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HomeMy WebLinkAbout1969-10-13 295-W ORDER295-W yBPYi Introduced by Councilor Houston, Oct, 13, 1969 CITY OF BANGOR (TITLE.) i8lrlbpra...... Approving Proposed Contract for Sale of Lend. in the Stillwater Park Urban Renewal Project Parcel No 106 By tha My Cswuil ofsAa City ofBanpor: ORDERED. THAT WUCRPAS, the Urban Renewal Authority of the City of Banger proposes to enter into a contract for the sale of parcel numbered 106 in the Stillwater Park Urban Renewal Project with Eremite and Valley Inc , and WHEREAS, the said Eremite & Valley, Inc has offered to pay the cum of - 0 100 DQIlars for said passel , said price being the minimum approved price for said parcel as established by the Urban Renewal Authority and approved by the Departxat of Rousing and Urban Developmehy and WHEREAS under the provisions of Chapter 168 of the Private and Special Laws of Moine, 1957, as amended, City Council approval of all contracts for the sale of land within the project area is required; and REVENUE, the Urban Renewal Authority has filed a copy of the proposed contract with Errocita & valley, Inc, in the office of the City Clark; NOW, THEREFORE, BE IT ORDERED: THAT the proposed contract on file with the City Clerk be and is hereby approved. 295-w f f/ ORDER Ride. S IN CITY COUNCIL .. Oct. 13, 1969 ,. Sale of I in Stillxatec Pazk ......0...... PASSED Pazcel No. 106 ...................................... C1 COSSK in In duced and riled by ca�rlmm STILLWATER PARI( PRW= PRW= NO. M. R-0 PART I of CONTRACT FDR SALE OF LAND PDR PRIVATE REDPAELOPMENT (OMER ANO ACCEPTANCE) By and Between Urban Renewal Authority of the CUy ot Bangor and Eremite E Valley, Inc. PART I CONTENTS Section Page 1. Bale: Purchase Price 2 2. Conveyance of Property 2 3. Good Faith Deposit 3 4. Time for Co®encement and Completim of Improvements 4 S. Time for Certain Other Actions 4 6. Period of Duration of Covenant on We 4 9. Notices and Demands 5 8. Special Provisions 5 9. Mcdlficatfore of Part II 5 30. Counterparts 5 CONfRACT FOR SALE OF LAND FOR PRIVATE 88p8V81OP�NI ACRg@RNT, consisting of this Part I and Part II (Form R-62090, 1-66) annexed hereto and made a part hereof (which Part I and Part II are together hereinafter called "Agreement"), made on or as of the 22nd day of September , 19 69 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 Rall in the City of Bangor (hereinafter called "City"), State of Maine, and the Eremite & Valley, Inc. a corporation organized and existing under the laws of the State of Maine hereinafter called "Redeveloper") and having an office for the transaction of business at 39-43 Broadlawn Drive in the City of Brewer County of Penobscot and State of Maine , WTNESSEDR: wSPRUS, in furtherance of the objectives of the Urban Renewal Act, the Agency has undertaken a progress for the clearance and reconstruction or re- habilitation of elm and blighted areas 1n the City, and in this connection is engaged in carrying out an urban renewal project knownss the "Stillwater Park Urban Renewal Project" (hereinafter called "Project")in an area (here- inafter called 'Project Area") located in the City; and WEEMS, the Agency has offered to Bell and the Redeveloper Is willing to purchase certaia 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 2113, Page 835 and in accordance with the agreement: and WHEREAS, the Agency believes that the redevelopment of the Property pur. ant to the Agreement, and the fulfillment generally of the Agreement, are in the vital and beat interests of the City and the hmlth, 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 undertaken and is being assisted: NOW, THEREFORE, in consideration of the promisee and the mutuaL obliga- tions of the parties hereto, each of them does hereby covenant and agree with the other as fell own: 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 th Agency and pay therefor, the answer of One Thousand Two Hundred dna 00/100 Bollard ($ 1,200.00 ), hereinafter called 'Rurchaee Price", to be paid In cash or by certified check e imultanaously 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 Beed (hereinafter called "Peed"). Such conveyance and title shall, in addition to the condition subsequent provided for in Section 704 hereof, and to all ocher conditions, c ronce, and restrictions rme set forth o referred to elsewhere in the Agreent ems be subject to the ter, If any, set forth on said Schedule A, attached hereto. (b) Time and Place for Delivery of Beed. The Agency shall deliver the Deed and possession of Che Property to the Redeveloper o 19 ma osuch earlier date as the partied hereto y mutually agree 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) nyportio,ment of Current Taxes. The portion of the current taxes, if arch, on Me Properey mbi<h ax alien on the date of delivery of the Deed to the Redeveloper allocable to buildings and other improvement! which have been demolished c om xoved frthe Property by the Agency SM11 be bores 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 Beed. If the amount of the current taxes on the Property is not ascertainable on such date, the apportionment between the Agency end the Redeveloper shall be on The basis of the amount of the most recently a - tainable taxes on the Property, but such apportionment shall be subject co final adjustment within thirty (30) days after the date the actual amount of each current taxes is ascertained. (d) Recordation of Deed. The Redeveloper shall promptly file the Deed for recordation in the Penobscot Registry of Deeds at Burger, Maine. The Redeveloper shall pay all costs (Including the coat of the Federal documentary stamp tax on the Beed, for which stamps in the proper: amount shall be affixed to the Beed by the Redeveloper) for do recording the Beed. -2- (a) Purmer obliaationa of the Agency and the Redeveloper. See Schedule A. SSC. 3. 