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HomeMy WebLinkAbout1969-07-14 199-W ORDER199-W Introduced by Councilor Nealley, July 14, 1969 CITY OF BANGOR (TITLE) (oriler,... Approving Proposed con Tract for,. sale of Land in the Stillwater Park Urban Renewal Project Parcel No 105 By 9" City Cowman of ma CYty of Bannon. ORDERED, THAT WHEREAS, the Urban Renewal Authority of the City of Bangor proposes to enter into a contract for the sale of parcel numbered 105 in the Stillwater Park Urban Renewal Project with Eremita and Valley, Ind. and WHEREAS, the said Eremite and Valley, Incorparated has offered to pay the sow of Pourteen Hundred and ----- 00/100 Dollars - for said parcel said price being the mininum approved price for said "reel 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, L957, as amended, City Council approval of all contracta 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 Eremite & Valley. Ind in the office of the City Clerk; NW, THEREFORE, BE IT ORDERED: THAT the proposed contract on file with the City Clerk be and is hereby approved. !JB JUL -9 AM 11. 41 CITY CLE. 'S OFFICE r.PF'.�" R,MA r m CITY COUNCIL July 14, 1969 PASSED i 199-w ORDER Title, Sale of Lani in Stillwater Pack M ........... I ... ...... 0..... 6.......... �Pazce}. No, X105 ....................... IntMroduced and filed by {.N •W :.. (. .. A ............. Councilmen It STILLWATER PARK PROJECT PROJECT NO. ME- R-4 PART I of CONTRACT FOR SALE OF LAND FOR PRIVATE LBDEVELOPMENT (OTTER AFT ACCNEVN CE) By and Between Urban Renewal Authority of the CitY of SangOr end Eremita and Valley Incorporated PART I CONTRNTS Section Page 1. Sole: Purchase Price 2 2. Conveyance of Property 2 3. Good Faith Deposit 3 4. Time for Ca®encement and Completion of Improvements 4 5. Time for Certain Other Action 4 6. Period of Duration of Covenant an Use 4 ). Notices and Demands 5 8. Special Provisions 5 9. Modifications of Part II 5 10. Counterparts 5 CONPRMIT FOR SAIR OF LAND FOR PRIVATE BgOCVRLOPMENT "RESPECT, consisting of this Pert I find Part II (Farm N-62090, 1-64) annexed hereto and made a part hereof (which Part I and Part II are together hereinafter called "Agreement"), made on or as of the 30th day of J=e , 19_699 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, 1957, as amended (hereinafter called "Urban Renewal Act") and having its office at City gall in the City of Bangor (hereinafter called "City"), State of Maine, and the Eremita and Valley, incorporated corporation organized and existing under the lawsof the State of hereinafter called "Redeveloper") and laving an office for the transaction of business at 39-43 B=oddldwn Drive to the City of Brewer , 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 reconstruction o ra- habilitation of alum and blighted areas in the City, add,a in this c ction is engaged in carrying out an urban r[ mal project known as the "Stillwater Park Urban Renewal Project" (hereinafter called 'Project") In an area (here- inafter called 'Project Ares") located in the City: add MREAS, the Agency has offered to sell add the Redeveloper is 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 is hereinafter called 'Property") add to redevelop the Property for and in accordance with the uses specified In the Declaration e Of Restrictions recorded in Penobscot Registry of Deeds, Book 2113, Page 035 and in accordance with the agreement; and WHEREAS, the Agency believes that the redevelopment of the Property put- nant to the Agreement, and the fulfillment generally of the Agreement, are in the vital and beet interests of the City add the health, safety, morals, add 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, 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: SBC. 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 Fourteen Hundred and ------- 00/100 Dollars ($1.400.00 1, hereinafter called "Purchase Price", to be paid in cash or by certified check a dmuluaneously with the delivery of the deed conveying the Property to the Redeveloper. SBC. 2. CONVEYANCE OF PROPERTY. (a) Tom 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, c mance, and restrictions set forth o referred to elsewhere in the Agreement, movements, subject to the terms, If any, sen forth on said Schedule A, attached hereto. (b) Time and Plaee for Denver, of Deed. The Agency shall deliver the Deed and possession of the Property to the Redeveloper oft July 15, 1969 19 ED nosuch 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) APEOrtdmment of Current Taxes. The portion of the current taxes, if day, n the Property which area lien on the data of delivery of the Deed to the Redeveloper allocable to buildings and other improvemenn which have been demolished orremoved free the Property by the Agency shell be borne by the Agency, and the portion of such current taxes al Locable 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 ascer- tainable - tai:able taxes on the Property, but such apportionment shall be subject to final adjms meant within thirty (30) days after the date the actual amount of such current taxes is ascertained. (d) Recordation of Deed. The Redeveloper shall promptly file the Dred for recordation in the Penobscot Registry of Deeds at Burger, Maine. The Redeveloper shall pay all costa (Including the cost of the Federal documentary stamp tax On the Deed, for which stamps in the propev amount shall be affixed to the Deed by the Redeveloper) for so recording the Deed. -2- (e) Further Ob11aaC1ens DE LM1e Aaemy and the Redeveloper. See Aged_ule A. SEC. 3. GOOD FAITH DEPOSIT. (a) Amount. The Redeveloper hoe, prior to or Simultaneously with the executiom of [he Agreement by the Agency, delivered to the Agency a good faith deposit of cash or a certified check satisfactory to the Agency in the amount of Seventy and ------------- _ 