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HomeMy WebLinkAbout1968-06-24 162-V ORDER162-V Introduced by Councilor Baldacci, Jane 29, 1968 CITY OF BANGOR (TITLE.) Mrbfrt--. MpravinB Proposed Contract for. sale of Land in the Stillwater Park Urban Renewal Project Parcel No 17 BY the City Couroil of the City ofBanport ORDERED, TORT WHEREAS, the urban Renewal Authority of the City of Bangor proposes to enter Into a contract for the sale of parcel numbered 17 in the Stillwater Park Urban Renewal Project with Arlington Booker, ; and WHEREAS, the said Arlington Broker has offered to pay the arms of Cm Thousand Five Hundred Dollars ($115W) for said parcel said price being the minimums approved price far said parcel as established by the Urban Renewal Authority and approved by the Department of Housing and Urban Development' and WHEREAS under the pravlafons 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; wod WHEREAS, the Urban Renewal Authority hes filed a copy of the proposed contract with Arlington Booker in the office of the City Clerk; NOW, THEREFORE, BE IT oHDERED: THAT the proposed contract am file with the City Clerk be and is hereby approved. IN CITY COUNCIL �ne 24, 1968 PASSED CITY CL 162-V ORDER Sitleg .Sale. of. P.W.}'. Pt?llxatei. Pazk m Parcel No. 17 ...................................... aures and rued ty c��� STILLWATER PARK PROJECT PROJECT NO. ME. R-4 NUB -6209A (4-66) -------------- _--- _--- ___--- __------- __----------------- _--- _----- _____ PART I of CONTRACT POR SALE OF LAND FOR PRIVATE REDEMUPMENT (OFFER AND ACCEPTANCE) By and Between Urban Rensaal Authority of the City of Bangor and ,Z4 I/ / � � PART I CONTENTS Section Page 1. Sale: Purchase Price 2 2. Conveyance of Property 3 3. Good Faith Ceposit 3 4. Time fox Commencement and Completion of Improvements 4 5. Time for Certain Other Actions 5 6. Period of Duration of Covenant an Use 5 i. Noncan and Decants 6 8. Special Provisions 6 9. Modifications of Part II 6 10. Counterparts 6 CONTRACT FOR SALE OF LAND PDR PRIVATE REDEVELOPMENT AGREEMENT, consisting of this pert I and Part II (Form H-620913, 1-64) snared hereto and made a part hereof (which part I and Part 11 are together M1ereilnafte/rJ celled "Agreement"), made an or as of tSe/0 - day of 1967 by and between the Urban Renewal Authority of the City of Bangor , a public body corporate (which, together with any suc- cessor 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, 1951, as amended (hereinafter called "Urban Renewal Act') and having its office at City Hail in the City of Bangor (hereinafter g tied "City'), State of Maine, and the a corporation organ- ized And existing der the laws of the State of (hereinafter called "Redeveloper") and having an of --ice for the transaction of business at in the to o of=— /I , , County of and State of �� iw WITNESS@ WHEREAS, in fu berance, of the objectives of the Urban Renewal Act, the Agency has underC4ken a program for the clearance and reconstruction or re- habilitation of slum and blighted areas in the City, andIn this connection Is engaged In carrying out an urbanrranewal 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, in furtherance of the objectives of the Urban Renewal Authority Lav, Chapter 168 of the Private and Special Laws of Maine, 1957, and all acts mandate" thereto, the Agency is carrying out an urban renewal project known s the "Stillwater Park project, Me. R-4, Bangor, Maine a for which an Urban Renewal Plan, consisting of the Urban Renewal Plan, dated December 1, 1961, and approved by the City Council of the City on January 22, 1962, by Resolution No. 28-P, as amended July 1, 1964 and approved by the Commissioners of said Authority on July 21, 1964, by Resolution No. 135; as amended by Amendment No. 2 thereof dated February lo, 1965, and approved -1- by the Commissioners of said Authority on March 23, 1965, by Resolution No. 166. The Urban Renewal Plan as further amended by Amendment No. 3 thereof dated August 2, 1965, and approved by the Commissioners of said Authority an November 16, 1965, by Resolution No. 198 And approved by the Ciry Council of the City on June 13, 1966, by Resolution No. 135-T and was subsequently recorded in the Office Of the City Clerk, located in City Rall, Bangor, Maine In Volume 24, Pegs 63 . WHEREAS, in order to enable the Agency to achieve the objectives of the Urban Renewal Plan and particularly to make the land in the Project Area avail- able for redevelopment by private enterprise for redevelopment for and in ac - "nee with the uses specified In the Urban Renewal Plan, both the Federal Covers - meat and the City have undertaken to provide and have provided substantial aid end assistance to the Agency through a Contract for Loan and Capital Grant dated October 11, 1962, to the case of the Federal Government and a Cooperation Agree- ment, dated February 20, 1962, intheCase of the City, as amended; 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 partic- ularly described in Schedule A an eked hereto and made R part hereof (which property as so described is hereinafter called "Property") and to redevelop the Property for and in accordance with the o specified In the Urban Renewal Plan and In accordance withthe Agreement; and WHEREAS, the Agency believes that the redevelop'nent of the Property put - gamut to the Agreement, and the fulfillment generally of the Agreement, are in the vital and best interests of the City and the health, safety, morals, and welfare of its residents, And Ina cord with the public purposes and provisions of the applicable Federal, State, and local laws and releirements under which the Project has been undertaken and is being assisted: NOW, THEREFORE, in consideration of the premises and the mutual obliga- tions of the parties hereto, each of them does hereby covenant and agree with the other as follows: 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 pu he the Property Eso� [he Agency and pay therefor, the am eat f 1' 9 /7 • 7ry 6 Dollars :8 /�'O%) e' ). natal it celled Turchase Price", to be paid in cash or by certified check sine ltapeously with the delivery of the deed conveying the Property to the Redeveloper. SEC. 2. CONVEYANCE OF PROPERTY. (a) Form of Deed. 