000D PAITR DEPOSIT. (a) Amount. The Redeveloper has, prim to of 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 the Agency in the amount of _ iSxty and 00/100 Dollars ($60.00 ), hereinafter called 'DeposiO.-as security'Deposit".—a 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 casemay be, in accordance with the Agreement. The 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 obl_gation to pay o n interest on theDeposit, 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 termination of the Agreement as provided in Section 703 hereof, the Deposit, 1f cash, or bonds or similar obligations of the United States, including all interest payable thereon after such termination, o , if a surety hem, the proceeds thereof, shall 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 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; (i) 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 (an defined in Section 30L hereof), certified by the Redeveloper to be a .rue and correct copy or copies thereof: :!deme satisfactory to the Agency that the interim mortgage an to assist in financing the construction of the Improvements ties been initially closed; (L i1) 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 correction with the aforesaid construction contract which -3- hand shall be in a penal arm equal to not 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.. TIIffi FOR CCNNENC@@Nf AM CONTIETICN OF ISPROVEHENTS. The construction of the Improvements refected to in Section 301 hereof shall be runaround in any event within six (6) months after the date of the Peed, and, except as otherwise provided in the Agreement, shall be completed within eighteen (18) months after such peed date. SEC. 5. TONS FOR CERTAIN OPIDER ACTIONS. (a) Time for Submission of Construction Plans. The time within which the Redeveloper shall submit its Construction Plansn (as defined in Section 301 hereof) to the Agency in any event, pursuant to Section 30L hereof, shall be no later than one hundred twenty (130) days from the date of this Agreement. (b) Time for Submission of Corrected Construction Plana. 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 Agency's rejection of the Construction Plans referred to in the latest such notice. (c) Maxlmen 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'a first rejection of the original Construction Plane submitted to it by the Redeveloper. (d) Time for Agency Action on Change in Construction Plane. The time within which the Agency may reject any ebenge In the Conatructfon Plane, a provided in Section 302 hereof, shall be forty-five (45) days after the date of the Agency's receipt of notice of snub change. (e) Time for Submissionf Evidence of Equity Capital Financing. The time within which the Redevelaper 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 Plane 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 Plans so deemed approved. SRC. 6. PERIM OF PUPATION OF COVENANP ON PEE. The covenant pertaining to the uses 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 exceeded by proper arrogance of the Declaration of Restrictions, on which date, as the case may be, such covenant shall terminate. SEC. ). NOTICES AND DEMANDS. A notice, demand, o other communication under the Agreement by either parry to the other shall mmbe sufficiently given or delivered if it is dispatched by registered or certified mail, postage prepaid, return r_celpt requested, or delivered personally, and (I) in the c of the Redeveloper, 1e a3dre8eed to or delivered personally to the Redeveloper at 39-43 Broadlawn Drive Brewer. Mane , and (ii) in the ca of the Agency, is addressed to or delivered personally to the Agency at City Rall, Danger, Maine oat such other address with respect to either path party ae that party may, from time to items, designate in writing nd forward to the other as provided _a this Section. SEC. R. SPECIAL PROVISIONS This conveyance is subject to all the terms and ccrditions of the Declaration of Restrictions for the Stillwater Park Project, tie. R-49 recorded Sr Penobscot Registry of prods, Vol. 24, Pages 1-9. SEC. 9. MODIFICATION OF PART II. The following amendments and modificatio,m are hereby made in the terms, covenants, and toad ltlons forming Part II hereof SEC. 10. COUNTERPARTS. The Agreement is executed in three (3) counterparts, each of which shad cone tituts 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 ffirector and its neat to be hereunto duly affixed and attested by its Executive Director , and the -5- Bedeveloper 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 thedayfirst above �mnitten. fes) Attest In City Council Council order No, Date Attest: Attest{ A True Copy, Attest: -6- (Agency) /bb SCHEDULE A Description of Property All that certain parcel or parcels of land located in the City of Hangar, County of Penobscot, State of Maine, more Particularly described as follows: Stillwater Park Project, Me. R-4 Parcel No. 105 Subject to the following covenants, restrictions and easements: (if seen, so state) Subject to telephone easements at rear of property. further obligations of the Agency and the Redeveloper: -7-