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HomeMy WebLinkAbout1976-07-12 288 AD RESOLVE288 AD Introduced by Councilor eigney, July 12, 1976 ry, CITY OF BANGOR Q)j�,) '110RR� AppY,o„vin g_PzoFoaea_cpntract for Sale Of Lana in the C'"''____ wy...A__._..._._..._.._._____.._.___.... Rend §k g,5trea U b n..en,wel Project, M A ] Parcel e-16 Bx Ne Cita Cosacil d Ne CityKBaWsr. )MOLVED, THAT, WHEREAS, the Urban Renewal Authority of the City of Bangor proposes to enter into a contract for sale of parcel B-16 in the Renduskeag Stream Urban Renewal Project with Northern National Bank; and WHEREAS, the said Northern National Bank has offered to pay the sum of Twenty-three Thousand, Three Hundred Thirty-six Dollars ($23,336.00) for said parcel, said price being the minimum approved price for said parcel an established by the Urban Renewal Authority and approved by the Department of Housing and Urban Development; and. WHEREAS, under the provisions of Chapter 168 of the Private and Special Laws of Maisie, 1957, as amended, City Council approval of all contracts for the sale of land within the Project Area is required; and WHEREAS, the Urban Renewal Authority has filed a copy of the proposed contract with Northern National Bank in the office of the City Clerk; NOW, THEREFORE, BE IT RESOLVED: THAT, the proposed contract on file with the `City Clerk be and is hereby approved. � 28B AD IN CITYCOUNCIL X39 July 12, 1976 Passed. RE S O L YE /^� p Appy. Prop. Contr. for Saleofland In /A� •. •/L.1.arnA Kend. Str. U.R. Prod., Me R-7, Parcel CITY C H-16RECEIVED OITY OF NANOOR CITY CLEIiI('S OFFICE JUL i Ph 3 41 .. J i I 4T OF HOUVNG AND U ROAN DEVELOPMENT URBAN RENEWAL PROGRAM PART I OF STANDARD FORM OF CONTRACT FOR SALE OF LAND FOR PRIVATE REDEVELOPMENT --------------------------------- Pan I of CONTRACT FOR SALE OF LAND FOR PRIVATE REDEVELOPMENT f By and Between and NOMEM NATIONAL BANK a 48 oJvwa . c4yya:EHTs Section page 1, Sale: Purchase Price.. .. 4 2. Conveyance of Property . . . . 4 3. Good Faith Deposit . . . . . 6 4. Time for Commencement and Completion of Improvements . . . . . . . . . . 8 5. Time for Certain Other Actions. . . . . .. 8 6. Period of Duration of Govenpnt on Use . . . 9 i. Notices and Demands . . . . . . . . . . . 10 8. Special Pro.isions. . . . . . . .. . . . 10 9. Modifications of Part D . . .. . . .. . . . '10 10. Counterparts.. .. Il eaa pWA CONTRACT FOR SALE OF LAND FOR PRIVATE REDEVELOPMENT AGREEMENT, consisting of this Part I and Part H (Form HUD -62096, 9-69) annexed hereto and made a part hereof (which Part and Part II are together hereinafter called "Agreement'), made on or as of the day of 19 by and between the Urban Renewal AnthOritV a public body corporate (which, together with any successor public body or officer hereafter designated by or pursuant to law, is hereinafter called "Agency"). established pursuant to Chapter 168 of the Privateand Special LaWa Of thw dais of.Main (19571 of the State of Maine (hereinafter called "Urban Renewal Act") and having its gffice at city Hall in the city of Ban (hereinafter called "City"), State of Maine and the Northern National Sank a corporation organized and existing under the laws of the E>9YX.W[ United States of i (hereinafter called "Redeveloper") and having an office for the transaction of business at 21 Main Street in the city of Bangor County of Penobscot , and State of Mines WITNESSETH: WHEREAS, In furtherance at the objectives of the Urban Renewal Act, the Agency has undertaken a -program for the clearance and reconstruction or rehabil- itationof slum and blighted areas in the City, and in this connection is engaged in carrying out an urban renewal project known as the " Kendu dimla Stream Urban Renewal Project" (Me -R-7) (hereinafter called 'Project'( in an area (hereinafter called "Project Area") located in the City; and iso-ezo9s WHEREAS, as of the date of the Agreement Mere has been prepared ane approved by the Agency an urban renewal plan for the Project, consisting of (Insert description of the plan, as, for example; 'the Urban Renewal Plan, dated My 20 19b4, and approved by the City Council of the City on Mms 22 , 1954. by Resolution No.>2R_, as amended by Amendment No. 1 thereof, dated May 19 , 19611, and approved by such Council on :Tine 13 , 1966, by 112(3131 Order %UtsgX No. 166and as amended by the Agency by Resolution dated August 25, 1964, Resolution No. 139, (which plan, [ an so amended, and ] as it may hereafter by [ further ] amended from time to time pursuant to law, and as so constituted from time to time, is, unless otherwise indicated by the context, hereinafter called "Urban Renewal Plan"); and n lieu of a Declaration of Restrictions WHEREAS, x[mPp of the Urban Renewal Plan t51i1FVFi6YXLi€,tl�xRxiIXlNti<AS MIYX�I[XLV6Ytixhae been recorded among the land records for the place in wl:ich the Project Area is situated, namely, Penobscot Registry of _Deeds mBocp24Rj_of at page 225 xxxxz,�txaxivt 'm[,a3$HtxT7�4xi41'RIX.l$`AbaIXRRa®csk$b9:i9[wAkxaAXXMR�aMX9.SPabf - qaxx4x[New�omedwM¢g%xvxXMa'xHxsa%Nxetrix%katt;exvf� &Imz#zs4xMrX GtkXze1 