Loading...
HomeMy WebLinkAbout1970-09-28 291-X ORDER291-X Introduced by Councilor Mooney, Sept. 3e, 1970 CITY OF BANGOR (TITLE.) Mrilrrt_. Approving Proposed Contract for. Sale of Land in the Stillwater Park Urban Renewal Project - Parcel No e By the Ciy Cowman of CHP of Bandar. ORDERED, THAT WHEREAS, the Urban Renewal Authority of the City of Bangor proposes to enter into a contract for the sale of parcel numbered 103-104-199 in the Stillwater Park Urban Renewal Project with Eremite & Valley, Incorporated , and WHEREAS, the said Eremite & Valley. Incorporated has offered to pay the Pum of FortV-Nine Hundred Dollars ($4.900.00) for said parcel , said price being the minimm approved price for said parcel as established by the Urban Renewal Authority and approved by the Department of Housing and Urban Developments and WHRREAS under the provisions of Chapter L68 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; add WHEREAS, the Urban Renewal Authority M1ae filed a copy of the proposed contract witlEremita &'Valley Inc. in the office of the City Clerk; NOW, THEREFORE, BE IT CA DEREO: THAT the. proposed contract on file with the City Clerk be and is hereby approved. 291-X ORDER IN CITY COUNCIL Sdt1.eg Sept. 28, 1970 PASSED 5ele 41 land �n Sti l lwat PS Park U. R, ....................... CLERK .B4i4e1. Na X103X104 s 199. Introduced end flied by Coweilmen STILLWATER PARK PROJECT PROJECT No. ME. R-4 PART I of comma FOR SALE OF LAND FOR PRNATE REDEVELOPMENT (OFFER ANO ACCEPTANCE) By and Between _Urban Renewal Authority of the City at Saggor and Eremite 4 Valley, Incorporated PAST I CONTENTS Section pees 1. Sale: Purchase Price 2 2. Conveyance of Property 2 3. Good Faith Deposit 3 4. Time for Commencement and Completion of Improvements 4 5. Time for Certain Other Actions 4 6. Period of Duration of Covenant an Use 4 9. Notices and Demands 5 0. Special Provisions 5 9. Nod ifications Of Part II 5 30. Counterparts 5 CONTRACT MR 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 together hereinafter called "Ageeemeat"), meds on or as of the ]let day of September , 1410, by and between the Urban Renewal Authority of the City of Bangor, a public body corporate (which, together with any nuc cess r public body or officer hereafter designated by or pursuant to law, to 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 Ball In the City of Bangor (hereinafter called "City"), State of Maine, and the Bramita & Valley. Incorporated ,a corporation organized and existing under the laws of the State of Maine hereinafter called "Redeveloper") and having an office for the transection of business at 39-43 Broadlasn Drive in the City of BreMer , County of Penobscot and State of Maine WITNESSETH: SPERMS, in furtherance of the objectives of the Urban Renewal Act, the Agency has undertaken a program for the clearance and reconstruction of re- habilitation of slum and blighted areas in the City, and in this connection is engaged in carrying out &n urban renewal project Recent as the "Stillwater Park Urban Renewal Project' (hereinafter called 'Project") in an area (here- inafter Called 'Rroject Area") located in the City; and WHEREAS, the Agency hes offered to sell and the Redeveloper to willing 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 to hereinafter called 'Property") and to redevelop the Property for and In accordance with the a specified in the Declaration a of Restrictions recorded in Penobscot Registry of Deeds, Book 2113, Page 835 and in accordance with the agreement{ and WHEREAS, the Agency bellevea that the redevelopsmnt of the Property put - asset CO the Agreement, and the fulfillment 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 local laws and requirements under which the Project has been uMertaba n and is being assisted; NOW, THEREFORE, in consideration of the prepisem end the mutual obliga- tions of the parties hereto, each of them does hereby covenant and agree with the other as follcwa: SEC. 1. 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 FmYr T'hweand, gine nurtdred ----- Dollars 0 4,900.00 ), hereinafter called "Purchase Price", to be paid In Lash or by certified check simultaneously with the delivery of the deed conveying the Property to the Redeveloper. SEC. 2. CONVEYANCE OF PROPERTY. (a) Form of Dead. The Agency shall convey to the Redeveloper title to the Property 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 nubj act to the terms, if any, set forth on said Schedule A, attached hereto. (b) Time and Place for Delivery of Wed. The Agency shall deliver the Wed and possession of the Property to the Redeveloper on �entember 30. 1910 o such earlier date as the parties hereto nay antes ly e-1 gree in writing. an shall be made at the priceipal 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) Appoxci 7 t of Current Taxes. The portion of the current taxes, if any, nn the Property which a e Liea on the date of deliveryofthe Wed to the Redeveloper allocable tobuildingsand other improvementp which have been demolisted orrenewed it= nhe 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 need. 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 Beale of the amount of the most x encly aer- tainable taxes on the Property, but such apportioomeat shall be subject to final adjustment within thirty (30) days after the date the actual amount of such current taxes is ascertained. (d) Recordation of Wed. The Redeveloper shall promptly file the Wed for r'ecordation in the Penobscot Registry of Deeds at Reagan, Maine. The Redeveloper shell Pay all costs (including the cast Of the Federal documentary steep tax on the Deed, for which stamps in the proper:, mount shall be affixed to the Wed by the Redeveloper) for so recording the Wed. -2- (a) Further Obligations of the Agency and the Redeveloper. See Schedule A. SRC. 3. GOOD FAITH DRPOSIT. (a) Amount. The Redeveloper has, prior Co or simultaneously with the execution of the Agreement by the Agency, delivered to the Agency a good faith deposit of cash or ecertiffed check satisfactory to the Agency in the amount of 2 o Hmndred. Fo:tw-Plug and______________00/100 Dollars for the pe ), hereof the called "Deposit", a security fox r t performance of the Deposit obligations he bee