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HomeMy WebLinkAbout1971-03-22 141-Y ORDER141-Y Introduced by Councilor Brountas, March 22, 1971 CITY OF BANGOR (TITLE.) Mrbert--Approving Proposed Conpract. fors. sale of Land in the Stillwater Park Urban Renewal Project - Parcel Nos. 146, 147, 205. 206 & 207 BY the CUP Cannot Of W City o(Baapor. ORDERED, THAT WHEREAS, the urban Renewal Authority of the City of Rector proposes to enter into a contract for the sale of parcel mmbered146-147-205-206 s 207 In the Stillwater Park Urban Renewal Project with Sockbeson Brothers, Inc. , and ESEREAB, the said Sockbeson Brothers Inc. has offered to pay the a= of Four Thousand and 00/100 Dollars ($4,000) 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 WHEREAS under the provisions of Chapter 168 of the Private and Special Laws of Maine, 1957, as Started, City Council approval of all contracts for the sale of laud within the project area in required; and WHEREAS, the Urban Renewal Authority has filed a copy of the proposed contract with Sockbeson Bros. Inc. in the office of the City Clark; NOW, TNERIUME, HE IT SHEERED: THAT the proposed contract on file with the City Clerk be and is hereby approved. 191-Y REcENED WI 4AA 18 IM 4:24 O RRER CITY CLEP,N'S OFFICE CITY OFRW,-,R.MAINE }itle, £ale, Of Land in 6tillvatet Pazk V.R. ................... IN CITY COUNCIL Mac. 12, 1971 RPicel Nos,., 121 s, 123 eus...... m((D. xxY cLmK 1m duced and filed by . �Ln RTILLWATER PARR PRWWf PRO= No. M. R-4 --------"--------- ------ --------- •-------- ._--.-____------- FART I of CORTRACT FOR SA13 OF Id N6 FIX PRIVATE REDMLOMn (OFFER A ACCEPTANCE) By and Becween Urban ReaewaL Authority of the CitV of BanRo- aM Sockbes n Brothers Inc. PAA_ I C=XNT3 Section Pete 1. Sale: Purchase Price 2 2. Conveyance of Property 2 3. Good Faith Deposit 4. Time for Co®enement and Completion of Improvements 4 5. Time for Certain Other Acclors 4 6. Period of Duration of Covenait on See c ]. Notices and Demands 5 S. Special Provisions 5 9. Modifications of Pare l 5 10. Counterparts 5 CONTRACT POR SALE OF LAND POR PRIVATE RWeVeLUPIgtNL ACR®tENT, consisting of this Pert I and Part II (Form H-62090, 1-64) annexed hereto and made a part hereof (which Part I ami Part II are together hereinafter coiled "Agreement"), made on or as of the 16th day of November , 1910, by and between the Urbaa genual Authority of the City of Bangor, a Palle body corporate (which, together with any nuc cameos public body or officer hereafter designated by or pursuant to lav, is hereinafter called "Agenry"), established pursuant to Chapter 168 of the Private and Special Laws of the State of Maine, 1957, as ...mind (hereinafter called "Urban Renewal Act") and having its office at City Hall in the City of Bangor (hereinafter celled "City"), State of Maine, and the Sockbeson Brothers, Inc, corporation organized and existing under the lave of the State of Maine hereinafter called "Redeveloper") and having an office for the transaction of business at 502 Stillwater Avenue in the City of Old Town , 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 re- habilitation of slow and blighted areas 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 1n the City; and WREREAS, the Agency has offered to sell and the Redeveloper is wilting to purchase certain real property located in the Project Area and more Partic- ularly described in Schedule A annexed hereto and 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 recorded in Penobscot Registry of Deeds, Book 2L13, Page 835 and in accordance with the agreement: and WHERPA5, the Agency believes that the redevelopment of the Property pur- uant to the Agreement, and the fulfillment generally of the Agreement, are in the vital and beat interests of the City and the health, safety, morale, and -L- welfare of its residents, 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, TMBEFORE, In consideration Of the premiaea and the mutual obliga- Iinn of the parties hereto, each of that does hereby covenant and agree with the other as follows: SFC. 1. SALE: PBRCRABB PRICE. Subject to all the terms, covenants, and coM pion 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 Four Thousand Cod _______00/100 Dollars ($ 4.000.00 ), hereinafter called 'Purchase Price", to be paid in cash or by certified check afmultaneously with the delivery of the deed conveying the Property to the Redeveloper. Sec. 2. CONVEYANCE of PRMRTY. (a) Port of Wed. The Agency shall convey to the Redeveloper title to the Property by Warranty Deed (herelvafter called "Wed"). 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, attschad.heveto. (b) Time and Place for Celivery of Wed. The Agency shall deliver the Wed and poaseseln of the Property to the Redeveloper on APXl1 15, 1411, v ma osuch earlier date as the parties hereto y mutually agree in writing. Conveyance shell 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) Amorttat nt of Current Taxes. The portion of the current taxes, if any, on the Property which are a lien on the date of delivery of the Wed to the Redeveloper allocable to buildings and other improveaentr which have been demolished or rezoved 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 surreal lease on the Property is not ascertainable on such date, the apportfoormt between the Agency and the Redeveloper shall be on the basis of the amount of the most recently a - telnsble taxes on the Property, but such apportlo®ent shall be subject to final adjus Cheat within thirty (30) days after the date the actual amount of such currant taxes is ascertained. (d) Recordation of Wed. The Rtleveloper shall promptly file the Wed for recordation in the Penobscot Registry of Deeds at Bangor, Mine. The Redeveloper shall Pay all costs (including the coat of the Federal doamevtary etaAQ tax en the Deed, for which stamps in the properunt shall be affixed to the Wed by the Redeveloper) for so