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HomeMy WebLinkAbout1970-11-23 33-Y ORDER} 33-Y lultoduced by Councilor troubles, Nov. 23, 1970 CITY OF BANGOR (TITLE.) MYbBrf......ARpr9vtns Proposed Con;tact for sale of Land. in the Stillwater Park Urban Renewal Project Parcel Now. 29, 89, 123 & 136 By eps Cies Cowman of tke Cify o(Bangor: 08DMED, TEAT WHEREAS, the Urban Renewal Authority of the City of Banger proposes to enter into a contract for the sale of parcel numbered 29-89-123 & 136 in the Stillwater Park Urban Renewal Project with Cote Construction and WEEREAS, the said Cote Construction has offered to pay the bum of Six Thousand, Six Hundred and 00/100 Dollars for said parcels , said price being the minlam approved price for said ;weal 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, 1957, as amended, City Council approval of all contracts for the sale of Land within the project area is required; and WHEREAS, the Urban Renewal Authority has filed a copy of the proposed contract with Cote Construction in the office of the City Clark; NOW, THBRBPORX, 00 IT ORDERED: THAT the proposed contract on file with the City Clerk be and is hereby approved. 33-Y 1 ORDER IN CITY COUNCIL Nov. 23, 1970 PASSED nue, Sale of Land in Stillwater Park UR ...................................... Parcel Nos. 29,89,123 s 136 ...................................... It CLERK I[n/trooddd ed`/J filed by /` V Coweilmen STILLWATER PARR PRW= PROJECT W. NE. R-0 PART I of CON CT FOR SALE OF LAND POR PRIVATE REDEVELOP[ W (OFFER APD AECEPTANCE) By and Between Urban Renewal Authority Df the City of and Noel Cote d/b/a Cote Constraction Company 4 PART I CONTENTS Section page 1. Sale: Purchase Price 2 P. Conveyance of Property 2 3. Good Faith Deposit 3 4. Time for Cc®encement and Completion of improvements 4 5. Time for Certain Other Actions 4 6. Period of Duration of Covenant on Use 4 >. Notices and Demands 5 S. Spacial Provisions 5 9. Modifications of Part 11 5 10. Counterparts 5 CONTRACT POR SALE OF LAND POR PRIVATE REDEVELGIM" AGRP£MBNT, consisting of this Parc I and Part II (Form H-62O9B, 1-64) annexed hereto and made a part hereof (which Part I am Part II are together hereinafter called "Agreement"), made on or as of the 9th day of November , 1970, by AM between the Urban Renewal Authority of the City of Bangor, a public hotly corporate (which, together with any am - resent Public body or officer hereafter designated by or pursuant to law, is hereinafter called "Agency"), established pursuant to Chapter 10 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 Noel Cote d/b/a Cote Construction , ec orpnraclon organized and existing under the Laxa of the State of wine hereinafter called "Redeveloper") and having an office for the transaction of business at 543 Hammond Street In the City of _ Bangor 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 x nstruction o r re- habilitation of slum and blighted areas In the City, and £n this connection is engaged in carrying out Rn nth anrenwool project knownaa the "Stillwater Park Urban Renewal Project" (hereinafter called "Project")in anem (here- inafter called "project Arm") located in the City; and r WHERMS, the Agency has offered to sell and the Redeveloper is willing to Purchase certain real property located In the Project Area and more partic- ularly described in Schedule A annexed hereto am made a part hereof (which Property as so described is hereinafter called 'property") and to redevelop the Property for and in accordance with the uses specified in the Declaration Of Restrictions r orded In Penobscot Registry of Deese, Book 2113, Page 835 am in accordance with the agreement am WHEREAS, the Agency believes that the redevelopment of the Property put - Beast to the Agreement, and the fulfil lmenu generally of the Agreement, are in the vital and best interests of the City and the health, safety, morale, and -1- welfare of its residents, and in accord with the public purposes and provisions of the applicable federal. State, and IOcal lame and requirements under which the Project has been undertaken and is being assisted: NOR, THEREFORE, In consideration of the premises and the mutual obliga- tions of the parties hereto, each of than does hereby covenant and agree with the other as foll owe: SEC. 1. SOLE; 