanchette May 2'/,1992 92-264
CITY OF BANGOR
Auth I o I ricing execution of Municipal Quitclaim
Dead to Real Estate Located at 73-87 Central Street.
By W Cuv CoxneG KMu CiN KBaa(IOt:
ORDERED,
THAT The City Finance Director is hereby authorized, on
behalf of the City of Bangor, to execute a Municipal Quitclaim
Deed, in a form acceptable to the City Solicitor, releasing any
interest the City may have in certain real estate located at 73-87
Central Street in said Bangor, known as the "Central Building", by
virtue of undischargedtaxliens recorded in the Penobscot Registry
of feeds for tax years 1987-1991. Said Dead shall be directed to
r-: Certixa3-Stseet�casocYates, as owners of the real estate concerned.
Said used shall be held in escrow by the City Solicitor pending
full payment of taxes and other chargee owed to the City by Sentra-
. ee eeeeiates.
In City Council Nay 27,1992
Moved to New Business and
amnended as follows
Delete Central St. "acetates
astof the teal estate
and add Nathan Dane the Third
as special master under
Appointment of the Penobscot
County Superior Court and also
delete in the last line by
Central Street Associates
Passed as Amended
92-264
ORDER
TItle,
.........nQ Execution o£ M..... al
73-7m Deed Teal estate located
at 8
at ..... Central St
dadto.
Pte ............ .
Councilman
2Y;
\S