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HomeMy WebLinkAbout1971-06-14 218-Y ORDER31B -Y Introduced by Councilor Procures, Sune 14, 1911 CITY OF BANGOR (TITLE.) (orker;—.Approving Proposed conpract for. sale of Lana in the Stillwater Park Urban Renewal Project Parcel No 149A By the Cffy CwmU of the City of Debtor; ORDERED, THAT WHEREAS, the Urban Renewal Authority of the City of Bangor proposes to enter into a contract for the sale of parcel numbered 149n in the Stillwater Park Urban Renewal Project with Sockbeson Brothers Inc. , and VRBREAS, the said Sockbeson Brothers. Incorporated has offered to pay the am of One Thousand One Hundred Sixty-eight- Dollars for said parcel said price being the minimen approved price for said parcel as established by the Urban Renewal Authority and approved by the Department of Burning and Urban Development; and WHEREAS under the provisions of Chapter 168 of the Private aM Special Laws of Maine, 1957, as am Med, City Council approval of all contracts for the sale of land within the project area is required; and MARAS. the Urban Renewal Authority has filed -a copy of the proposed contract vith5ockbeson Bros me in the office, of the City Clark; NOW, THEREFORE, BE IT DRDERED: THAT the proposed contract on file with the City Clerk be and is hereby approved. P.',=Ccl V ED 1971 ,IUN 10 PN 2:44 CITY Cl ERN'S URGE qry nF PAN6CR. MAINE JUne 14, 1971 Indefinitely postp,:aied. 216-x ORDER ntk, Sale of I in Stillwater Pazk VR ...................................... .eucel.Ne..l93A...................... {Ip /Roduced avd filed by L _ w STILLNATER PARR PROJECT PROSECT NO. NE. R-4 PART I of CONTRACT MR SALE OF LAND FOR PRIVATE REOEVELOPNENT (OFFER AND ACCEPTANCEI By and Between Urban Renewal Authority of the City of Bangor and Sockhason Brothers Inc. PART I CONTENTS Section pave 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 %. 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 (Form H-62098, 1-64) annexed hereto and made a part hereof (which Part I and Part II are to eth r hereinaf called "Agreement"), made I on or as of day of 19-21, by and between the Urban Renewal An it of the City of Bangor, a public body corporate (which, together with 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 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 Seckbesor Brothers. Inc. a corporation organized and existing under the laws of the State of Paine hereinafter called the "Redeveloper") and having an office for the transaction of business at 502 Stillwater Avenue n the -City ofOldTown 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 rehabilit,tion of slum and blighted a n the City, and in this connection is engaged i carrying out an urban renewal project known as the "Stillwater Park Urban Renewal Project" (hereinafter called "Project") in aarea (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 xed hereto and made a part hereof (which property as so describedis 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 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 .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. I. SALE! PURCRASE 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 One Thousand One Hundred Sixty- he[einar�wx Ca—feu cF—aseollars Pr ice", tol—Se—pa ri in ca or by ) certified check simultaneously with the delivery of the deed Con- veying the Property to the Redeveloper. SEC. 2. COINEYARCE OF PROPERTY (a) Form of Deed. The Agency shall convey to the Redeveloper title to t e r�'E opertY 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 to the terms, if any, set forth on said Schedule A, attached hereto. (b) Time and Place Eor Deliver o£ Deed. The Agency shall deliver the Dee and poeseaeron O t e PlOperty to the Rede- veloper on ,Tune 30 1971' o on such earlier dace a all e patties hereto may mutuy agree in writing. Conveyance shall be made at the principal office of the Agency and the Reeloper shall accept such conveyance and pay to the dev Agency at h time and place the Purchase Price. (e) Apaortionment of Current Taxes. The portion of the current taxes, any, on t e Property w ich 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 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 ascerte.inable on such date, the apportionment between the Agency and the Redeveloper shall be on the basis of the amount of the moat recently ascertainable taxes on the Property, but such apportionment shall be subject to final adjustment within thirty (30) days after thedete the actual .mount. Of..sueh currentt..-<es is ascertained. -2- (d) Recordation of Deed. The Redeveloper shall promptly file the Dee in the Penobscot Registry of Deeds at Saugus, Maine. The Redeveloper shall pay all costs (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 Obligations of the Agency and the Redeveloper. See Sc a ule A. SEC. 3. GOOD FAITH DEPOSIT. (a) Amount, the Redeveloper has, prior to or simultaneously with the exec tion 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 Fifty-eight and ---- --------------- -- -------------------40/100 Dollars ($58.40) Tere- na ter called '➢epos it', ae aecmity 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 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 eCCO nt 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 to—rest On the Deposit, but if interest is payable thereon such interest when received by the Agency shall be promptly paid to the Redeveloper. (e) A� lic at�On CO PU[chaoe Price. Ulan written request of the RedevelOpe[. 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 Purchcse Price is made. (d) Retention b A 2�cy. Upon termination of the Agree- ment as p[ovi ed id n Section g03 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�Redevelo�er. Upon termination of the Agreement s provide rn Gecd tion 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 902 or 703 hereof provided, the Agency shall return the Deposit to the Redeveloper upon receipt by the Agency of the followings (1) A copy of the commitment or commitments oltained by the Redeveloper for the awrtgage 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 COW of the contract between vhe 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 COSNENCEMENT 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 dote of this Agreement. (b) Time for Submission of Corrected construction Plane. Ex cept as provided in Paragraph (c) of this Section S. 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. (C) Maximum Time fox A roved Construction Plans. In any event, the time wiU in whit the Redeye oper 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 Agency Action on Chance in Construction Plan.. The time witfi n which t e Agency may reject any change in the Construction Plane, 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. (a) Time for Submission of Evidence of Euuity Capital end Mortgz�9�Finan�cirtl the time within which the Redeveloper she6l u mrt tb o 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 thirty (3-Q-) days after the date of written notice to the Redeveloper of approval Of the Construction Plane 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 DBE. the covenant pert,ining to the uses of the Property, set forth n 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. I. 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 302 Stillwater Avenue Old Town and (11) in the case of the Agency, isaddressed 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 ti time, designate in writing and forward to the other as provided in this Section. SEC. 8 SPECIAL PROVISIONS None SEC. 9 MODIFICATION OF FART II. The following amendments and modifications are hereby made v> the terms, covenants and Conditions forming Pert I1 hereof SEC. 10. COUNTERPARTS. The Agreement is e,ecuted 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 and behalf by its Executive Director_ and _ts seal to be hereunto duly affixed and attested byits Executive and the -5- Redeveloper has caused the Agreement to be duly executed inits -,me and behalf by its President and its corporate seal to be hereunto duly affi:ced and atteated by its Secretory, on or as of the day first above written; developer? Attest secretary . in City Council Council Order No._ Attest: Attest: A True Copy, Attest: -6- City Clerk SCHEDULE A Description of Property All that Certain parcel Or parcels of land located in theCita[ly of Bangor, County of Penobscot, State of Maine, more pa described as follows: Lot $14gA as shown on Plan of Land entitled "Stillwater Urban Park project, Bangor, County of Penobscot, Maine, 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) Subject to Restrictions for Stillwater Park Pro2113C Page 835. recorded in Penobscot Registry of Deeds, further obligations of the Agency and the Redeveloper .11