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HomeMy WebLinkAbout1971-07-26 251-Y ORDER(TITLE.) (orllrrf...... Approvin Proposed coaprant for. sale of Land in. the Stillwater 251-Y Introduced by Councilor erountae, ,July 26, 1971 CITY OF BANGOR Renewal Project Parcel Nos 1 -2A -27-156-17B By the City Council of City of Burger: ORDERED, TUT WHEREAS, the Urban Renewal Authority of the City of Bangor proposes to enter into a contract for the sale of parcel nmbered 1-2A-2]-152 A I 7 in the Stillwater Park Urban Renewal Project with W .iJl _ = cornnra :nu and WHEREAS, the said has offered to pay the Sum of , for said parcel , said price being the minimum approved price for said Parcel as established by the Urban Renewal Authority and approved by the Department of Housing and Urban Development; and WHIMS under the provisions of Chapter 168 of the Private and Special Laws of Maine, 1957, as amended, City Council approval of all contracts for the sale of land within the project area is required; end WHEREAS, the Urban Renewal Authority has filed a copy of the proposed contract withWestville Homes Coro . in the office of the City Clark; NOW, TREREPORE; BE IT ORDERED: THAT the proposed contract on file with the City Clerk be and is hereby approved. T 251-Y p=GEIVED 1 1971 JUL 22 M 2: 33 CITY CI ERKS OFFICE O RUER CITY OF RAN -,CR MAIEE S1tie, Sa}e.4E. }av3. }R.Of}}}gafe:,?eex. Via.„. IN CITY CWNCIL TCW 26, 1971 PASS® CL®tN J/ by L ...... EOwCilmen I � f6 STILLW'ATER PARR PROSECT l % I3 PROSECT 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 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 9. Notices and Demands 5 B. Special Provisions 5 9. Modifications of Part ii 5 10. Counterparts 5 CONTRACT FOR • _ • inn i•' x • •.yI J e.a: 1 AGREEMENT, consisting of this Part I and Part II (Form R-62098, 1-69) annexed hereto and made a part hereof (which Part I and Part II are to oker herein called lled "Agreement"), made on or as of the / 5 day of JUL •/ 197/ , by and between the Urban Renewal Author of Ban or, a public body corporate kwnicn, together wits 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, a amended (hereinafter called "Urban Renewal Act") and having its office at City Ball in the City of, pangor (herein £ser called "C4y"), State of Maine, and the eJ/ ✓/LGE Hd/WEs hereinafter called the "Redeveloper" the transaction of business at 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 in 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, Hook 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- 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,rconsideration 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, andd the Redeveloper will purchasertt,he �Prfper ky £r ( the gen y / f �pA4 therefAi, Wasamount of /% / QZLG 400 Dollars $ lmO ), t Tei after 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 e Property by Warranty Deed (hereinafter called "Deed"). Such conveyance and title shall, inaddition to the condition subseouent 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 Dee y�ryryand posses s�§§ on of the Property to the Rede- veloper on f/T/9 //ST , 19Z, of 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, if any, =- the 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 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 rmounE: o£. Snotc.currentt.-ces is. ascertained. -2- (d) Recordation of Deed. The Redeveloper shall promptly file the Deed fox recordation 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 Deed. (a) Further Obligations of the Agency 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, slivered to the Agency a good faith deposit of cash or a rti ed phe�k satisfactory tton. t e Agpppy in the amo�}nt of rc/O Guia[fsA - i5e C £14k J.,v— Dollars iG4; 00 here- inaft z ca led— 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 an account of the Purchase Price as the case may be,i accordance with the Agreement. The Deposit, if cash orcertified check, shall be deposited inn 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 or 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 aurety bond, the proceeds thereof, shall be retained by the Agency eS provided in Section 703 hereof. (e) Return to Redeveloper. Upon termination of the Agreement a provided in Sectio reof, the Deposit shell 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 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 he a true end 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 lees 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 com maned 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 whi—cB 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 Cept a prOvided ID 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 A roved Construction Plans. In any event, the trine within 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 Change in Construction Plana. The time within which the 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. -4- (e) Time for Submission Of Evidence of E it ca ital and M'O Age Financing. The time within which the Redeveloper s ali submrt to the Agency, in any event, evidence as to equity capital and any commitment necessary for mortgage financ3pl as provided in Section 303 hereof, shall be not later than days after the date of written notice to the Redeve per of approval Of the Construction Plane 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 Construction Plana as deemed approved. SEC. 6 PERIOD OF DURATION OF COVENANT ON MR. 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. 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 reeuested, or delivered personally, are, ( e In the case of the Redeveloper,ris alf]rggeedz taoX r/ _ del' d ona1 to t Rede, to at /�O �% nd (11) in the case o�ency, is addressed 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 to time, designote in writing and forward to the other as provided in this Section. SEC. 8 SPECIAL PROVISIONS Nolle SEC. 9 MODIFICATION OF TART II. The following amendments and modifications are hereby made i., the terms, covenants and conditions forming Part II hereof SRC. 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 caused1ha A��ee �nt to be ? duly executed in its name and behalf by its _ .n ,pir 3 -,,to 8e31 to be hereunto duly affixed and attested by its rer4�y0 , and the -5- Redeveloper has caused the Agreement to be duly executed in Its nem and behalf by its President and Its corporate seat to be hereunto duly affixed and attested by its Secrete", on or as of thee day first above written. Gvf �� ✓ydr al of/p.ry (gedeveloper) 9y (CS estd ant) - Attest: (Secretary (Secretary In City Council Council Order No._ fate Attest; Attest/ A True Copy. Attest: -6- (Agency) SCIEDULS A Description of Property All that certain parcel or Parcels of landsancated in npthe particularly of Bangor, County of Penobscot, described as follows: Lots numbered 1, 2A, 27, 156 and 17B 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 easeventas (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.