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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 _