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HomeMy WebLinkAbout1971-12-27 62-Z ORDER62-g Introduced by Councilor yloonay, Dec.. 27, 1971 ,v CITY OF BANGOR (TITLE.) (Drbfrp—Approving Proposed Conpract .for. sale of Land in the Stillwater Perk Urban Renewal Project - Parcel No 91 5 92 By Cks City Cou uY of W My of Banker. ORDFRRD, THAT WHEREAS, the Urban Renewed Authority of the City of Bangor proposes to enter into a contract for the sale of parcel n,mbered9l A 92 in the Stillwater Perk Urban Renewal Project with SockbeaOn Bros., Inc. ; and WIERE,S, the said cQckbesan Bros. Inc. has offered to pay the am of Thirty -Six Hundred and 00/100 Dollars ($3,600.) for said parcel , said price being the mivlmm approved price for said parcel as established by the Urban Renewal Authority and approved by the Department of Causing and Urban Develolueny and WHEREAS under the provisions of Chapter 168 of the Private and Special Laws of Maine, 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 Sockbeson Bros., Inc. in the office of the City Clark; NW, THEREFORE, 9E IT ORDERED: 'HNT the proposed contract on file with the City Clerk be and to hereby approved. - I RECEIVED i 1971 OEC 22 IH 2::9 CITY CLERK'S OFFICE 9TY OF 91 N^^R, M41NE IN CIW COUNCIL Dec. 27, 1971 PASSED 62-z d Ince nue, Sale of Land'in Stillwater Park VR ............... 0...................... Protect - Pazcel 91 and 92 .................... Introduced and filed by STILLWATER PARK PROJECT PROTECT NO. M. R-4 PART I of CONTRACT FOR SALE OF LAND FOR PRIVATE REDEVELOPMENT (OPPER AND ACCEPTANCE) By and Between Urban Renewal Authority of the City of Bangor and Sockbeson Bros. Inc. 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 SALE OF LANG FOR PRIVATE REDEVELOPMENT AGREEMENT, consisting of this Part I and Part SI (Form H-62098, 1-64) annexed hereto and made a part hereof (which Part I and Part II are together hereinafter XL led "Agreement" made on or as of the �at day of Date moba r 19 1 , by and between the Urban Renewal Authority of the City of Bangor, a 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, a 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 Sockbeeon Bros., Inc. corporation aorganized and fisting under the laws of the state of hereinafter called the "Redeveloper") aI�a3we n enueffice for the transaction of business at 502 Still ter Av n the City of , County of i , and State o£ matne WITNESSETH: wEEREA;, in furtherance of the objectives of the Urban Renewal Act, the Agency has undertaken a program for the clearance and reconstruction or reh:bilit,tion of slum and blighted are s a n the City, and in this connection i engaged in carrying out an urban renewal project known as the"5tillwater Park Urban Renewal Project" (hereinafter called "Project") i area (here- inafter called "Project Area") located in the City; an 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 best interests of the City and the health, safety, morals, and welfare of its resident=_, -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. 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 Thin - dred and ------ ------- _ --------------00/1-purchase p Dollars $ , 7. hereinafter called "Parc a e Price", pa d icash by certified check simultaneously with thehe delivery o of the de deed con- veying the Property GO 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 W 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 [he Property to the Rede- veloper o aanuaxv 1 -19 72, 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 to the Agency at such time and place the Purchase Price. (c) Apportionment of Current Taxes. The portion of the current taxes, if any, he 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 to=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 notascertainable 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 .mount: 0£ne .current tCtes i9. ascertained. -2- (d) Recordation of Deed. The Redeveloper shall promptly file the Deed £or 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) her Call gations of the A encV 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 Agencya good faith deposit of cash or a certified check satisfactory to the Agency in the amount ofeih£1� Dollars h re- na£ter cal led Deposit", as security or the per £oxmance o£ the obligations of the Redeveloper to be performed prior to the return of the Deposit to the Redeveloper, or its retention by the Agercy 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) Ao lication t0 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 Purchaee Price is made. (d) Retention by Agency. Upon termination of the Agree- ment as provided in Section 903 hereof, the Ceposit, 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 Redeveloper. Upon termination of the Agreement s provided in Section 902 hereof, the Deposit shall be returned to the Redeveloper by the Agency as provided in section 902 hereof. If the Agreement shall not have been terminated asrn Section 702 or 903 hereof provided, the Agency shall return the Deposit to uSc 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 or Loans to assist in financing the construction of the Improvements las 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 collection 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 COMMENCEMENT 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 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 shall submit its "Construction Plans" (as defined in Section 301 hereof) to the Agency in any vent, 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 this Section 5, the time within which the Redeveloper shalsubmit 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) Maximlj Time fOr A roved COnatlVCtion Plans. In any event, the time withrn which t e Redeveloper shall submit Construction Plans which conform to the requirements of Section 301 hereof end are approved by the Agency shall be not later than ninety (90) days after the date the Redeveloper received 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 Chanqe in Construction Plane. 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 SubmisaiOn of Evidence of EwitV Capital and Mortgage Financing. The time within which the Redeveloper shall submit to the Agency, in any event, evidence as to equity capital and any commitment necessary for mortgage financing, as provided in Section 303 hereof, shall be not later than sixty (__O ) 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 -to 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 remain in 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. ]. 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 reouested, or delivered personally, and (1) in the case of the Redeveloper,rsaddressed to or delivered personally to the Redeveloper at 502 Stillwater Avenue AIA m 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, designate 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 evecuted 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 name and behalf by its p.,anurioe na.g, tn' and its seal to be hereunto duly affixed and attested by its E.ecut;.... mra�"nr 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; a)rAW''FSOi✓ 3le6S. '2;VC (Redeveloper) S Attest: Toad. Secretary In City Council council Order No._ Attest Attest: (Secretary) A True Copy, Attest: r,. 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 91 and 92 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-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) 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-