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HomeMy WebLinkAbout1969-07-14 200-W ORDERzoo -W Introduced by Councilor Sculley, July 19, 1969 q' y CITY OF BANGOR (TITLE.) (J)rhrfMprovpnR Proposed contract. for sale of Land. in the Stillwater Park Urban Renewal Project Parcel No 100 BY the City Coauil Of Lid Oft of Bangor: ORDERED, TUT WHEREAS, the Urban Renewal Authority of the City of 9angor proposes to enter into a contract for the sale of parcel numbered 100 In the Stillwater Park Urban Renewal Project with Eremite and Valley Inc. and WHEREAS, the said Eremita & Valley, Incorporated has offered to Pay the am of Two Thousand and ------- 00/100 Dollars 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 Roundup and Urban development; and WHEREAS under the provisions of Chapter 168 of the Private add Special Lawn of Maine, 1957, as amended, City Council approval of all contracts for the sale of land within the project area is required; and RUBBERS, the Urban Renewal Authority has filed a copy of the proposed contract with Eremite & Valley, Inc. in the office of the City Clark; NM, TRSREFORE, BE IT ORDERED: THAT the proposed contract on file with the City Clerk be Andi Is hereby approved. Idd9 JUL-9 011.41 Cl'y C?PI 'S OFFICE IN CITY CONNCIL joly 14, 1969 PASSED ct�12L�� CLERK zo6-w ORDER rme, sale of LaoL in Stillwater Pssx UR ...................................... lnt du-ced end filed by �!..Y 1:. /. �: .............. . Cowcilmen STILLWATER PARR PRW= PROTECT NO. M. 1-0 PART I of CONfR POR BA16 OP LRNO FOR PRIVATB REOEVELOAIENT (OFFER A ACCEPTANCE) By and Between Urban Renewal Authority of the Citv of Bane and Eremite and Valley, Incorporated PART I CONTMS section page 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 Ocher Actions 4 6. Period of Duration of Covenant on Use 4 I. Notices and Demands 5 S. Special Provisions 5 9. Modifications of Part II 5 lo. Counterparts CONTRACT FOR SALE OF LAND FOR PRIVATE RRDEVELOWB:NT ACREBMENT, consisting of this Part I and Pert II (Form H-62098, 1-64) annexed hereto and Fade a part hereof (which Part I add Part II ere together hereinafter called "Agreement"), made on Or as of the 30th day of Tune , 1$$, by and between the UrbA� Renewal Authority of the City of Bangui, 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 ameMed (hereinafter called "Urban Renewal Act") and having its office at City Hell in the City of Bangor (hereinafter called "City"), State of Maine, and the Eremita and valley, Incorporated a corporation organized and existing under the laws of the State of Maine hereinafter called "Redeveloper") end having an office for the transaction of business at 39-43 Broadlawn Drive in the City of Brewer County Of Penobscot and State of Mane WITNESSETH: WHEREAS, In furtherance of the objectives of the Urban Renewal Act, the Agency has undertaken a Progress for the clearance and xconstroeelnn or habilitation of alum and blighted areas in the City, add in this conduction is engaged in carrying out a urban manual project known as the "Stillwater Park Urban Renewal Project" (Aereitmfcer called 'Troject) in an area (here- inafter called 'Troject Aiea') located in the City; and WHEREAS, the Agency has offered to sell and the Redeveloper is willing to purchase certain real property located in the Project Area add Foxe partic- ularly described in Schedule A ax,exed 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 Dodds, Book 2113, Page 835 and in accordance with the agreement; nW WHEREAS, the Agency believes that the redevelopment of the Property put - cant to the Agreement, and the fulfillment generally of the Agreement, are in the vital and beet interests of the City and the health, safety, morale, and -1- welfare of its residence, 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 wtual oblige - 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 terve, 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 A ency and Pay therefor, the amount of arra a^nousand and -------- 00f1.00 Dollars ($2,000.00 ), hereinafter called "Purchase Price% to be paid In cash or by certified check simultaneously with the delivery of the dead 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, covenants, and restrictions set forth or referred to elsewhere in the Agreement ebe subj act to the terms, if any, set forth on said Schedule A, attached hereto. (b) Ties and Place for Delivery Of Geed. The Agency shall deliver the Deed and possession of the Property to the Redeveloper on July 15, 1969, O mu Osuch earlier date as the parties hereto way mutually agree in writings Conveyance shall be wads at the principal office of the Agency and the Redeveloper shall accept such conveyance and Pay to the Agency at auch time and piece the Purchase Price. (c) Aoportlmment of Current Taxes. The portion of the current taxes, if say, on the Property which area lien on the date of delivery of the Deed to the Redeveloper aLLoeable to buildings and other Lsprovesmacs which have been demolished or roved from the Property by the Agency shell 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 current texas on the Property is not ascertainable on such date, the apportionment between the Agency and the Redeveloper shell be on the basis of the mount of the moat recently ascer- tainable taxes on the Property, but such apportionment 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 