VMol. NM=XWk]P348 add W HEA£AS, in order to enable the Agency to achieve the objectives of the Urban Renewal Plan and particularly to make the land in the Project Area available for redevelopment by private enterprise for redevelopment for and in accordance with theusesspecified in the Urban Renewal Plan, both the p'claret Government and the City have undertaken to provide and have provided substantial -2. opo ¢min aid and assistance to the Agency through a Contract for [ Even and] Capital Grant dated u c�emt nn_ -3_, 193$ in the case of the Federal Government and [ a Cooperation Agreement, dated .July 14 l9 +L4,] in the case of the City; and WHEREAS, the Agency bas offered to sell and thaftedeveloper is willing to purchase certain real property located in the Project Area and more particularly described in Schedule A annexed hereto and made a part hereof (which property as so described is hereinafter called "Property") and to redevelop the Property for and in accordancewiththe uses specified in the Urban Renewal Plan and in accordance with the Agreement; and WHEREAS, the Agency believes that the redevelopment of the Property pursuant to the Agreement, and the fulfillment generally of the Agreement, are in the vital and best interests of the City and the health, safety, morals, and welfare of its residents. and in accord with the public purposes and provisions of the applicable Federal, State, and local laws and requirements under which the Project has been undertaken and is being assisted: NOW, THEREFORE, in consideration of the premises and the mutual obliga- tions of the parties hereto, each of them does hereby covenant and agree with the other as tallows: SEC. 1_ SALE: PURCHASE PRICE. Subject to all the terms, covenants, and conditions of the Agreement, the Agency will sell the Property to the Redeveloper for, and the Redeveloper will purchase. the Property from the Agency and pay therefor, the amount of Twenty-three Thousand.Three Hundred Thirty-sigollars S 23 336.00 1. hereinafter called "Purchase Price", to be paid in cash or by certified check simultaneously with the delivery of the deed conveying the Property to the Re- developer. 3- .r / SEC. Z. CONVEYANCE Or PROPERTY. (a) Form of Deed. The Agency shall convey to the Redeveloper title to the Property by Warranty deed [deeds] (hereinafter [collectively] called 'Deed"). Such conveyance and title shall, in addition to the condition subsequent provided for in Section 704 hereof, and to all other conditions, covenants, and restrictions set forth or referred to elsewhere in the Agreement, be subject to; (1� [Here set forth in full detail all easements with respect to the Property which are to be continued or are to be newly created or reserved] (2), (3), etc. [Here set forth other reservations, encumbrances, ceptions, if any. There should be included in this Section the customary standard printed exceptions found in a title policy, as well as the other exceptions noted in a title policy with respect to the particular property.] (b) Time and Place for Delivery of Deed. The Agency shall deliver the Deed .and possession of the Property to the Redeveloper on Su1V 26 , 1976, or on such earlier date as the parties hereto may mutually agree in writing. Conveyance shall be made at the principal office of the Agency and the Redeveloper shall accept such conveyance and pay the Purchase Price to the Agency at such time and place. (c) Apportionment of Current Taxes. The portion of the current taxes, if any, on the Property which are a lien on the date of delivery of the Deed to the Redeveloper allocable to buildings and other improvements which have been demolished or removed from the Property by the Agency shall be borne by the Agency, and the portion of such current taxes allocable to the land shall be apportioned between the Agency and the Redeveloper as of the date of the delivery of the Deed, if the amount of the current taxes on the Property is not ascertain- able on such date, the apportionment between me. Agency and the Redeveloper shall be onthe basis of the amount of the most recently ascertainable taxes on 4 1 the Property, but such apportionment shall be subject to final adjustment within (30)days after the date the actual amount of such current taxes is ascertained. (b) Recordation of Deed. The Redeveloper shall promptly file the Deed for recordation among the land records of the place in which the Property is situated. The Redeveloper shall pay all coats (including the cost of me State documentary -'i stamp tax, if any, on the Deed, for which stamps in the proper amount shall be .� affixed to the Deed by the Redeveloper) for so recording the Deed. (a) etc. [There should aim be included in this Section any other obligations of the Agency and the Redeveloper. respectively, in regard to the formalities and mechanics of conveyance and related obligations, as may be agreed upon on, the basis of local custom or otherwise, Forexample, provision may be necessary or desirable to indicate which party s to provide or bear the cost of title insurance or other title evidence: what the Amount of the title policy coverage is to be; what the nature of the title evidence shall be and who is to provide it (title in companies or title attorneys); which Party is to pay the State transfer tax, any, provided that, if the Agency is exempt from such transfer tax, the Redeveloper shall be obligated to pay it, as well asothermiscellaneous costa, etc. SEC. 3. GOOD FAITH DEPOSIT. (a) Amount. The Redeveloper has, prior to or simultaneously with the execution of the Agreement by the Agency, delivered to the Agency a good faith deposit of cash or a certified check satisfactory to the Agency in The amount of QW, Troulancl Cre, qnsdr,nd Sissfy-111mr, And ----- 00 It no Dollars ($1.1 SO.nn ), hereinafter called "Deposit", as security for the performanc of the obligations of the Redeveloper to be performed prior to the return of the Deposit to the Redeveloper, or its retention by the Agency as liquidated damages, or its application on account of the Purchase Price, as the case may be, in accordance with the Agreement. [or, in lieu of cash or certified check, substitute and describe in full either: (f) negotiable bonds or other similar obligations of the United States of America in the total principal amount of ` i axu-girxe. 'i Dollars ($- — ),as follows:"; or a surety bond in the,,ppnal amount of Dollars S - - _.__ '1, in form and substance satisfactory to the Agency, in which the Agency is the obligee, issued by a surety company regularly engaged in the issuance of such undertakings and on the list of surety companies approved by the United States Treasury for at least such amount," The Deposit, if cash or certified check, shall be deposited in an account of the Agency in a back or trust company selected by it. (b) Interest. The Agency shall be under no obligation to pay or earn interest on the Deposit, but if interest is payable thereon such interest when received by the Agency shall be promptly paid to the Redeveloper. (c) Application to Purchase Price. In the event the Redeveloper is other- wise entitled to return of the Deposit pursuant to paragraph (e) of this Section, upon written regneet of the Redeveloper the amount of the Deposit if paid in cash or by certified check shall be applied on account of the Purchase Price at the time payment of the Purchase Price is made. (d) Retention by Agency, Upon termination of the Agreement as provided in Sections 703 and 704 hereof, the Deposit or the proceeds of the Deposit, if not theretofore returned to the Redeveloper pursuant to paragraph (e) of this Section, including all interest payable an such Deposit or the proceeds thereof after after such termination, shall be retained by the Agency as provided in ` Sections 703 and 704 hereof. (e) Return to Redeveloper. Upon termination of the Agreement as provided in Section 702 hereof, the Deposit shall be retatned to the Redevelopet by the i 0 V D-EwA Agency as provided in Section 702 hereof. If the Agreement shall not have been theretofore terminated and if no cause for termination then exists. the Agency shall return the Deposit to the Redeveloper upon receipt by the Agency of the following: J(I) A copy of the commitment or commitments obtained by the Redeveloper fox the mortgage loan or loans to assist in financing the construction of the Improvements (as defined in Section 301 hereof), certified by the Redeveloper to be a true and correct copy or copies thereof - (it) Evidence satisfactory to the Agency that the interim mortgage loan to assist in financing the construction of the Improvements has been initially cloned; (iii) A copy of the contract between the Redeveloper and the general contrac- tor for the construction of the Improvements, certified by the Redevel- oper to be a true and correct copy thereof; and Qv) A copy of the contract bond provided by the general contractor in con- nection with the aforesaid construction contract which bond shall be in a penal sum equal to not less than ten percent (10%) of the contract price under said construction contract, certified by the Redeveloper to be a true and correct copy thereof. SEC. 4. TIME FOR COMMENCEMENT AND COMPLETION OF IMPROVE- MENTS. ,/ The construction of the Improvements referred to in Section 301 hereof shall be commenced in any event within three ( 3 ) months after the date of the Deed, and, except as otherwise provided in the Agreement, shall be completed within twelve ( la months after such date. Provided. That if a mortgage securing money loaned to finance the Improvements, or any part thereof, is insured by the Secretary of Housing and Urban Development, then the aforesaid completion time shall not apply but instead the construction of the Improvements. 