recording thehWed. -2- (e) yurtt Obligati f n A= and h d 1 See Schedule A. SSC. 3. GOOD PAIM 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 theA cy in the amount of Two Hundred and -------------------------00 1den0 Dollars for 00M1 00 bereimfcer called"Deposit", as security e 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 oncunt of the Purchase Price, as the C may be. In Accordance with the Agreement. Phe 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 Redeverloper. (c) it cion to Purchase It ice. Upon written request of the Redeveloper, the amount of the Deposit, made in cash or by certified check, shall be applied 0n see aunt of the Purchase Price at the time payment of the Purchase Price is made (d) Retention by Users. Upon termination of the Agreement as provided in Section 703 hereof, the 3eposit, if cash, or bonds o ,faller obligations of the United States, Including all Interest payable there an after such termination, or, if a surety bodd, the proceeds thereof, ,hall be retained by the Agency as provided in Section 703 hereof. (e) Return to Redeveloper. Upon termination of the Agreement as provided in Section 703 hereof, 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 703 or 703 hereof provided, the Agency - shall return the Deposit to the Redeveloper upon receipt by the Agency of the fallowing: (1) A copy of ch¢rommitment o commitments obtained by the Redeveloper for tba mortgage loan or loans to assist in financing the construction of the Improvements (ea defined In Section 301 hereof), certified by the Redeveloper to be e true and correct Copy or copies thereof; (U }'eidence satisfactory to the Age my text the interim mortgage n to assist in financing the construction of the Improvements Me been Initially closed; (111) 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 sum equal to nct less than ten percent (10%) of the contract price under said construction contract, certified by the Redeveloper to be a true and correct copy thereof. SEC. 4.. TIME FOR COVINEM KENT AND COMPLETION OF IMPROVEMENTS. The construction of the Improvements referred tc in Section 301 hereof shall be commenced 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. SM. S. TIME FOR CERTAIN OTHER ACTIONS. (a) Time for Submission of Construction Plane. 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 date of this Agreement. (b) Time for Submission of Corrected Construction Plane. Except as provided in Paragraph (C) of this Section 5, the time within which the Redeveloper shall submit any how or ected Construction Plans as provided for in Section 301 hereof SM11 be not Later than sixty (60) days after the date the Redeveloper receives written notice from the Agency of the Agency's rejection of the Construction Plans referred to in the latest such notice. (c) Maximum Time for Approved Constxvcti on Plana. In any event, the time 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 Plane submitted to it by the Redeveloper. (d) Time for Rowney Action on Change in Construction Plane. The time within which the Agency may reject any change in the Construction Plane, a provided in Section 302 hereof, shall be forty-five (45) days after the date of the Agency's receipt of notice of such change. (e) Time far Submissionf Equity Capital and Tortmome Pte. The time within which the Redeveloper shall submit t0 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 thirty (30 ) days after the date of written notice to the Redeveloper of approval of the Construction Place by the Agency or, if the Construction Plane shall be demand to have been approved as provided in Section 301 hereof, after the exp iratlen of thirty (30) days following the date of receipt by the Agency of the Construction Place so doomed approved. SEC. 6. PERIOD OF DURATION OF COVENANT ON USE. The c neer pertaining to the ceaof the Property, set forth is Section 401 hereof, shall remain in affect from the date of the Deed until January 22, -4- 2022, the period specified or referred to in the Declaration of Restrictions or until such date thereafter to which it may be exceeded by proper amendment of the Declaration of Restrictions, on which date, as the case may be, such covenant shell terminate. SEC. I. NOTICES AND DEMOS. A notice, depand, o 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 (1) in the case of the Redeveloper, is addressed to or delivered personally to the RedeveLoper at SG2 Stillwater Avenue Did Town Maine , and (id) In the ca of the Agency, is addressed to or delivered personally to the Agency at City Halt, Burger, Meme or at such other address with respect to either push party as that party way, Exam time to time, designate in writing and forward to the other as provided in this Section. SEC. 8. SPECIAL PROVISIONS NONE SRC. 9. NODIFICATION OF PART II. The following amendments and modifications are hereby made in the terms, covenants, and conditions forming Part II hereof' SEC. 10. COONTERpARTS. The Agreement in executed in three (3) counterparts, each of which shell constitute one and the Same instrument. IN WITNESS WHEREOF, the Agency has caused the Agreement to be duly executed In its seven and 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 in its nems 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. n Sa,e BPSON �(aeAnvelopeT) Ny R (Pras2"M Attest: (Secretary In City Council Council Order No._ Jars Attest' Attest' (Secretary) A True Copy, Attest: -b- (City Clerk) (Agency) SCHEDULE A Description of Property All chat certain parcel or parcels of land located to the City of Bangor, County of Penobscot, State of Maine, more particularly described as follows: Lots numbered 146, 147, 205, 206 and 207 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 of nine (9) pages and recorded in Penobscot Registry Of Deeds in Pian Book 24, Pages 1-9, inclusive. Subject to the following covesunts, 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-