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 Proper [y from the Ageney and pay etaxaEor, thea amount of Six Thousand S' H d d d 00"DC Dollars ($ 6.600.00 m ), hereinafter called "Purchase Price", to be paid in cash Or by Certified check simultaneously with the delivery of the deed conveying the Property to the Redeveloper. SEC. 2. CDRVSyeaeg OF PROPERTY. (a) Form of Deed. The Agency shall convey to the Redeveloper title to the Ptoperay 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, con n rcovenants, and restrictions se[ forth o referred to elsewhere in the Agreement ebe subj act to the terms, 1f any, set forth on said Schedule A, attached hereto. (b) Time and Placa for Delivery f Wed. IN Agency shall deliver the Deed and poeeeealon of the Property [o the Redeveloper on December 1, 1970, 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 acsuch Ime and place the Purchase Cprice,conveyance and Fey to the Agency at such (C) Apvor[toment of Current Taxes. The portion Of the current taxes, if [Fe Ron then rn Property which are a lien n the date of delivery De to of the ed par 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 dare 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 en - tainable taxes On the Property, but such apportionment shall be subject to Et nal adjustment within thirty (30) days after the date the actual amount of such current [axes is ascertained. (d) Recordation of peed. The Rndeveloper shell promptly file the Deed for recordation in the Penobscot Registry of Deeds at Bangor, Maine. The Redeveloper shall pay all cone (Including the cos[ of the Federal documentary starep tax on the Dead, for which stamps in the proper amount shall be affixed to the Send by the Redeveloper) for No recording the Wed. -2- (a) Fort her Ohl ieations of the Agency and the1 gee Gchedvle A. SRC. 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 goad faith deposit of cash oracertiffed check satisfactory to the Agency in the amount of ree Hundred Fifty d - 00/100 Dollars ), hereinafter called 'Deposit"; as security[ Th for the performance of the obligations of the Redeveloper to be performed prier to the return of the Deposit to the Red" i"War, or its retention b the Agency as liquidated damages, or its y Purchase Price, a the case may be. In accordancewith theAgreement. of the Deposit, if cash or certified check, shall be de ac nt ount The deposited in a Agency in a bank or trust company selected by it.of the (b) Interest­De�est. The Agency Shall be under no obligation to pay o Interest on posit, but if interest is payable thereon such interest rn when received by the Agency shell be promptly paid to the Redeverloper. (c) Apolicatlon to Purchase Price. Upon written request of the Redeveloper, the amount of the Deposit, made In cash or by certified check, hall be applied o account of the Purchase Price at the time payment of the Purchase Price is made. (d) Retention by Agency. Upon termination of the Agreement as provided in Section 703 hereof, the pepaeit, if cash, or bonds or similar obligations of the United States, Including all interest payable thereon after such termination, or, If a surety bodd, the proceeds thereof, shall be retained by the Agency as provided in Section 703 hereof. (e) Return to Redevela Upon termination of the Agreement a provided In Section l02 hereof, the Deposit atoll bereturned to the Redeveloper by the Agency as provided in Section 702 hereof. If the Agreement shell 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: (E) 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 e true and correct copy or copies thereof; (if), Evidence satisfactory to the Agency that the interim mortgage loan to assist in financing the construction of the Improvementa Me been initially closed; (Iii) 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 (iv) A copy of the contract bond provided by the general contractor in connection with the aforesaid construction contract which -3- bond shall be in a penal am equal to not lees than ten percent (10X) of the contract price under said construction contract, certified by the Redeveloper to be a toe and correct copy thereof. SEC. 4.. TIM FOR CONNENCEMENT ANO CONPLPTION oP IMPROVPNENTS. The construe tion of the Improvements referred to in Section 301 hereof shall be commetmad in any event within