gedevelopor to be performed prior en the return of the mages, to the Redevelopoapplication a or its retention the by the Agency as liquidated damages, or its application w ung me the Purchase Price, as the ca may be, in accordance site the an Account The DeposiAgency 1£ cash or certified check, shall cted be deposited to an aecwnt of the Agency 1n a bank ox true[ company selected by it. (b) Interest. The Agency shall be under no obligation to pay o interest on theDeposit, but if interest to payable thereon such interest n when received by the Agency shall be promptly Paid to the gedeverloper. (c) Application to Purchase Price. Upon written request of the Redeveloper, the amount of the Deposit, Bade in cash or by certified check, shall be applied on ao me unt of the Purchase Price at the tipayment of the Purchase Price to made (d) Retention by Agency. Upon termination of the Agreement as provided in Section 703 hereof, the Deposit, if cash, or bonds or similar obligations of the United States, including all interest payable thereen after such termination, Or, if a surety boa, the proceeds thereof, shall be retained by the Agency as provided in Section 703 hereof. (e) Return to aedeveloper, upon termination of the Agreement a provided in Sectioa 702 hereof, the Deposit shall be returned to the Redevetoper 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 it Section 301 hereof), certified by the Redeveloper to be a true and correct copy or copies thereof: zldeace satisfactory to the Agency that the interim mortgage n to assist in financing the construction of the Improvements has been initially closed; ('.ii) 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; aM (iv) A copy of the contract bond provided by the general contractor in connection with the aforesaid construction contract which -3- bond snail be in a penal am equal to not leas than ten percent (10%) of the contract price under said construction contract, Certified by the Redeveloper t0 be a true and correct copy thereof. SEC. 4.. TIM FOR COVAMN(MET AM CQRLETION OF IMPROVEHENTS. The construction Of the Improvements referred to In Section 301 hereof shall be commenced in any event within six (6) months after the date of the Ned, and, o xccept as otherwise provided in the Agreatent, shall be completed within eighteen (18) monchs after such Deed date. SEC. 5. TIRE FOR CERTAIN OTHER ACTIONS. (e) Time for Submission of Construction plane. The time within which the Redeveloper shell submit i s Construction Plans° (as defined in Section 301 hereof) to the Agency in any event, pursuant to Section 301 hereof, shalt be no later than one hundred twenty (120) days free the date of this Agreement. (b) Time for Submission of Corrected Construction Plans. Except as provided in Paragraph (c) of this Section 5, the time within which the Redeveloper shall submit any new rcorrected Construction Plans as provided for in Section 301 hereof shall beotlater than sixty (60) days after the date the Redeveloper receives written notice from the Agency of the Agenoy's rejection of the Construction Plane referred to in the latest such notice. (c) Maximum Time for Approved Construction Plane. In any event, the time within which the RedeveLoper shall 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 Plans submitted to it by the Redeveloper. (d) Time for Agenav Action on Change in Construction Plans. The time within which the Agency may reject any change In the Conatructdon Plans, as provided in Section 302 hereof, shall be forty-five (45) days after the date of the Ageaey's receipt of notice of such change. (e) Time for Submissionf Evidence of Equity apital and t1ortgalge Financing. The time within which the Redeveloper shall submit to the Agency, in any event, evidence as to equity capital and any c0®itmenc necessary for mortgage financing, as provided in Section 303 hereof, shall be not later than t zty (30 ) days after the date of written notice to the Redeveloper of approval of the Construction Plans by the Agency or, If the Construction Plans shall be demand to have been approved as provided in Section 301 hereof, afterthe expiration of thirty (30) days fol Lowing the dace of receipt by the Agency of the Construction Plane so deemed approved. SEC. 6. PERIOD OF DURATION OF COVENANT ON OSE. The covenant pertaining to the a of the Property, set forth in Section 401 hereof, remain in effect free 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 my be extended by proper amendment of the Declaration of Restrictions, on which date, as the case may be, such Contract shall terminate. SEC. I. NOTICES AND DEMANDS. A notice, demand, 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 well, postage prepaid, return receipt requested, or delivered personally, and (i) In the ea of the Redeveloper, is addressed to or delivered personally to the RedeveLoper at 39_43 Rroadlawn Drive arevee. Maine and (IL) in the caof the Agency, 18 addressed to or delivered personally to the Agency at City Hall, Sauget, Raine or at such other address with respect to either Such party s that party any, from time to time, designate in writing and forward to the other as provided in this Section. SEC. 8. SPECIAL PROVISIONS This conveyance is subject to all the came and conditions of the Declaration of Restrictions for the Stillwater Park Project, Re. R-4, recorded in Penobscot Registry Of Deeds, Vol. 24, Page 1-9 SEC. 9. MODIFICATION OP PART II. The following amendments and modifications are hereby made in the terms, covenants, and conditions farming Part II 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 Agreement to be duly executed In its neem 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 sees 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. (Redeveloper) ey BY1 s Acres[: TXe (secretary In City Council Council Order No. Date Attest: Attest; (Secretary) A True Copy, Attest: -6- (City Clerk) 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: Stillwater Park Urban Renewal Project, Me. R-4 Disposition Parcels - 103, 104 and 199 Subject to the fallowing covenants, restrictions and easements: (Lf none, so state) Subject to telephone easements at rear of properties further obligations of the Agency and the Redeveloper: