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HomeMy WebLinkAbout1971-06-14 217-Y ORDER211-Y Introduced by Councilor Brcuntas, Tune 14, 1971 CITY OF BANGOR (TITLE.) (orbe;t__ Approving Proposed Conpract for Sale of Lend in the Stillwater Park Urban Renewal Project Parcel No 38 BY the My Cwaei! o/the City ojBaapor: ORDERED, THAT WHINERS, the .'Urban Renewed. Authority of the City of Bangor proposes to enter into a contract for the sale of parcel membered 38 in the Stillwater Park Urban Renewal Project with Perry Watson and wgURMS, the.eaid Perry Watson has offered to pay the. a= of Thirteen Hundred and 00/100 Dollars (51,300.00) 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 Chapter 168 of the Private and Special Laws of Maine, 1951, as mauled, City Council approval of all contracts for the sate of land within the project area is required; and WHEREAS, the Urban Renewal Authority has filed a copy of the proposed contract with Perry Watson in the office of the City Clark; NUN, THEREFORE, BE IT O8DERED: THAT the proposed contract on file with the City Clerk be and is hereby approved. 217-Y RF CG UED 1971 AM 10 PM 2:44 ORDER CITY Cl Eft K'S OFFICE rttte CITY OF 9ANCCB. MAINE Sale of Land is Stillwater Park M ...................................... IN CITY COONCIL Jane 19, 1971 Pe[Cel No.36 ......................... PASS® L1KodY LYE filed by C CLEPY. �Tq ..... ... Y.: CowcilmaY lmn . •• STILLWATER PARR PROJECT PROJECT NO. ME. 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 PART I CONTENTS Section Pane 1. Sale: Purchase Price 2 2. Conveyance of Property 2 3. Goad 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 REDEV31OPMENT AGREEMENT, consisting of this Part I and Part II (Form H -6209B, 1-691 annexed hereto and made a part hereof (which Part I and Part II are to90ther hereinafter called "Agreement"), made on or as of the 2 day of May , 19 71, by and between the Urban Renewal Authcvitof the Cit of Ban or, a public body corporate w is , together wit 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 Laws of the State of Maine, 1957, as ended (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 Perry S. Watson corporation organized and fisting under the laws of the State of Maine hereinafter called the "Redeveloper") and having anoffice for the transaction of business at Munsay Avenue in the City Of Livermore Fails County of Androscoggin 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 o reb,bilit •tion of slum and blighted are -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") v area (here- inafter called "Project Area") located in the city; sand 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 rhe 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 agreem=_nt; 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 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 ..nd =s 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 Thirteen Hundred and ---------- ------------------ 00P Dollars ($ . ), 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 "need"). 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 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 deliver the Deed and possession of the Property to the Rede- veloper on SUNS 30 19 71 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, 1f 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 ta,es allocable to the land shall be apportioned between the Agency and the Redeveloper as of the date of the delivery Of the need. If the amount of the current taxes on the Property is not asceroeinable o such date, the apportionment between the Agency and the Redeveloper shall be n 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 .eo mov . f.=Qbccurrent. tees 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 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) P th Obl' t f theA ency 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 Agency a good faith deposit of cash or a certified check satisfactory to the Agency in the amount of Sixty-five and ------ ----------- --- - --00/100 Dollars ($65.0 , here- inafter 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 as liquidated damages, or its application an 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 inn account of the Agency in a bank or trust company selected by it. (b) Inter eat. 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 in cash or by certified check, shall be =pplied on account of the Purchase Price at the time payment of the Purchase price is mode. (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 as provided in Section 703 hereof. (e) ROWS t0 AedayelopE[. Upon termination Of the Agreement as provided in Section ]02 hereof, the Depos i[ 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 cochitment or comitments 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 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) Time for Submission of Construction Plans. The time within which the Redeveloper shill 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 cept as provided in Paragraph (c of this Section 5, the time within which the Redeveloper shall submit any new or corrected Construction Plane 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 AGPLVe Od Construction Plans. In any event, the time within which the Reaeveloper shall submit Construction Plans which conform to the requirements of Section 301 hereof and are approved by the Agency shall he 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 Agenar AgeAction on Change in Construction Plans. 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 Submission of Evidence of Equity Capital and MOrtgE92 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 ( ) 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 Constr'action Plans as deemed approved. SEC. 6 PERIOD OF DURATIOH 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 recreated, or delivered personally, and (1) in the case of the Redeveloper, is addressed to or delivered personally to the Redeveloper at Munsey Avenue Livermore Falls, Maine and (11) in the cele of the Agency, is addressed to or delivered personally to the Agency at City Hell, Bangor, Maine or at such other address with respect to either such party as that party may, from time to time, de5ign.te in writing and forward to the other as provided in this Section. SEC. R SPACIAL PROVISIONS SEC. 9 MODIFICATION OF PART II. The following amendments and modifications are hereby made in the terms, covenants and conditions forming Part if 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 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 he hereunto duly affixed and attested by its secretary, on or as of the day first above written. E7 t�jet� Re eve opeT RY PPaWXdeEn rsiaen! Attests (Secretary In City Council Council Order No.. Attest: Attestx Recretary A True COpy, Attest: -6- CityMark) 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: Dot No. 38 as shown on Plan of Land entit-ed "Stillwater Park Project, Bangor, County of Penobscot, Maine, Urban Renewal Authority of the City of Bangor, Project, Me. R-4-- consisting -4"consisting of nine (9) pages and recarded 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