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HomeMy WebLinkAbout1971-11-22 20-Z ORDER20-Z Introduced by councilor Brountaa, Nov. 23, 1971 CITY OF BANGOR (TITLE.) (Oriere--Approving Proposed Conaract for „Sale of Land in the Stillwater Park Urban Renewal Project - Parcel No 167 5 170 BY the City Council ofdw My of Beeper: ORDEEED, TEAT wNEREAS, the Urban Renewal Authority of the City of Magor proposes to enter into a contract for the sale of parcel numbered 167 s 170 in the Stillwater Park Urban Renewal Project with James Jacobs , and WHEREAS, .the said James Jacobs has offered to Pay the am of Nineteen Hundred and 00/100 Dol lata (SI 90P.00) for said parcel said price being the minimm approved price for said parcel as .established by the Urban Renewal Authority and approved by the Department of Housing and Urban Development: and WHEREAS under the provigiom of Chapter 160 of the Private and Special Law of Mine, 1957, as mended, City Council approval of all contracts for the sale of land within the project area is required{ and WILSHIRE. the Urban Renewal Authority has filed a copy of the proposed contract with James Jacobs in the office of the City Clark: Now, THEREFORE, BE IT ORDERED: THAT the proposed contract on file with the City Clerk be and is hereby approved. 20-z I]Glat]I�y]'.1tl11� M C M O R D E R WIR Title, Sale of Land in Stillwater Park - ............... 4.................. IN CITY C IL Parcel No. 167 6 170 .................................. ov. 22, 1971 PASSED Ino duced and filed by cxxr cL¢ix STILLWATER PARR PROJECT PROJECT NO. M. R-4 _ PART I of CONTRACT FOR SALE OF LAND FOR PRIVATE REDEVELOPMENT (OFFER AND ACCEPTANCE) By and Between Urban Renewal Authority of the City of Bangor and James Jacobs PART I CONTENTS Section page 1. Sale: Purchase Price 2 2. conveyance of Property 2 3. Good Faith Deposit 3 4. Time for Commencement and 4 Completion of Improvements 5. Time for Certain Other Actions 4 6. Period of Duration of Covenant on Use 4 7. Notices and Demands 5 B. Special Provisions 5 9. Modifications of Part II 5 10. Counterparts 5 CONTRACT FOR SALE OF LAND FOR PRIVATE REDEVELOPMENT AGREEMENT, consisting of this Part I and Part II (Form H-62098, 1-64) annexed hereto and made a pa=t hereof (which Part I and Part II are too then hereinafter called "Agreement -V made on or a of the 15th day of Octobr , 19'!1, by Urban and between the Renewal Authorit of rhe Cit of Bangor, public body corporate whit together with any successor public body or officer hereafter designated by or pursuant to law, i hereinafter called "Agency"), established porsuant to Chapter 168 of the Private and Special Laws of the State of Maine, 1957, a ended (hereinafter called "Urban Renewal Act") and having its office at City Hall in the City of Bangor (hereinafter called "City"), State of Maine, and the James Jacobs a corporation organized and existing under the laws of the State of Maine hereinafter called the 'Redeveloper")nd haviw3 an office for the transaction of business at R. F, D. 8° in t e City of , County of and State o£ WITNESSETH: WHEREAS, in furtherance of the objectives of the Urban Renewal Act, the Agency has undertaken a program for the clearance and reconstruction or rehrbilit,tion of slcm and blighted ,re s n the City, and in thin c a connection i engaged in carrying out an urban renewal project known as the "Stillwater Park Urban Renewal Project" (hereinafter called "Project") i area (here- inafter celled "Project Area") located in the City;a,nd WHEREAS, the Agency has offered to sell and the Redeveloper s willing to purchase certain real property located in the Project Area and more particularly described in Schedule A annexed xed hereto and made a part hereof (which property a o described is herein- after called "Property") and to redevelop the Property for and in accordance with the uses specified in the Declaration of Restrictions recorded in Penobscot Registry of Deeds, Book 2113, Page 835 and in accordance with the agreement; and WHEREAS, the Agency believes that the redevelopment of the Property pursuant to the Agreement, nd the fulfillment generally of the Agreement, a n the vital and best interests of the City and the health, safety, morals, and welfare of its residents, -1- 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 =nd is being assisted: NOW, THEREFORE, in consideration of the premises and the mutual obligations of the parties hereto, each of them does hereby covenant and agree with the other as follows: SEC. I. 