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HomeMy WebLinkAbout1971-04-26 167-Y ORDER16]-Y Introduced by Councilor Bigney, Abril 16, 1971 CITY OF BANGOR (TITLE.) (00rrp_.. Approving Propoeed Contract for.. sale of band in the Stillwater Park Urban Renewal Project - Parcel No 180 By the City Cowuii of da pry of Ignorer. ORDERED, TUT WHIMEAS, the Urban Renewal Authority of the City of Bangor proposes to enter into a contract for the sale of parcel suggested 180 in the Stillwater Park Urban Renewal Project with Arlington Booker d/b/a Booker Real Esatate and WHEREAS, the BaidArlington Booker d/b/a Booker Real Estate has offered to pay thesum of Eight Hundred and 00/100 Dollars ($800.00) for said parcel , said price being the minimum Approved price for said parcel as established by the Urban Renewal Authority and approved by the Departmnt of Housing and Urban Development; and WHEREAS under the provLoions of Chapter 168 of the Private and Special have of Maine, 1951, as amended, City Council approval of all contracts for the sale of land within the project area in required; and m�o'h Real�sIateel Authority M1ae filed a copy of the proposed contract with Arlington Booker d/b/do the office of the City Clark; NOW, THEREFORE, BE IT MERED: THAT the proposed contract on file with the City Clerk be and is hereby approved. 16]-Y RECEIVED 1971 AFR 22 IN 3:33 o R R R R CITY CLEWS OFFICE xue, CITY OF PAN -M MANE Sale o£ Land in Stillwater Park V.R. ..................................... April 26, 1971Pi of ecT - Pazc el No. 180 ...................................... PASSM auced Rud £Ilea Ey xY creRx cllm STILLWATER PARR PROJECT PROJECT NO. M. R-4 PART I of CONTRACT POR SALE OF LANG FOR PRIVATE REDEVELOPMENT (OFPER AND ACCEPTANCE) By and Between Urban Renewal Authority of the City of Bangor and f-e•4Y �S7e �- 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 S. Time for Certain Other Actions 4 6. Period of Duration of Covenant on Use 4 7. Notices and Demands 5 S. Special Provisions 5 9. Modifications of Part I1 5 10. Counterparts 5 CONTRACT FCR SALE OF LAND FOR PRNATF REDEVELOPMENT AGREEMENT, Consisting of this Part I and Part II (Form H -6209B, 1-69) annexed hereto and m a part hereof (which Part and Part II are together herei t made "Agreement'•), made on or as en the r day of�, 19 Ba by and between the Urban Renewal Authority o the City of _angor, a Public body corporate kwfticn, together with any successor public body or officer hereafter designated by or pursuant to law, hereinafter called •'Agency''), established pursuant to Chapter168 of the Private and Special Laws of the State of Maine, 1957, as amended (hereinafter called "Urban a, Act-) aving its office at City Hall in the City of "City"), State of Maine, and the hereinafter called the "Redem the transactipn of business a ✓� n 1. in WHEREAS, in furtherance of the objectives of the Urban Renewal Act, the Agency has undertaken a program for the clearance and reconstruction or rehebilit�tion of slum and blighted are s 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 an 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 R=gistny 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, ad the fulfillment generally Of the Agreement, are in the vital and beet 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 Iowa and requirements under which the Project has been undertaken no 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 c nditiona of the Agreement, the Agency will sell theropetry the Redeveloper, for, and the Redeveloper will purchase lop P er rou tM 40enc5/,� and pay therefor, the amount of IQN FNS✓ Dollars (S hereinafter called "Purchase Price", to bepard 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 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 , ants , and restrictions set forth or referred to elsewhere ithen 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 [he Deed aq/] possession of the Property mo oe Rede- veloper o �4 a 197/ , or on such oilier date as thePprtes hereto may mutually agree in writing. Conveyance shall be made at the principal office of the Agency and the Redeveloper shall accept such c evane and pay to the Agency at such time and place the Purhase?rrce. (c) Apportionment of Current Ta��es. 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 taees 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 data, 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 afcer thedate the actual Mount Of aineS current ts:oes is. ascertained. -2- (d) Recordation of Deed. The Redeveloper shall promptly file the Deed for recordation in the Penobacot Registry of Deeds at Bangor, Maine. The Redeveloper shall pay all costs (including the coat of the Federal documentary scamp 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 Ob1'9 t' f theL and the Redeveloper. See Schedule A. SRC. 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 .. L,i4=ed on ckey satisfactory to the Agency in the amount o 4 ¢uA �d Dollars Or m-0 here- inafter called Deposit", as security For the perf -mance 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 as liquidated damages, or its application on account of the Purchase Price as the Case may be, it accordance with the Agreement. The Deposit, if cash or certified check, shall be deposited in an account of the Agency in a zrmc 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. (e) Application to Purchase Pr --Ce. Upnn 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 purchase Price is made. (d) Retention by Agency. 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 .,s provided in Section 703 hereof. (e) Return to Redeveloper. Upon termination of the Agreement a provided in Section 70�heieaf, 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 shave return the Deposit to the Redeveloper upon receipt by the Agency of the following: (1) A COW of the commitment cr 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 tte 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 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) Tine 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 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 dept 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. (c) Maximum Time for Approved Construction Plans. In any event, the trine withfn whrch the Redeveloper 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 bitten notice from the Agency of the Agency's first rejection Of the original Construction Plans submitted t0 it by the Redeveloper. (d) Time fox Agency Action on Chan n Construction Plans. The time within wa1Qn the Agency may rejectanychange 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. CS (e) Time for Submission of Evidence o' Expiry Capital and Mortaa ae Fes. The time within which the Redeveloper shall submit to the Agency, in any event, evidence as to codify capital and any commitment necessary for mortgage financi provided in Section 303 hereof, shall be not later than (�) Red days after the date of written notice to the evelop r 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 readopted, or delivered personally, and (1) in the Cage of the Redeveloper,is 88a tp ox delivered _pe;pryr11 to the Redeveloper at a n sLC.l.rl/ (11) in the case of the Agency, i addressedto 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. 8 SPECIAL PROVISIONS SEC. 9 MODIFICATIOW OF HRT 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 i its name and behalf by its and its seal to be hereunto duly affixed and attested by its and the -5- Reduvid nper has caused the Agreement to Co do); executed in its name and behalf by its prvsidunt and its corporate seal to he hereunto duly affixed and attested by its Secretary, on or as of the day it s above yr itten. /) (Re rveluper) ByU/.%rliL1�1� Attest: In City Council Council order No._r.. into Attest: Atteec (secretary) A Sine Copy, Attest: (City Clerk) (Agency) SCMDULR A Description of Property P11 that certain parcel or parcels of land located in the City of Bangor, County of Penobscot, State of Maine, more particularly described as follows: i ¢ 1fJ subject to the following covenants, restrictions and easements: n(if none, so state) ��f ✓:.w � /�.� N� 7 +fir L' ! �3� s further obligations of the Agency and the Redeveloper -7-