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HomeMy WebLinkAbout1971-07-26 250-Y ORDER0-Y 25 Introduced by Councilor ;counted, July 26, 1971 CITY OF BANGOR (TITIL) Orberp--Approving Proposed Contract for. sale of Land in the Stillwater Park Urban Renewal Project Parcel are. 65-113-114-115-116 & 117 BY the City Caune4 Of its LYty ofj wepm: ORDERED, THAT WHEREAS, the Urban Renewal Authority of the City of Bangor proposes to enter into a contract for the sale of parcel numbered65-113-114-115-116 x 117 in the Stillvater Park Urban Renewal Project with Eremita A, Valley. Inc. ; and WHEREAS, the said Eremite 6 Valley. Inc. has offered to pay the a= of Seven Thousand, Nine Hundred and On h nn nollars for said parcel said price being the minim.® approved price for said parcel asestablished 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, 1957, as smelled, City Council approval of all contracts for the sale of land within the project area is required; and VEESSAS, the Urban Renewal Authority has filed a copy of the proposed contract wltlEremita A Val 1 Av Inc in the office of the City Clark; NOW, THEREFORE, RE IT ORDERED: THAT the proposed contrset on file with the City Clerk be and is hereby approved. 250-Y RECEIVED 1971 JUL 22 PM 2: 34 O RDRR CITY CLERK'S OFFICE lige, CITY OF RANCOR. MAINE Sale of L d in StillNate Park V IN CITY CCOK'IL...................................... duly 26, 1971 PASS® P[?jeot - Ps Cel Nos. 65,113,114,115, 116, 11] ...0456 ...................... � CITY CLEPI( Intmduc f540 by Cowcilmen STILLWATER PARI( PROJECT PROJECT NO. M. R-4 PART I of CONTRACT POR SALE OF LAND FOR PRIVATE REDEVELOPMENT (OFFER AND ACCEPTANCE) By and Between Urban Renewal Authority of the City of Bangor and EHEWTA & VALLEY, INC. 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 ]. Notices and Demands 5 S. Special Provisions 5 9. Modifications of Part II 5 10. Counterparts 5 CONTRACT FOR SALE OF LAND FOR PRNATE REDEVELOPMENT AGREEMENT, consisting of this Part I and Part II (Farm H-62093, 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 let day of July 19 71, by and between the Urban Renewal Autbor ti V of the y of Bangor, a 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 Eremita 8 Valley corporation organised and isting under the laws of the State of Maine hereinafter called the "Redeveloper") and having a office for @¢ transaction of business at 39-43 Broatllawn Driven n the City of Brewer , County of Penobscot 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 or rehebilitition 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") in aarea (here- inafter Coiled "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 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 in the vital and best interests of the City and the healthsafety, morals, and welfare of its residents, -1- A 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 cnd 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 Seven Thousand Nine Hundred Dollars ($ p.900.OQ' 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 t ee Pr�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 m 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 possession of the Property to the Rede- veloper on August 16 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 went 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 o removed from the Property by the Agency shall be borne by the Agency, and the portion of such current tales 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 amount ot.souttcurrent tr<es is. ascertained. -2- (d) Recordation of Deed. The Redeveloper shall promptly file the Deed for recordation in the Penobscot Registry of Deeds at Bangor, mine. The Redeveloper shall pay all costa (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 Deed. (e) F th M see Schedle ig ti f theA Y and the Redeveloper. uA. 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 Three Hundr Thirty-Five Dollars8335.00 here- inafter calla Deposit", as security £or tie performance of the obligations of the Redeveloper to be performed prior to the turner. 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 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 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 A�ency� Upon termination of the Agree- ment as provided in SectKa 903 Mo.., 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 ds provided in Section 903 hereof. (a) Return to Redeveloper. Upon termination of the Agreement s provided inSect on 70 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 asrn Section 902 or 903 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 d true an_ 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 (16) 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 event, 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 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) Max um Time for ApprOVed Construction Plans. In any event, the time wvthvn which 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 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 Chan qe in Construction Plans_. The time wvthvn 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. Cfl Redeveloper has caused the Agreement to be duly executed in 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, �v. (Swoovelope l tem 1ni Attest: TRS" (Secretary) In City Council Council Order No._ Attest: Attest: (Secretary) A True COW, 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 follows: Lots numbered 65, 113, 114, 115, 116 a 117 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 1-9inclusive. 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 -7-