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HomeMy WebLinkAbout1972-08-14 257-Z ORDER257-2 Introduced by Councilor aroused, Aug. 14, 1972 CITY OF BANGOR (TITLE.) (DCilPrf..... Approving Proposed Congeact for.. Sale of Land in the Stillwater Park Urban Renewal Project - Parcel Sea. 83, 84, 119 & 120 By Na City CouneB of da ISIS ojBanper: ORDERED. TUT UNEREAS, the Urban Renewal Authority of the City Of Ungar proposes to eater into a contract for the Sale of parcels numbered 83. 84. 119 & 12C in the Stillwater Park Urban Renewal Project with Sockbeson BYos.. Inc. , and WHEREAS, the said Sockbeson BYOS. Inc. has offered to pay the -sum of Thirteen Hundred Fifty Dollars ($1,350-00) for said parcel , said price being the Ointment 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 provisions of Chapter 168 of the Private and Special Lave of Elaine, 1957, as amen ed, City Council approval of all contracts for the sale of land within the project area is required; add WHEREAS, the Urban Renewal Authority has filed a copy of the proposed contract with SOckbeson Bros. , Inc. in the office of the City Clark; NOW, UVEREPORE, BE IT ORUEREO: THAT the proposed contract on file with the City Clerk be and is hereby approved. r 2s9 -z RE CEIVED 137? up,�q PM 2:5, clrr . �COFFICE r6 a,,pe Mlr!gE }ifje, Sale of Land in Stillwater Park V.R. ...................................... IN CITY CWNCIL Aug. 14, 1972 PASS® Project - Parcel Nos. 63,84,119 5 120 ......................... 4............ Intitduced and filed by Y Co . STILLWATER PAM PROJECT PROJECT NO. NE. 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 nkbwa 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 -6209B, 1-64) annexed hereto and made a part hereof (which Part I and Part II are together hereinafter called "Agreement"), made on or as of the 26th day of .Nly 19 72, by and between the Urban Renewal Authorih of the Cii o£ Ban or, a c 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 caws 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 Sockbeaon Bros. Inc. corporation organized and isting under exthe laws of the State of Maine hereinafter called the "Redeveloper") and having an office for the transaction of business at 502 Stillwater Avenue in the City of 01d Town , 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 rehabilitation of slue and blighted ore 's n the City. and in this connection is engaged in carrying out an urban renewal project known as the "Stillwater Park Urban Renewal Project" (hereinafter called "Project") 1 area (here- inafter called "Project Area") located in the City;annd WHEREAS, the Agency has offered to sel- 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 2111, 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 best interests of the City and the healthsafety, morals, and welfare of its residents, -1- and in accord with the public purposes and provisions of the applicable Federal, State, and local laws end requirements under which the Project has been undertaken end is being assisted: NOW, THEREFORE, in consideration of the promises and the mutual obligations of the parties hereto, each Of them does hereby covenant and agree with the other as follows: 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 Th' -O a Hundred and Fi£ty and— -------------- ------ 00/lowollaY6 hereina£ter called "Pure ase Price", to be paid an Cash or by 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 t e Presby 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, he subject na 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 o the Property to the Rede- veloper on Au ust 15 1972 , or on such earlier date as the partvea ereto 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 to the Agency at such time and place the Purchase Price. (c) AADpsortionment 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 s 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 tmOWt10£.:enC11C CUrient taxes ia%ascertained. 2 (d) Recordation of Deed. The Redeveloper shall promptly file the Deed for recordation in the Penobscot Registry of Deeds at Bangor, Maine. The Redeveloper shall pay all coats (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) Pu h OblAt t' f theAgency nd 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 One Hundred ift -r x; „nr and ---------00100 Dollars (H58 001 na£tex called "Deposrt", as security for the 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, i£ cash or certified check, shall be deposited in an eccount 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) alication to Purchase Price. Upon written request of the Redeveloper, the amount of the Deposit, made in Cash or by certified check, shall be applied on account of the Purchase Price at the time payment of the Purchese Price is made. (d) Retention by AgancV. upon termination of the Agree- ment as provided in Section 703 hereof, the Deposit, if cash, or bonds or similar obligations of the Un ted States, including all interest payable thereon after such termination, or, if a surety bond, the proceeds thereof, shall be retained by the Agency 05 provided in Section 703 hereof. (e) Return to Redeveloper. Upon termination of the Agreement as provided in Section 702 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 the following; (1) A copy of the commitment or ooaritments obtained by the Redeveloper for the mortgage loan Or loans t0 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; (e) Time for Submission of Evidence of Equity Capital and Mo{ttva9E Fincing. The time within which the Redeveloper shall submrt to theanAgency, in any event, evidence as to equity capital and any commitment necessary for mortgage f_nencing, as provided in Section 303 hereof, shall be not later than thirty (30 ) 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 :deemedto have 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 r 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 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- ageprepaid, return receipt requested, or delivered personally, and (1) in the case of the Redeveloper, is addressed to or delivered personally to the Redeveloper at 502 Stillwater Avenue Old Town, 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, design.te 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 Pat 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 inits n and behalf by its Executive Director and its seal to be hereunto duly affixed and attested by its 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; kbm 13roS (Re eve oiler Attest: (Secretary) In City council council Order No._ Attest: Attest: (Secretary) A True Copy, Attest: r,. SCBEDULE 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 83, 84, 119 and 120 as shown on Plan of band 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 Penobscot Registry of Deeds in Plan Book 24, Pages 1 - 9 inclusive. Subject to the following covenants, restrictions and easements: (if none, so state) further obligations of the Agency and the Redeveloper -7-