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 One Thousand Nine Hundred and 00/100 Dollars ($0 0 ), hereinafter called "Purchase Price", to a paid in cos or y certified check simultaneously with the delivery of the deed con- veying the Property to the Redeveloper. SEC. 2. CONVEYANCE OF PROPERTY (a) Form of Deed. The Agency shall convey to the Redeveloper title to the Property by Warranty Deed (hereinafter 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 the terms, if any, set forth on said Schedule A. attached hereto. (b) Time and Place for Delivery of Deed. The Agency shall deliver the Deed and possession of the Property to the Rede- veloper on December 1 19 71, or on such earlier date as the parties hereto may mutua y agree in writing. Conveyance shall be made at the principal office of the Agency and the Redeveloper shall accept such conveyance and pay to the Agency at such time and place the Purchase Price. (c) Apportionment of Current Taxes. The portion of the current taxes, if any, on the Property which are a lien on the data 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 ta.es 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 ascertainable on such date, the apportiowent between the Agency and the Redeveloper shall be on the basis of the amount of the most recently ascertainable taxes on the Property, but such apportionment shall be subject to final adjustment within thirty (30) days after thedate the actual .mount of smolccurrent traces is ascertained. -2- (d) Recordation of Deed. The Redeveloper shall promptly file the Deed for recordation in the Penobscot Registry of Deeds atBangor, Maine. The Redeveloper shall pay all costs (including the cost of the Federal documentary stamp tax on the Deed, for which stamps in the proper amount shall be affixed to the Deed by the Redeveloper) for so recording the Deed. (e) Fu th Obl' t' f theAgency add theRedeveloper. See Schedule A. SEC. 3. GOOD FAITH DEPOSIT. (a) Amount, The Redeveloper has, prier 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 Ninet five and _________________00/JOB Dollars here- inafter called "Deposit", as security £or tte performance 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 s liquidated damages, or its application on account of the Purchase Price as the case may be, in accordance with the Agreement. The Deposit, if cash or certified check, shall be deposited inn account of the Agency in a bank or trust Company selected by it. (b) Interest. The Agency shall be under n0 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) AP211 to Purchase Price. Upon written request of the Redeveloper, the amount of the Deposit, made in cash or by certified check, shall be vpplied on account of the Purchase Price at the time payment of the Purchase Price is mode. - (d) Retention by Aferry. Upon termination of the Agree- ment as provided in Section 703 hereof, the Deposit, if cash, or bonds or similar obligations of the United States, including all interest Payable thereon after such termination, or, if a surety bond, the proceeds thereof, shall be retained by the Agency as provided in Section 703 hereof. (e) Return to Redeye_10peq Upon termination of the Agreement a prow id addin Section 70 hereof, the Deposit shall be returned to the Redeveloper by the Agency as provided in Section 702 hereof. If the Agreement shall not have been terminated as in Section 702 or 703 hereof provided, the Agency shall return the Deposit to the Redeveloper upon receipt by the Agency of Cie following: (1) A copy Of the commitment or commitments obtained by the Redeveloper for the mortgage loan or loans to easier i 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; (2) Evidence Satisfactory to the Agency that the interim mortgage loan to assist in financing the construction of the Improvements has been initially closed; (3) A copy of the contract between the Redeveloper and the general contractor for the construction of the Improvements, certified by the Redeveloper to be a true and correct copy thereof; and (4) A copy of the contract bond provided by the general contractor in connection 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 con- struction contract, certified by the Redeveloper to be a true and correct copy thereof. SEC. 4. TIME FOR COMNEUCEMENT AND COMPLETION IMPROVEMENTS. The construction of the Improvements referred to in Section 301 shall be commenced in any event within six (6) months after the date of the Deed, and, except as otherwise provided for in the Agreement, shall be completed within e_ghteen (18) months after such Deed date. SEC. 5 TIME FOR CERTAIN OTHER ACTIONS. (a) Time for Submission of Construct -on Plane. 