six (6) months after the date of the Deed, and, except as otherwise provided in the Agreement, shall be completed within eighteen (18) months after such Deed date. SBC. 5. TIME POR CERTAIN INNER ACTIONS. (a) Time for Submission of Construction Plana. The time within which the Redeveloper shell submit Eta "Construction PLanso (as defined in section 301 hereof) to the Agency in any event, pursuant to Section 301 hereof, shell be no later than one hundred twenty (130) days from the date of this Agreement. (b) Tim for Submie eton of Co[reeted Cona[ruc[ton Plane. Excepta provided in Paragraph (c) of Chia Section 5, the time within which the e Redeveloper dell submit any new rcorrected Construction Plane as provided for in Section 301 hereof OM11 be not later than sixty (60) days after the date the Redeveloper receives written notice from the Agency of the Agent rejection of the Construction Plane referred is in the latest Ruch notice. (c) Na lmum f d Construction 1 In any event, the time within which the Redeveloper sWl submit Construction Plana 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 Plane submitted to it by the Redeveloper. (d) Sime for "wary Action an ChanzePlans. The time within which the Agency, may relent any change in the Conatructan Plans, Provided in Scoriae303 hereof, shall be forty-five (45) days after the date of the Agency's receipt of notice of such change. (e) Time for Submission of Evidence Of Equity Capital and HorNpage FinancingThe time within which the Redeveloper shall submit to the Agency, in any event, evidence as to equity capital and any commitment necessary for o rtgage a " ncIn&, as provided in Section 303 hereof, shall be not later than thirty (30 ) days after the date of written notice to the Redeveloper of approval of the Construction Plans by the Agency or, if the Construction Plane SM11 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 Plane so deemed approved. SEC. 6. TESTED OF DURATION OF COVENANT ON USE. The covenant to 401 hereof, 8bell remainineeffect ee from the date of the POfpthe yDead auntil RJanuary in a22,, MM 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 ameMment of the Declaration of Restrictions, on which date, as the case my be, such c wenn[ shall terminate. EEC. ). NOTICES AND DEMANDS. A notice, devoted, or other communication under the Agreement by either Party to the other shall be sufficiently given or delivered if it is dispatched by registered or certified mail, postage prepaid, return receipt requested, or delivered personally, and (i) in the case of the Redeveloper, is addressed to or delivered personally to the Redeveloper at 543 Hemond Street Bangor, Mane and (if) in the c 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 etcher path party as that party may, from time to time, designate in writing and forward to the other as provided in this Section. SEC. E. SPECIAL PROVISIONS NONE SEC. 9. MODIFICATION OF PART II. The following amendments and modifications are hereby merle in the terms, covenants, and conditions farming Parc IT hereof - SEC. 10. COUNTERPARTS. The Agreement is executed in three (3) counterparts, each of which shall constitute one and the same instrument. IN WITNESS WHEREOF, the Agency has caused the Agrewent to be duly executed In its name and behalf by its Executive Director and Its seal to be hereunto duly affixed and attested by its Secretary , and the -5- nedevaloper 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 an of the day fire[ written. (Redeveloper) By U w✓ Attest (secretary In City Council Council Order No. Jete Attest AtteaR (secretary) A True Copy, Attest -6- (City Clerk) (Agency) 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 29, 89, 123 and 136, as shown on Plan of Land entitled "Stillwater Park Project, Bangor, Penobscot County, Maine, Urban Renewal Authority of the City of Bangor, Project, Me. R-4-- consisting -4"consisting of (9) pages and recorded in Penobscot Registry of Deeds in Plan Book 24, Pages l- 9 inclusive. Subject to the following covewots, restrictions and assessors: (1f none, so state) Declaration of Restrictions for Stillwater Park Project, recorded in Penobscot Registry of Deeds, Vol. 2113, Page 835. farther obligations of the Agency and the Redeveloper: Deeds and abstracts will be furnished by December 1, 1970. -7-