Loading...
HomeMy WebLinkAbout1971-04-12 163-Y ORDER163-Y Introduced by Councilor Minsky, April 12, 1971 CITY OF BANGOR (TITLE.) OtbeTr-_.Approving Proposed ConTract for Sale of band in the Stillwater Park Urban Renewal Project Parcel Nos, 7, 19, 20, 28 & 158 By his City Conseil of W CYty ofBanpar: ORDERED, THAT WHEREAS, the Urban Renewed Authority of the City of Bangor proposes to enter Into a contract for the sale of parcel numbered 7, 19, 20, 28 & 158 in the Stillwater Park Urban Renewal Prvject with Westville Homes CoruoratiOn and WNBRRAS, the said Westville Hanes Corporation has offered to pay the am of Four Thousand, Eight Hundred and 00/100 for said parcel , saidprice being the minimums approved price for said parcel established by the Urban Renewal Authority and approved by the Department of Housing and Urban Development; and WHER&1S 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 elle of land within the project area is required; and WHEREAS/ the Urban Renewal Authority has filed a copy of the proposed contract wlthWestvill'e Homes Corp. in the office of the City Clack; NOW, THEREFORE, 8E IT DRDERED: THAT the proposed contract on Elle with the City Clerk be and is hereby approved. ;�+=CEI V ED In APA -B ",P 4:5 CITY CLERK'S oFEICE ,Ty g pHrynR. MAINE April 12, 1971 PASSED C C17 163-Y OBOES Sitje, Sale of 1H`H in Stillwater Pk m Project ...................................... Parcel Nos. 7,19,20,28 6 158 .............................. .... ..ICAO ESEed Ey IiO®LSi�n STILLWATER PARR PROJECT PRCJECT NO. M. R-4 PART I of CONTRACT FOR SALE OF LAND MR PRIVATE REDEVELOPMENT (OFFER AND ACCEPTANCE) J By and Between Urban Renewal Authority of the City of Bangor and WESTVILLE BOXES CORPORATIM 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 J. 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 (Farm H-62098, 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 29th day of March , 19 71, by and between the Ihban RRenewal Patho[iY o£ the Cvto£ the Cvt of Bangor, public body corporate which, together wit any a sor public body or officer hereafter designated by or pursuant eto law, is hereinafter called "Agency"), established pursuant to Chapter 168 of the Private and Special Laws of the State of Moine, 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 Westville Homes -Corporation a corporation organized and existing under the laws of the State at Delaware hereinafter called the "Redeveloper") and having an office for the transaction of business at Box pl n the City of Plaistow , County of Rockingham , and State of w Rameshiee WITRESSETH: WHEREAS, in furtherance of the objectives of the Urban Renewal Act, the Agency has undertaken a program for the clearance and reconstruction or rehabilit,tion of slum and blighted are a in 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")in area (here- inafter called "Project Area") located in the City; anarea 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 inaccordance 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 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 Two Thousand Eight Hundred and 00/100 Dollars ($2800,00 ), hereinafter called Purchase Price", to be paid 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 (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, inaddition to the condition subsequent provided for in Section 704 hereof, ani 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 Del ive[v of Deed. The Agency shall peed deliver the and possession of the Property to the Rede- veloper on M 15, 19 71, or on such earlier date as the parties hereto may mutually agree inwriting. 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 o 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 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 Pmountof sucb:current tc:ms is. 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 costa (including the coat Of the Federal documentary stomp 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) Further Obli ations of the A enc at the Radevelo r. See Sc a ule A. SEC. 3. GOOD FAITH DEPOSIT. (a) Amount. The Redeveloper has, prior to or simultaneously with the a ecution of the Agreement by the Agency, delivered to the Agencyxa good faith deposit of cash or a certified check satisfactory to the Agency in the amount Of Hundred and ------ ------00/100 Dollars (5245.00 _,,and called bepoait", as security £or t e performance of the obligations of the Redeveloper to be performed prior to the return of the Deposit : 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 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. Upon written request of the Redeveioper, the amount of the Deposit, made in cash or by certified check, shall be .pplied on account of the Purchase Price at the time payment of the purchase Price is made. (d) Retention by Agency. Upon termination of the Agree- ment as provides in section J03 hereof, the Deposit, if cash, o 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 s provided in section 703 hereof. (e) Return to Redeveloper. Upon termination of the Agreement s 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 commitments obtained by the Redeveloper for 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; (2) Evidence satisfactory to the Agency that the interim mortgage loan to assist in financing the construction of the Improvements Sas 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 sun 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 CCMPLETION IMPROVEMENTS. no 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 Dead date. SEC. 5 TIME FOR CERTAIN OTHER ACTIONS. (a) Time for Submission of Construction Plane. The time within whicb the Redeveloper shell submit its "Construction Plane" (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 b£ corrected Construction Plans. Ex Capt as provided m sera graph (c of this Section 5, the time within which the Redeveloper shall submit any new or corrected Construction Plana 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 A roved Construction Plans. In any event, the tine within which the Re eveloper shall 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 Aqencv Action on Change in Construction Plans. The time within which the Agency may reject any change in the Construction Plana, 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. SC (e) Time for Submission of Evidence of Eouity Capital and Mortgage Financing. The time within which the Redeveloper shall submit to the Agency, in any event, evidence as to acuity capital and any commitment necessary for mortgage financing, as provided in Section 303 hereof, shall be not later than Fifteen ( 15 ) 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 130) days following the date of receipt by the Agency of the Conetrcction Plans as deemed approved. SEC. 6 PERIOD OF DURATION OF COVENANT ON USE. The covenant pertaining to the uses of the Property, set forth n Section 401 hereof, shall remain i 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- 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 Sox 1 Plaistow New Hampshire I 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.. to in writing and forward to the other as provided in this Section. SEC. R SPECIAL PROVISIONS SEC. 9 MODIFICATION OF PART II. The following amendments and modifications are hereby made in the terms, covenants and conditions forming Part IP hereof SEC. 10. COUNTERPARTS. The Agreement is ecuted in three (3) counterparts, each of which shall constitute one and the some 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 _ , and the -5- Redeveloper has caused the Agreement to be duly executed in its nam and behalf by its President and its corporate seal to be hereunto duly affixed and attested by its Secretary, on or as of thee day first above written. Gr'Cl/ i�/ / / As' fJ Ok'/p iacTyry RY ( i! q� /'—' /AYJD (Pi -Iden[) S^� Attest: In City council council Order no._ fate Attest: Attee L• (Secretary) A True Copy, Attest: -6- (Agency) SCHEDULE A Description Of Property All that certain parcel or parcels of land located in the city Of Bangor, County of Penobscot, State of N.aine, more particularly described as follows: Stillwater Park Project, Me. R-4 Parcel Nos. 7, 19, 20, 28 & 158 Subject to the following covenants, restrcetions and easements: i_if none, so state) Subject to telephone easements at rear of property. further obligations of the Agency and the Redeveloper -7-