Deed. The Redeveloper shell promptly file the Deed for recordation in the Penobscot Registry of Deeds at Bangor, Maine. The Redeveloper ahatl Pay all coats (including the cost of the Federal doamentary stamp tax on the Deed, for which stamps in the proper: mount shall be affixed to the Deed by the Redeveloper) for so recording the Wed. -2. (e) Further Obligations of the Agency and the Redeveloper. See Schedule A. SRC. 3. GOOD FAITH DEPOSIT. (a) Am0_unt. The Redeveloper hes, print to or simultaneously with the execution of the Agreement by the Agency, delivered to the Agency a goad faith deposit of cash or certified check 'satisfactory to the ncy in the amount a car pg¢ of one Hundred and ----------------------- oo o nous. ($100.00 ), hereinafter celled "Deposit", as security for the 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. The Deposit, if cash or certified check, shell 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) Application to Purchase Price. Upon written request Of the 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 repudiation of tie Agrowe at 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 bold, the proceeds thereof, shell be retained by the Agency as provided in Section 703 hereof. (e) Return to Redeveloper, upon termination of the Agreement a provided in Section 702 hereof, the Deposit shall be returned to the Redevefoper by the Agency as provided in Section 702 hereof. If the Agreement shall not have been terminated as in Section 702 0- 703 hereof provided, the Agency shall return the Deposit to the Redeveloper upon receipt by the Agency of the following: (i) A copy of the co®ltment 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 --us and correct copy or copies thereof: :-deuce satisfactory to the Agency that the interim mortgage n to assist in financing the construction of the Improvements ive been initially closed: (tli) 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 leas than ten percent (10X) of the contract price under said construction contract, certified by the Redeveloper to be a true and correct copy thereof. SBC. 4., TIN POR CQDmNCEM6NT AND CQi WTON OF IMPROVESENTS. The c nstruc tion of the Improvements referred to in Section 301 hereof shall be commenced In any event within six (6) months after the date of the Deed, and, �ept as otherwise provided in the Agreement, shall be completed within eighteen (18) menthe after such Deed date. SBC. 5. TIME FOR CERTAIN OTHER ACTIONS. (a) Time for Submission of Construction Plane. The time within which the Redeveloper shall submit its "Csnatructtan P ane° (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 newrcorrected Construction Plans as provided for in Section 301 hereof shall benotlater 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 each notice. (c) Maximum Time for Approved Construction Plane. 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 Plans submitted to it by the Redeveloper. (d) Time for Agency Action an Chane in Construction Plans. 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 chance. (e) Time for Submission of Evidence of Equity Capital d Mortgage Financing. 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 ( ) days after the date of written notice to the Redeveloper of approval of the Construction Plans by the Agency or, if the Construction Plane shall 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. PERIOD OF DURATION OF COVENANT ON USS. The covenant pertaining to the uses of the Property, set forth in Section 601 hereof, shall remain in effect fromthe date of the Deed until January 22, -6- 2022, the period specified or referred to in the Declaration of Restrictions or until such date thereafter to which It any be extended by proper amendment of the Declaration of Restrictions, on which date, as ate case may be, such covenant shall terminate. SSC. I. 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 is dispatched by registered or certified mall, postage prepaid, return receipt requested, or delivered personally, and (1) In the case of the Redeveloper, 1s 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 Hall, Bangor, Maine or at such other address with respect 7o either porch party s that party may, from time to time, designate in writing and forward to the other as provided in this Section. SSC. 8. SPECIAL PROVISIONS 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 amendments and modifications are hereby made in the terms, covenants, and conditions farming Part II hereof BEC. 10. COUNTERPARTS. The Agreement is executed in three (3) counterparts, each of which shall cone titute one and the ware instrument. IN WITNESS HHEREOP, the Agency has caused the Agreement to be duly executed in its Arms and behalf by its Executive Director and its weal to be hereunto duly affixed and actuated by its Executive Director , and the -5- Redeveloper 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 as of the day first above written. Attest: (secretary Eremite and Valley, incorporated (RRed-eveloper)By //j� mreas Is City Council council Order No. Date Attest: Attest: (secretary) A True Copy, Attest: (City Clerk) Bangor Urban Renewal Authority (Agency) -6- B Herold L. Marlow SCR®BLE A Besctiption 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 follow: Stillwater Park Project, Me. R-4 Parcel #100 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: _].