0eposi Dollars for 70.00 1, hereinafter celled per tolbe er security for the performance rmme of the obligations of the Redeveloper to be retention b prep[ en the return liqui of the Deposidesigns, to the Redeveloper, or aitsccount retention by the haevcy as liquidated sway b or its application on grL me the Purchase Price, as o CM1e ca my chee.ck, in accordance deposited with the an account The Agency i 1f bank or trust check, ehell be depoelted 1n an account of the Agency in fl bank of [[ueC 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) Application to Purchase Price. Upon written request of CM1e Redeveloper, the amount of 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 Agreement as provided in Section 703 hereof, the Deposit, IE cash, or bonds or Similar obligations of the United States, including all interest payable the[em after such termination, or, if a surety bond, the proceeds thereof, shall be retained by the Agency as provided in Section 703 hereof. (a) Return to aedeveloper. Upon termination of the Agreement as provided in Section 702 hereof, the Deposit shall be returned to the Redevetoper by the Agency as provided in Section 702 hereof. If the Agreement shell not have been terminated as in Section 702 n- 703 hereof provided, the Agency shall return the Deposit to the Redeveluper upon receipt by the Agency, of the following; (1) A copy Of the cD®itment or coomanitment5 obtained by the Redeveloper -or the mortgage loan or loans to assist in financing the construction of the Impxwemnts (as defined in Section 30L hereof), certified by the Redeveloper to be a ,,us and correct copy or copies thereof; :•deme satisfactory to the Agency that the interim mortgage In to assist in financing the construction of the Improvemntc use been initially closed; .'iA) A copy of the contract between the Redeveloper add 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 LM1e general contractor in connecting with the aforesaid construction contract which -3- bond shall 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 to be a true and correct copy thereof. SBC. 4., TINE POR CQ4'SNCEPENT AND CONPLETION OF ININBCAT ENTS. The construction of the Improvements referred to in Section MI hereof shall be terminated in any event within six (6) menthe 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. SPC. 5. PIKE FOR CERTAIN OTRER ACTIONS. (a) Time for Submission of Construction Plana. The time within which the Redeveloper shall submit its CoMnuction Planss (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 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 o[rected Construction 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 Plans referred to in the latest Such notice. (c) Maximum Time for Approved Construction Plana. In any event, the time within which the Redeveloper shall submit Construction Plane which conform to the requirements of Section 30L 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) ;]_me for Agency Action on Change in Coret[uccion Plana. The time within which the Agency My reject any change in the Construction Plans, 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 for SubmissionE Evidence of Equity Capital and NoTtabse Pte.- The time within which the Codeveloper shall submit to the Agency, In any event, evidence as t0 equity capital and any cvessel meant necessary for mortgage financing, as provided in Section 303 hereof, shall be of later than ( ) days after the date of written notice to the Redeveloper of approval of the Construction Place by the Agency or, if the Construction Plans shall be deed to have been approved as provided in Section 301 hereof, after the expiration of thirty (30) days following the dace of receipt by the Agency of the Construction Place so deemed approved. SEC. 6. PERIOD OF DURATION OF COPBEWf ON USE. The covenant; pertaining to the ones of the Property, set forth in Section 401 hereof, shall remain in effect 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 extended by proper amendment of the Declaration of Restrictions, on which date, as the case may be, such covenant shall terminate. SEC. ]. NOTICES AND DE NtEM. A notice, demand, orother communication under the Agreeat by either party to the other shall be sufficiently given or delivered if it Is dispatched by registered o 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 39-43 Broadlawn Drive Brewer. Mane , and (ii) in the case of the Agency, is addressed to or delivered personally to the Agency at City Bell, Bangor, Maine or at such ocher address with respect to either Foch patsy s that party my, from tine to time, designate in writing and forward to the other as provided in this Section. SEC. 8. SPECIAh PROvIsIass This conveyance is subject to all the terms and conditions of the Declaration of Restrictions for the Stillwater Park Project, Me. R-4, recorded in Penobscot Registry of Deeds, Vol. 24, Page 1-9 SEC. 9. MODIFICATION OF PART II. The following amandments and modifications are hereby made in the terms, covenants, and conditions forming Part II hereof SEC. lo. 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 room 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 zeal to be hereunto duly affixed and attested by its Secretary, on or as of the day first above written. Attest: (Secretary Eremita and valley, Incorporated / /(Redeveloper) BY Io City Council Council Order No. Date Attest: Attest: (Secretary) A True Copy, Attest: -6- (City Clerk) Bangor Urban Renewal Authority (Agency) By Harold L. 1Uxlvr 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 Project, Me. R-4 Parcel #105 Subject to the following covenants, restrictions and easements: (if none, so state) Subject to telephone easement at rear of property. further obligations of the Agency and the Redeveloper: -7-