HomeMy WebLinkAbout1977-09-26 385 AE ORDER3&5 m
Introduced by Councilor Mcharoan, 5e2tember 26,
19]]
_ CITY OF BANGOR
(TIRE.) Orba " Authorizing the City Manager t k ecute Closedeit �ngreement
s_......" __..._ .......... ............ ...
with Bangor Urban Renewal Authority (Kenduskeag Stream D ben
___............ R neral TCQect ME R-7) _..... .
Dr We CRY comm" f as MY OfEanoon
ORDER®s
MT. the City Manager is hereby authorized and directed, on behaffi of
the City of Bangor, to execute a Closeout Agreement, a copy of which is on
file in the Office of the City Clerk, with the Berger Orion Renewal Authority,
for closeout of the Kenduekeag Stream Urban Renewal Project ME B-7.
STAPEIffiiT OF PACT: Prior to securing approval for
financial settlement of the Kenduskeag Stream D ban
Conceal Project (A R-7), a closeout agreement must
be executed by the Bangor Urban Renewal Authority
eml the City of Bangor for conebrrence by the Secretary
of the Deparhvent of Housing and Urban Development.
IN CITY COUWTL - - 385 AN
September 26, 1977
Motion vale andseconded for
passage, Referred to Community , 0 R 0 E R
Development committee, committee "
to meet before«
-next council meeting.. Title,
'_
c sia r fot meeting.
Antho.r}xi.i.n the City � ex co «acute ".
............. re.. g........ - .i ..fl
CloseId
... Agreement .... .
Sbvger!1.c .�
IN CITY 12,CGUNCIL
197 - Renewal t Project M (Kendhskeag Stream Urban
October lz, i9]7. ' RenewalProjecc Ne R-7)
passed Introduced and filed by
Councilman
project No. HE R-7
CLOSEOUT AGREEMENT
THIS AGREEMENT, entered into by and between the BANGOR URBAN
RENEWAL AUTHORITY (the local public agency carrying out the project,
hereinafter called the "LPA") and the CITY OF BANGOR (the unit of
general local government in which the project is located, hereinafter
called the "UG"),
WITNESSETH
WHEREAS, the LPA entered into a Loan and Grant Contract No.
ME R-7 (LG) (dated December 23, 1964, and amended October 20, 1966;
March 13, 1969; April 2, 1969; June 23, 1970; September 15, 1972; and
August 5, 1974) with the United States Department of Housing and Urban
Development (hereinafter. called "HUD") and a Cooperation Agreement
with the UG. for the undertaking of an urban renewal project identified
as Project MD. ME R-7 (hereinafter called "Project"), pursuant to
Title I of the Housing Act of 1949, as amended; and
WHEREAS, the LPA and UG (sometimes referred to collectively
herein as the "parties hereto") desire to effect a financial settle-
ment of the Project with HUD which will resultin full repayment of
all temporary loans pursuant to Section 112 (b) of the Housing and
Community Development Act of 1974 (P.L. 93-383) and the provisions
of 24 CFA Part 570, Subpart I, and such settlement under the terms
of this Agreement has been approved by resolution of the governing
-body of the UG; and
WREREAS, all approved project activities (other than the sale
of land) for which project funds are available, or noncash local
grants-in-aid which would otherwise have been required, will not
have been substantially completed prior to the date of the financial
settlement, and such settlement will result in•a surplus grant;
WHEREAS, the parties hereto recognize and acknowledge that the
requirements with respect to certain remaining obligations as herein
set forth are a condition to the approval by HUD of the financial
settlement;
NOW THEREFORE, in consideration of the mutual covenants,
promises, and representations contained herein, the parties hereto
agree as follows:
Section 1. Proiect Property
A. All personal property of the LPA has been transferred to
the UC.
H. Below is a list of all real property presently owned by j
the LPA in this Project.
Disposition Parcels: B-3, B-4, H-6, B-8, B-11, B-13,
B-15, and P-6, all as shown on Bangor Urban Renewal
Authority Disposition Plan No. 802-A5, dated February 6,
1968, revised May 10, 1973.
The property listed above shall be transferred by the LPA
to the UG prior to the date of financial settlement of this Project.
With respect to said real property. the covenants set forth in
24 CFR 5701801 (c)(1) shall apply. Further, the acquisition of said
real property by the UG shallbe at a price equal to the fair use -
value under Section 110 (c) (4) of Title I of the Housing Act of
1949; provided, however, that the requirement .for disposition at
fair use value under said section shall not apply to anysubsequent
disposition of said real property by the UG.
The proceeds from the disposition of property listed above
after the financial settlement shall be treated as program income of
the UG under the provisions of 24 CPR 570.506.
On displacement from any above listed occupied proper ry, the _
displacees shall be provided all benefits to which they may be entitled
under the Uniform Relocation Assistance and Real Property Acquisition
Policies Act of 1970.
Section 2. Low- and Moderate -Income Housing
(a) N/A
(b) None required by Loan and Capital Grant Contract.
Section 3. Reservation of Project Punds for outstanding
Obligations
Costs or obligations incurred in connection with the Project
with respect to claims which are disputed, contingent, unliquidated,
or unidentified, and for the payment of which insufficient Project
funds are reserved under the financial settlement, shall be borne
by the UG. Project funds reserved for such purposes shall be added.
to and identified in the letter of credit under the UG's Community
Development Block Grant Program, as specified below:
'Obligations - Costs
(1) Civil action
opendibenefits y A.Imsple $13,035.39
tnL
Section 4. Grant Surplus
Subject to the provisions of Section 5, the surplus grant
remaining after the financial settlement of the Project shall be
reserved for the letter of credit under the UG's Community Develop-
ment Block Grant Program, subject to the requirements applicable to
the use of funds for activities under that Program.
Section 5. Audit Exceptions
The availability of surplus grant funds under the provisions
of Section 4 may, at the discretion of HUD, be subject to completion
of an audit and satisfaction of any audit exceptions with respect
to the Project, or any other projects located in the UG. Neither
such surplus grant funds nor other funds available under the UG's
Community Development Block Grant Program shall be used for payment
of ineligible Project costs.
Section 6. Other Special Conditions
N/A
Section 7. Compliance
The obligations under this Closeout Agreement are subject to
the Program Management requirements of 24 CPR Part 570, .Subpart J.
Section B. Provisions held Invalid
If any provisions of this Agreement are held invalid, such
holding 'shall not affect the validity of the remainder of the
Agreement.
IN WITNESS WHEREOF, the LPA and the UG have caused this Agree-
ment to be executed and their seals to be hereunto affixed and
attested as of the day of 19_
(SEAL) BANGOR URBAN RENEWAL AUTHORITY
ATTEST:
BY
Chai=an
Secretary _
(SEAL) CITY OF BANGOR
ATTEST: BY
So ynn
City Manager
City Ulark
CONCUR:
UNITED STATES OF AMERICA
SECRETARY OF HOUSING AND URBAN
DEVELOPMENT _