1.0 o 10 .6209A or zany part thereof, shall be completed within the time specified in the applicable Building Wan Agreement approved by the Secretary of Housing and Urban Develop- ment. / SEC. S. TIME FOR CERTAIN OTHER ACTIONS. (a) Time for Submissionof Construction Plans. The time within which the Redeveloper shall submit ts"Construction Plans" (as defined in Section 301 hereof) to the Agency in any event, pursuant to Section 301 hereof, shall be not later than _ sixty ( 60) days from the date of the Agreement. (b) Time for Submissionof Corrected Construction Plans. Except as pro- vided in Paragraph (c) of thction 5, the time within which the Redeveloper shall submit any new or corrected Construction Plans as provided for in Section 301 hereof shall be not later than thirty (30) days after the date the Rede- veloper receives written notice from the Agency of the Agency's rejection ofthe ' Construction Plans referred to in the latest such notice. (c) F.aximum Time for Approved Construction Plans. In Any,event. the time within which the Redeveloper shall submit Construction Plane which conform to e requirements of Section 301 hereof and are approved by the Agency shall be not later than r1i mity, ( 90) days after the date the Redeveloper receives written notice from the Agency of the Agency's first rejection of the original Con- structio i Plane .submitted to it by the Redeveloper. (d) Time for Agency Action on Change in Construction Plans. The time c'ithln which the Agency may reject any change in the Construction Plane, as provided in Section 302 hereat, shall be tbi rtv ( 30) days after the date of the Agency's receipt of notice of such change. (e) Time for Submission f Evidence f Equity Capital and Mortgage Fina iny. The time within which the Redeveloper shall sabmit to the Agency, in any event, -a- evidence as to equity capital and any commitment necessary for mortgage financ- ing, as provided in Section 333 hereof• shall be not later than-nixty1 (60) days after the date of written notice to the Redeveloper of approval of the Construc- tion Plans by the Agency, or, if the Construction Plane shall be deemed to have been approved as provided in Section 301 hereof, after the a ration of thirty (30) days following the date of receipt by the Agency of the Construction Plans so deemed approved. SEG. 6. PERIOD OF DURATION OF COVENANT ON USE. The covenant pertaining to the use of the Property, set forth. in Section 401 hereof, shall remain in effect from the date of the Deed until .Tune 22 , 193A, the period specified or referredto in the Urban Renewal Plan: or until such date thereafter to which it may be extended by proper amendment of the Urban Renewal Plan, on which date, as the case may be, such covenant shall terminate. SEC. Y. NOTICES AND DEMANDS. A notice, demand, or other communication under the Agreement by either arty to the other shall be sufficiently given or delivered if it is dispatched by registered or certified mail„ postage prepaid, return receipt requectled, or delivered peruunally, and (i) in the case of the Redeveloper, is addressed to or delivered personally to the Redevelops* at 21 Main Street BAKU1091 Win"'i and (n) - in the cave of the Agency, is addressed to or delivered personally to the Agency at city Rall, 73 Earles Street, or at such other other address with respect to either such party as that party may. 9 U-711 F from time to time, designate in writing and forward to the other as provided in this Section. SEC. S. SPECIAL PROVISIONS. Adds other special tl'v Part I of Part pro B. to cover various situations which are not eady covere SEC. 9. MODIFICATIONS OF PART D. The following amendments and modifications are hereby made in the terms, covenants, and conditions forming Part 11 hereof: Delete Section 404 (added by former LPA Letter No. 318, Supplement No. 2). Insert after subsection 401(6) the following subsection: (c) All advertising (including signs) for sale and/oeental of the whole o any part of the Property shall include the legend, "An Open Occupancy Building" in type or lettering of easily legible size and design. The word "Project" or"Development' may be substituted for the word "Building" where circumstances require such substitution. SEC. 10. COUNTERPARTS. The Agreement is executed in three (3) counterparts. each of which shall constitute one and the same instrument. 1N WITNESS WHEREOF, the Agency has caused the Agreement to be duly executed in its name and behalf by its Executive Director and its seal to be hereunto duly affixed and attested by its and the Redeveloper has caused the Agreement to be duly executed in its name and behalf by its President and its corporate seal to be 10- 7.7 hereunto duty aft{xed and attested by its secretary. an or as of the day first above written. - Urban AeneWel Authority of the City of Bangor By Attea@ Northern National Bank rx<n LiZs"y v e SCHEDULEA Description of Property All that certain parcel or parcels of land located in the City of Bangor . County of Penobscot , State of Maine more particularly described as follows: - Kenduekeag Stream Parcel No. B-16, a4 said Parcel may be more particularly described by agreement of the parties. The parcel is bounded generally by Washington Straet,Kenduskeag Plaza, Water Street and Broad Street, excepting a fifty (501) [xo0etpv.L(x%11M .] foot strip parallel to Washington Street which is to be reserved for the widening of said Washington Street. 12 'U.S. GOVERNMENT PRINTING OFFICE: "4091/1603