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 no later than one hundred twenty (120) days from the date of this Agreement. (b) Time for Submission of Corrected Construction Plans. Ex cept as provided in Paragraph (c) of th-s Section 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 sixty (60) days after the date the Redeveloper receives written notice from the Agency of the Agency's re- jection of the Construction Plans referred to in the latest such notice. (c) Maximum Time fox A roved Construction Plans. In any event, the time within whic the Aedeve open shall submit Construction Plans which conform to the requirementsofSection 301 hereof and are approved by the Agency shall be not later than ninety (90) days after the date the Redeveloper receives written notice from the Agency of the Agency's first rejection of the original Construction Plans submitted to it by the Redeveloper. (d) Time for Agency Action on Change in Construction Plans. The time within which the Agency may reject any change in the Construction Plans, as provided in Section 302 hereof, shall be forty-five (45) days after the date of the Agency's receipt of notice of such change. -4- (e) Time for Submission of Evidence o£ Eguitv capital and 110 tgage Financing. The time within which the Redeveloper sha11 submit to the Agency, in any event, evidence as to equity capital and any commitment necessary for mortgage financing,s provided in Section 303 hereof,, shall be not later than sixty a 60 ) days after the date of written notice to the Redeveloper of approval Of the Construction Plans by the Agency or, if the Construction Plans shall be deemed..tohave been approved as provided in Section 301 hereof, after the expiration of thirty (30) days following the date of receipt by the Agency of the Construction Plans as deemed approved. SEC. 6 PERIOD OF DURATION OF COVENANT ON USE. The covenant pertaining to the uses of the Property, set forth in Section 401 hereof, shall remain in effect from the date of the Deed until January 22, 2022, the period specified or referred to n the Declaration of Restrictions or until such date thereafter to which it may be extended by proper amendment of the Declaration of Restrictions, on which date, as the case may be, such covenant shall terminate. SEC. 7. NOTICES AND DEMANDS. A notice, demand, or other communication under the Agreement by either party to the other shall be sufficiently given or de- livered if it is dispatched by registered or certified mail, post- age prepaid, return receipt reouestea, or delivered personally, and (1) in the case of the Redeveloper, is addressed to or delivered personally to the RedeveLoper at R.F. D. #2 Orrington. Maine in (11) in the case of the Agency, is addressed to or delivered personally to the Agency at City Hall, Bangor, Maine or at such other address with respect to either such party as that party may, from time to time, design, Is in writing and forward to the other as provided in this Section. SEC. 8 SPECIAL PROVISIONS SEC. 9 MODIFICATION OF PART II. The following amendments and modifications are hereby made in the terms, covenants and conditions forming Part II hereof SEC. 10. COUNTERPARTS. The Agreement is executed in three (3) counterparts, each of which shall constitute one and the same instrument. IN WITNESS WHEREOF, the Agency has caused the Agreement to be duly executed i its n and behalf by its Executive Director and its seal to be hereunto duly affixed and attested --by Executive Director and the -5- Redeveloper has caused the Agreement to be duly executed inits name and behalf by its President and its corporate seal to be hereunto duly affixed and attested by its secretary, on or as of the day first above written: B President Attest; (Secretary) in City council Council order No._ Attest; Attest: Secretary A True Copy, Attest: -6- (City Clerk SCHEDULE A 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: Lots numbered 167 6 170 as shown on Plan of Land entitled "Stillwater Park Project, Bangor, County of Penobscot, Maine, urban Renewal Authority of the City of Bangor, Project Me. R-6" consisting of nine (9) pages and recorded in Penobscot Registry of Deeds in Plan Book 29, Pages 1-9 inclusive. Subject to the following covenants, restrictions and easements: (i£ none, so state) Subject to the Declaration of Restrictions for Stillwater Park Project, recorded in Penobscot Registry of Deeds, Vol. 2113, Page 835. further obligations of the Agency and the Redeveloper -7-