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, movements, and restrictions set forth or referred to elsewhere In the Agreement, e subject to the tanks, if any, set fcrth on paid Schedule A, attached hereto. -2- (b) Time and Flees for ]Olivery of Deed. The Agency shall deliver the Deed and possession of the Property to the Redeveloper on Via. , 19_g, 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 way to the Agency at such time and place the Purchase Price. (c) Apportionment 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 Deed to the Redeveloper allocable to buildings and other improvements which have been demolished or removed from the Property by the Agency shall be home 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 mount 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 =at recently ascer- tainable taxes on the Property, but such apportionmena shall be subjectto final adjustment within thirty (30) days after the dave the actual amount of such current taxes is ascertained. (d) Recordation of Deed. The Redeveloper shall promptly file the Deed for 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. (e) Purther Obliµacions of The Agency and The Redeveloper. See ch u le A. SEC. 3. GOOD FAITH DEPOSIT. (a) Amount. The Redeveloper has, prior to or simi ltaneously with the execution of the Agreement by the Agency, delivered to the Agency a goad faith deposit of casycejtsfieda ck we sEaceory to the Agency in the mount of /J // �/'' Dollars ($ i.m. m �� hereinafter called aoeposi L^, as security for the performance of the obligations of the Aodevel6per 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 onaccount of the Purchase Price, as the ca may be. i accordance with theAgreement. The Deposit, If rash or certified check, shall be deposited in an account of the Agency In a bank or trust company selected by It. (b) InLerea C. The Agency shall be under no obligation to pay o earn interest on the Deposit, but if interest is payable tiereon such interest when received by the Agency shell be promptly paid to the Redeveloper. _.3-- (c) Application to Purchase Price. Upon written request of the Redeveloper, the amount of the Deposit, wade in cash or by certified check, shall be applied go 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 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 as provided in Section 703 hereof. (e) Return to Redeveloper. Upon termination of the Agreement as provided In Section 702 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 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 be a true and correct copy or copies thereof: (11) Evidence satisfactory to the Agency that the Interim mortgage loan to assist in financing the construction of the Improvements has 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 band provided by the general contractor in connection with the aforesaid construction contract which bond shall be in a penal sum equal to net lees than ten percent (107.) of the contract price order said construction contract, certified by the Redeveloper to be a true and correct copy thereof. BEC. 4. TIME FOR CQRffiNC VANT AND CONFLETION OF IMPROVCffiNTB. 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 Used, and, except as otherwise provided in the Agreement, shall be completed within eighteen (18) months after such Oee'd date. -4. SEC. 5. TIME FOR CERTAIN OTHER ACTIONS. (a) Time for Submission of Construction Piece. The time within which the Redeve Loper shall submit its "Construction Plane" (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 se provided in Paragraph (c) of this Section 5, the time within which the Redeveloper shell submit any new or corrected Construe tion 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. rejection of the Construction Plana referred to in the Latest such notice. (c) Maximum Time for Approved Construction Plane. In any event, the time within which the Redeve Loper shall submit Construction Plane 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 Redeve Loper. (d) Time for Agency Action on Change in Construction Plane. 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. (e) Time for Submission of Evidence of Equity Capital and Mortgage Fes. The time within which the Redeveloper shall submit to 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 �(..ry (Jo ) days after the date of written notice to the Redeveloper of approval of the Construction Plane by the Agency, or, if the Construction Plans shell be deemed to have been approved as proviced 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. PERIOD OF DURATION OF COVENANT ON USE. The covenant pertaining to the uses of the Property, set forth in Section 401 hereof, shell remain In effect from the date of the Deed until denary 22, 2022, the period specified or referred to in the Urban Renewal Plea, or until such date thereafter to which it may be extended by proper amendment of the -5. Urban Renewal Plan, or until such date thereafter to which it may be extended by Proper amendment of the Urban Renewal Plan. on which date, as the case my be, such covenant shall terminate. SEC. 1. NOTICES AND DEMANDS. A notice, demand, or other communication under the Agreement by either party to the other shall be sufficiently given or delivered if it 1e dispatched by registered or certified miL, postage prepaid, return receipt requested, of delivered personally, and (1) in the case of the Redeveloper, is addressed to or delivered persomlly�4to the Redeveloper at / h nd (if) in the case of the Agency, 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 cony, from rim to time, designate in writing and forward to the other as provided in this Section. SEC. 8. BPECIAL PROVISIONS. SBC. 9. MODIFICATION OF PART II. The following amendments and modifications are hereby code in the terms, covenants, and conditions forcing 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 WNREOF, the Agency her caused the Agreement to be duly executed in its name and behalf by its ryas nT 40-1 t and Its seal to be hereunto duly affixed and attested by its '/'. , and the Redeveloper has caused the Agreement to be -6- duly executed in its name and behalf by its President and its corporate seal to be hereunto duly affixed and attested by its Secretary, co or as of the day first above written. O (Redeveloper) By (Pr sident) Attest: (Secretary) xn city Council Attest: A True Copy, Attest: Attest: (Secretary) Council Order No.� [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: X era ,7 Sn......... /"nk /'v,rr> _ /9a. f —Y subject to the following covenants restrictions and easements: (if o none, o state) LesTc�/n J( Si tae -/Tn„p Qay..J further obligations of the Agency and the Redeveloper: