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HomeMy WebLinkAbout1980-09-08 282 AH ORDER282 As Introduced by Councilor Soucy, Septerger 9, 1980 CITY OF BANGOR Authorizing the Execution of the Documents Necessary To Achieve the Development of H -Y NDP Parcel H-1 By City Cmn4 oft City of Named ORDERED, THAT WHEREAS, the City of Bangor, by and through John W. Flynn, its City Manager, and G &'S Associates, by and through Warren C. Sawyer, a general partner of G& S Associates, entered into an "Option Agreement for Purchase of-Hancoc$•4ork-Neighborhood Development Project Parcel (H-1)" on February 27, 3A99; and WHEREAS, said Option Agreement, as amended, granted G & S,; Associates an exclusive option to purchase said Premises for the develop- ment of a 104 -unit residential apartment complex; and WHEREAS, the City of Bangor applied for and received con- ditional approval of an Urban Development Action Grant from the United States Department of Housing and Urban Development to assist in financing said development; and WHEREAS, G & S Associates has given the City notice of its intent to exercise its option to purchase Said Premises, contingent upon: insurance of the mortgage loan pursuant to Section 221(d)(4) of the National Housing Act, issuance by the Government National Mortgage Association of a contract to purchase the first mortgage loan, and use of the HOAG foods to help finance said development; and WHEREAS, it appears that said conditions precedent will in fact be satisfied, NOW, THEREFORE, BE IT ORDERED BY THE CITY COUNCIL OF THE CITY OF BANGOR THAT: 1) The City Manager, on behalf of the City of Bangor, i hereby authorized to take all action necessary to complete the conveyance of Parcel H-1 and Parcel H -1(b), in the event the City acquires said parcel H -1(b) from the Congregation Beth Abraham Anshe Sphard, to G & S Associates, including, but not limited to,. the execution of a Municipal Quitclaim Deed in a form satisfactory to the City Solicitor; and 2) 'the City Manager, on behalf of the City of Bangor, is hereby authorized to loan the. UDAG funds to G & S Associates in accordance with the terms and conditions of the MAC Agreement entered into by and between the City of Bangor and the Department of Housing and Urban Develop- ment and any laws, regulations, and rules pertaining to the use of UDAG funds; and 3) The City Manager is hereby authorized to execute any and all documents necessary to accomplish said loan; Provided, however, that said documents shall be in a form satisfactory to the City Solicitor. z& AN In City Couwil September 8,1980 1 O R D E R Paeaed Title, � p .dl - Anthoeiein& the &kenution or thg D.ocamo tae ScP _4 P3 53 City Cle - Necesaery to Achiave the Development of ...................................... tqq NDP Parcel H-1 CI CITYFC\ERN a ^IIntroduced and/fi/lby