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