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HomeMy WebLinkAbout1971-06-14 205-Y ORDER205-Y Introduced by Courtlier galdacci, ,Nne 14, 1911 ;p CITY OF BANGOR W (TITLE.) rlbere.--Approving Proposed ConFract. for sale of Lana in the Stillwater Park Urban Renewal Project Parcel No 149A By the CPAP Coauit of tAe OUR of Bas sor: ORDERED, TMT WHENEAS, the Urban Renewed Authority of the City of Danger proposes to enter into a contract for the sale of parcel numbered 149A in the Stillwater Park Urban Renewal Project with Sockbeson Brothers, Inc. and WINAFAS, the said Sockbeson Brothers, Inc. Dollars has offered to pay the mm of One MOusend, One Hundred Sixty-eight & 00/100 for said parcel said price being the minivans 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 Chaplet L68 of the Private and Special Laws of Maine, 1957, as amenae4, City Council approval of all contracts for the sale of land within the project area to required; and WHERP.IS, the Urban Renewal Authority has filed a copy of the proposed contract with 5ockbeson Bros.. Inc. in the office of the City Clark; NOW, THEREFORE, BE IT ORDERED: THAT the proposed contract on Elle with the City Clerk be AM is hereby approved. RLcC [VED 1271 MAY 33 `M z 42 CITY CLEFR'S OFPCO tdue '[TY IF PPWOP. W, NF IN CITY COUNCIL June 14, 1971 PASSED 205-Y ORDER Contract for Sale of Land in Still - ......................0.... water park U.R. Project - Sexual #149-A ...................................... ntroduced and filed by tir•� ... ....... E iLmn i (i�?A STILLWATER PARK PROJECT PROJECT NO. M. R-4 PART I of CONTRACT FOR SALE OF LAND FOR PRIVATE REDEVELOPMENT (OFFER AND ACCEPTANCEI By and Between Urban Renewal Authority of the City of Bangor and Sockbes on erothexs Inc PART I CONTENTS Section pave 1. Sale: Purchase Price 2 2. Conveyance of Property 2 3. Good Feith 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 1. Notices and Demands 5 S. 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 Pelt II (Form H -6209B, 1-64) annexed hereto and made a part hereof (which Part I and Part II are togeh r hereina €jai called "Agreement"), made on or as Of the � day of V#&& , 1971. by and between the Urban Renewal Authorityof the Cit Of Bap Or, a pubiic body corporate twnicn, together with any successor public body or officer hereafter designated by or pursuant to law, is hereinafter called "Agency"), established pursuant to Chapter168 of the Private and Special Laws of the State of Mnine, 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 theSockbeson Brothers Inc,, a corporation organised an existing Under the laws of the Siate of Maine hereinafter called the "Redeveloper") and having an office for the transaction of business at 502 Stillwater Avenue . in t e City of Old Town , County of Penobscot and State of Mane WITNESSETH: WHEREAS, in furtherance of the objectives of the Urban Renewal Act, the Agency has undertaken a program for the clearance and reconstruction or rehbilit.tion of alum and blighted -,re s a in the City, and in this connection i engaged in carrying out an 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 a xed hereto and mode a part hereof (which property a o 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, end the fulfillment generally Of the Agreement, are n 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 and requirements under which the Project has been undertaken and 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 ofnew e„eAppd ei,.t _ Dollars �($y�eR_o0�nap ), bei na r cake Purchase Price", to be pa d 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 t e P�rty by Warranty Deed (hereinafter called "Deed"). Such conveyance and title shall, inaddition 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 of Deed. The Agency shall deliver the Deed and possesavon of the eropexty to the Rede- veloper on Tins aD , 19 ]1, or on such earlier date as the parties hereto may mutually agree in writing. conveyance shall he 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) AAportionment of Current Taxes. The portion of the current taxes, if any, n the exoperty 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 ta.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 not ascertainable on such date, the apportionment between the Agency and the Redeveloper shall be n the basis of the amount of the most recently ascertainoble taxes on the Property, but such apportionment shall be subject to final adjustment within thirty (30) days after the date the actual .mount 0E .ma0tcurrent. traces is. ascertained. -2- (d) Recordation of Deed. The Redeveloper shall promptly file the Deed foreed foridationdation 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 Dead. (e) Further Obligations of the Agency and the Redeveloper. See Schedule A. SEC. 3. GOOD FAITH DEPOSIT. (a) Amount. The Redeveloper has, price 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 3i£t -ei htand -40 100 Dollars ($58.40 , hare- nafter called Deposit", 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, if cash or certified check, shall be deposited in an saucers of the Agency in a hank 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 t0 Purchase Price. Upon written request Of the Redeveloper, the amount of the Deposit, made i ash 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, o bonds or similar obligations of the United States, including all interest payable thereon after such termination, or, if arety bond, the proceeds thereof, shall be retained by the Agency .,s provided in Section 703 hereof. (e) Return to�Redeveloperr. 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 termin=ted 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 net 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 am- 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 oche_wise provided for in the Agreement, shall be completed within eighteen (18) months after such Deed date. SEC. 5 I= FOR CERTAIN OTHER ACTIONS. (a) Time for Submission of Construction Plans. The time within which the Redeveloper shall submit is "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 rept as provided m Paragraph (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 then sixty (60) days after the date the Redeveloper receives written notice from the Agency o' the Agency's re- jection of the Construction Plans referred to in the latest such notice. (C) Maximum Tlme fOi A rOVCd Construction Plans. In any event, the time within whit the Redeveloper shall Submit Construction Plans which conform to the requirementa 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 Chance in Construction Plans. The time WI vn which the Agency may reject any change in the Construction Plane, as provided in Section 3G2 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 Fauity Capital and Mortgage Financ in a. The time within which the Redeveloper shali submit to the Agency, in any event, evidence as to equity capital. and any commitment necessary for mortgage fcnancing, as provided in Section 303 hereof, shall be not later than ehisar (3B_) 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. 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, ane. (1) in the case of the Redeveloper, is addressed to or delivered personally to the Redeveloper at 302 Stillwater Avenuq_ Old Town , and (11) in the case of the Agency, is addressed to or delivered personally to the Agency at City Nall, 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. SSC. 8 SPECIAL PROVISIONS None SEC. 9 MODIFICATION OF HART PP. The following amendments and modifications are hereby made i„ 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 in its name end behalf by its gapes"..^ nj,n _ and _ts seal to be hereunto duly affixed anc attested by its and the ea Redeveloper has cun sed the Agreement to be duly executed i its 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_ Stl[ak6 O � l�r`09. 1 PC Redeveloper Attest: (Secretary In City Council Council Order No.— Attest: Attest: Secretary A True Copy, Attest: -6- 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 fol* ows: Lot #149A 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) Subjent to Restr_ctions for Stillwater Park Project, recorded in Penobscot Registry of Deeds, Vol. 2113, Page 835. further obligations of the Agency and the Redeveloper -7-