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HomeMy WebLinkAbout1972-07-24 249-Z ORDER249-2 Introduced by Councilor 6rountas, July 24, 1903 CITY OF BANGOR (TITl6) (yrbrerp_... Approving Proposed Contract for Sale of Land. 1n. the Stillwater Park Urban Renewal Project Parcel No . 68-69-70-71-72-73 & 74 By Us City Couuil of City of Beeper: ORDERED, THAT WIddke S, the Urban Renewal Authority of the City of Bangor proposes to enter into a contract for the sale of parcel nombeced68-69-70-71-72-73 & 74 in the Stillwater Park Urban Renewal Project with James Jacobs d/b/a Longview Lumber Co. , and MESAS, the Said James Jacobs d/b/a Longview Lumber Co. has offered to pay the sum of FiftV-One Hundred Dollars (55.100.00) for said parcel , Said price being the minimum approved price for said parcel as established by the Urban Renewal Authority and approved by the Department of Rousing and Urban Development; and WHEREAS under the provisions of Chapter 168 of the Private and Special Lave of Maine, 1951, as ameMed, City Council approval of all contracts for the sale of land within the project area is required; and WHEREAS, the Urban Renewal AtLttoho 3tlehe1"N aC ccopy of the 0. proposed contract withdames Jacobs d/b/a in the office of the City Clerk; NOW, THEREFORE, BE IT CONSENT: THAT the proposed contract on file with the City Clerk be and is hereby approved. 249-z � � CEI VED 1972 "' 20 PH 2:10 CITY C; 4WS onncn IN CIM CO@ ILSale of Isnd in Stillwater Palk - ............................. Jul 24, 1972 PMSEO (,y 2ErrowQinn ✓eby� Paz69-00-01-72-73 s 74 .................................... IM cLEW( Iv du a Med by �Counedlmm STILLWATER PARK PROJECT PROJECT NO. ME. 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 JAIS 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 8. 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 part hereof (which Part I and Part II are together hereinafter called "Agreement"), made n or as of the 13th day of July 19'!2 by and between the Urban Renewal Authority of the CiEY of Bangor, 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 Private and Special Laws of the State of Maine, 1957, as amended (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 Jacob; d/b/a/ Longview Lumber Co. hereinafter called the "Redeveloper") and having an office for the transaction of business at R.F.DJ@ , in _tFe City c f Orrl On , County of Penobscot , and State of Maine WITNESSETH: WHEREAS, in furtherance of the objectives of the Urban Renewal Act, the Agency has undertaken a program for the clearance and reconstruction or rehbilitation of slum and blighted are s in the City, and in this connection in engaged in carrying out n urban renewal project known as the "Stillwater Park Urban Renewal Project" (hereinafter called "Project") in a area (here- inafter called "Project Area") located in the City; and WHEREAS, the Agency has offered to sell and the Redeveloper 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 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, and the fulfillment generally of the Agreement, are in the vital and beat 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 end is being assisted: NOW, THEREFORE, in consideration ofthe 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 fift - ne hundred and 00/100 _ Dollars ($ � 00.00 reinafter ca helled "Purchase Price", to be pard in cash or by certified check simultaneously with the delivery Of the deed con- veying the Property to the Redeveloper. SEC. 2. CONVEYANCE OF PROPERTY 2 (a) Form of Deed. The Agency shall convey to the Redeveloper title to the Property by warranty Deed (hereinafter called "Deed"1. 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 o£ Deed. The Agency shall deliver the Deed and possession o£ the Property to the Rede- veloper on Aueust 4 19,? , or on such earlier date as the parties hereto may mutually agree in writing. Conveyance shall be made et the principal office of the Agency and the Redeveloper shall accept such conveyance and pay to the Agency at such t4se and place the Purchase Price. (c) APOOxt lOnment of CUYYent Taxes. The pOItiOn Of the current taxes, i£ any, on G e Property 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 end 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 apportionment 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 PmOunt, O£,:suQbr current. ta%es is ascertained. -2 (d) Recordation o£ Deed. The Redeveloper shall promptly file the Deed fox recordation in the Penobscot Registry of Deeds at Bangor, 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) F th Ob1' t' f theA and the Redeveloper. See Schedule A. 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 �n..an r:ny- he and 00/100 Dollars c D here- inafter ailed "Deposit", as ecurity for the performance of the obligations of the Redeveloper to be performed prior to the returr. 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. The Deposit, if cash or certified check, shall be deposited in an account of the Agency in a bank 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. uponwrittenrh uestt f the Redeveloper, the amount or the Deposit, mei 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 0£ 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 ae provided in Section 703 hereof. (e) Return to Redevel__oPer. Upon termination of the Agreement 02 h s provided in Sect"0 7ereof, the Deposit shall be returned to the Redeveloper by the Agency as provided in Section 702 herecf. If the Agreement shall not have been terminated as in section 702 or 703 hereof provided, the Agency shall return the Deposit to t!: Redeveloper upon receipt by the Agency of the following: (1) A copy of the commitment or commitments obtained by the Redeveloper for the mortgage loan of 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; (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 (30%) 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 COMMENCEMENT AND COMPLETION IMPROVEMENTS The construction of the Improvements Ieferred 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 eighteen (18) months after such Deed date. SEC. 5 TIME FOR CERTAIN OTHER ACTIONS. (a) Time for Submission of Construction Plans. The time within which the Redeveloper shell submit its "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 cape as provided in Paragraph (c) of this 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. (e) Maximum Time for APured Construction Plans. In any event, the time within which theovAedeveloper sha11 submit Construction Plans which conform to the requirements of Section 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 COnstruCti0n Plans_. The time within which the Agency may reject a y change n the Construction Plans, as provided in Section 3C2 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 of Fcvity Capital and Moxtga ge Financing. The tine within which the Redeveloper shall submit to the Agency, in any event, evidence as to oddity capital and any commitment necessary for mortgage financing, s provided in Section 303 hereof5 shall be not later than thirty(30 ) days after the date of written notice to the Redeveloper o£ 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. no covenant pertaining to the uses of the Property, set forth in Section 401 hereof, shall remain to effect from the date of the Deed until January 22, 2022, the period specified or referred to in the Declaration of Restrictions or until such data 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 ACID 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 requested, 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 and (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, designote in writing and forward to the other as provided in this Section. SEC. E 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 eveCnted 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 in its name and behalf by its Executive Director and its seal to be hereunto duly affixed and attested by its Executive Direato I and the -5- 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 68, 690 70, 71, 72, 73, & 74 as snow on Plan of fund entitled "Stillwater Park Project, Bangor, County of Penobscot, Maine, Urban Renewal Authority of the City of Bangor, Project Me. R-4" consisting of nine (9) pages and recorded in Penobacot Registry of Deeds in Plan Book 24, Pages 1r9 inclusive. Subject to the following covenants, restrictions and easements: (if none, so state) further obligations of the Agency and the Redeveloper -7-