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HomeMy WebLinkAbout1969-10-13 296-W ORDERz96 -w 28511 XIntroduced by Councibr Houston, Oct. 13, 1969 1, CITY OF BANGOR (TITLE) (IDTIMm-_Approving Proposed ConFract. for.. Sale of Land in. the Stillwater Perk Urban Renewal Project Parcel No . By the City Cawood of the M4 of Banger: ORDERED, TEAT WEREAS. the Urban Renewal Authority of the City of Banger proposes to enter into a contract for the sale of parcel reassured 101 in the Stillwater Park Urban Renewal Project with Eremite, and Valley. Inc. , and WHEREAS, the said Eremite & Valley, Inc. has offered to pay the sum of Twelve Hundred and ----- 00/100 Dollars for said parcel said price being the minim® approved price for said parcel as established by the Urban Renewal Authority and approved by the Departmnt of Housing and Urban Development; and WHEREAS under the provisions of Chapter 168 of the Private and Special Laws of Plaine, 1951, as satiated, City Council approval of all contracts 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 withEremita & valley, Inc. in the office of the City Clark; NW, TfDiREFORE, BE IT ORDERED: THAT the proposed contract on file with the City Clerk be and Is hereby approved. IN CITY COUNCIL Oct. 13, 1969 Indefinitely postponed. 296-w ORDER Yitleo sale of Iand in Stillwater Park - ..............6666.................... No. ..Parcel ... 101 ...................... Introduced and Mad by Cowcilnm STILLWATER PARR PROJECT PROTECT NO. ME. R -L PART I of CONTRACT FOR SALE OF LAND FOR PRIVATE RRDEVELORPENT (OFFER AND ACCEPTANCE) Ey add Between Urban Renewal AuthQritv of the City of and ErMita s Valley, Inc. PART I COSTe8T5 Section Page L. Sale: Purchase Price 2 2. Conveyance of Property 2 3. Good Faith Deposit 3 4. Time for Commencement and Completion of Inprovements 4 5. Time for Certain Other Actions 4 6. Period of Duration of Covenant on use 4 y. Notices and Demande 5 8. Special Provisions 5 9. Mad ificatiotm of Part II 5 10. Counterparts 5 CDN1'FACP FOR SALE OF LAtN FM PRIVATE RSDEPELCpeENr AGREEMENT, consisting of this part I and Part II (F>em R-6209&, 1-64) annexed hereto and made a part harecf (which Part I and Part II are together hereinafter called "Agreement"), made on Or as of the 42nd day of September , 196E by and between the Urban Renewal Atthority of the City of Recent, a public body corporate (which, togeeher with any auc censor public body or officer hereafter designated by or pursuant to law, is hereinafter called "Agency"), established pursuant to Chapter 166 of the Private and Special Laws of the State of Raine, 1957, as amenied (hereinafter called "Urban Renewal Act") and having ins Office at City Hall in the City of Banger (hereinafter celled "City"), State of Maine, and the p emit» a tro77vy-, IncCer;OIeted , a corporation crganfeed 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 dl i in the City of Prewar , County ofpe nnhannt and State of mine WITNESSEPH: WHEREAS, in furtherance of the Objectives of the Urban Rmawal der. the Agency has undertaken a program for the clearance and r nstruction or re- habilitation Of slum and blighted areas In the City, and In this connection Is engaged in carrying out an urban ranewal project known as the "Stil_wacer Park Urban Renewal Project" (herecoafter called "Project") is an area there- inafter called 'Project Area") located in the City; and WHEREAS, the Agency has offered to sell mW 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-) and =a redevelop the Property for and in accordance wl to the uses specified in the Declaration of Restrictions recorded in Penobscot Registry of Heeds, Book 2113, Page 835 aM In accordance with the agreement; and WHEREAS, the Agency believes that the redevelopment of the Property For - event to the Agreement, and the fulfillment generally of the Agrement, are In the vital and beat interests of the City and the health, safety, morals, 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 base 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 witf the other as follows: SBC. 1. ME: 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 amouat of Erse Thousand Two Hundred and o0/100 Dollars ($ 1.100.00 1, hereinafter called "Purchase Price", to be paid in cash 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 Deed. The Agency shall convey to the Redeveloper title to the Property by Warranty Deed (hereinafter celled 'Deed"). Such conveyance and title shall, in addition to the condition subsequent provided for is Section 704 hereof, and to all other conditions, covenants, and restrictions r set forth o referred to elsewhere in the Agreement, be subject to the teres, if any, set forth on said Schedule A, attached hereto. (b) Time and Place for Delivery of Deed. The Agency shall deliver the Deed and possession of the Property to the Redeveloper on 19. or an such earlier date as the parties hereto any mutually agree writing. Conveyance shall be made ac 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. (e) Apportionment of Current Taxes. The portion of the current taxes, r if any, on the Property which a a lien on the date of deliveryDe of the ed to the Redeveloper allocable to buildings and other improvementy which have been demolished or removed from the 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 Decd. If the amount of the current taxes on the Property is not ascertainable on such date, the apportionment between the Agency and tie Redeveloper shall be on the basis of the amount of the moat recently ascer- tainable taxes on the Property, but such apportionment shall be subject to final adjustment within thirty (30) Saye after the date the actual amount of such current taxes is ascertained. (d) Recordation of Deed. The Redeveloper shall promptly file the Wed for recordation in the Penobscot Registry of Deeds at Bangor, Maine. The RedeveLoper shall pay all costa (including the coat up the Federal documentary stamp tax on the Deed, for which stamps in the proper'. mount shall be affixed to the Deed by the Redeveloper) for ea recording the Deed. -2- (a) Further Obli¢atlone of [he A¢ency and Me Redevelovec. See Schedele A. SRC. 3. GOOD FAITH DEPOSIT. (a) Annual. The Redeveloper has, prior to or simultaneously with the execution of the Agreement by the Agency, delivered to the Agency a goad faith deposit of cash or a certified check satisfactory to the Agency in the amount of Dollars ($ - ; finis CvaEEe: c'e��^R€ security far A erforeence 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 ovcunt of the Purchase Price, as the casemay be, in accordance with theAgreaeent. 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 an obligation to pay or n 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) Avvlis tion to Purchase Price. Upon written request of the Redeveloper, the emounc of the Deposit, made In cash or by certified check, shall be applied on account of the Purchase Price at the time paymeat of the Purchase Price in made (d) Retention by Agency. Upon termination of tae Agreement as provided in Section 203 hereof, the Uepoait, if cash, or bonds or stellar obligations of the United Staten, including all interest payable thereon after such termination, or, if a surety bold, the presents thereof, shall be retained by the Agency as provided in Section 203 hereof. (e) Return to Redevelovera Upon tereinatlon of the Agreement as provided In Section M2 hereof, the Deposit shall be returned to the Redeveloper by the Agency as provided In Section 202 hereof. If the Agreement shall not have been terminated as in Section 202 or 203 hereof movided, the Agency shall return the Deposit to the Redeveloper upon receipt by the Agency of the following: (1) A copy of the c miteent or covediteents obtained by the Redeveloper for the mortgage lose or loans to assist in financing the construction of the Improvement¢ (as defined in Section 301 hereof), certified by the Redeveloper to be a nue and correct copy or copies [hereof; dance satisfactory to the Agency that the interim mortgage n to assist in financing the construction of the Improvements Me been initially closed; (-ii) A copy of the contract between the Redeveloper and the general contractor for the eonseructloa of the Improvements, certified by the Redeveloper to be a true and correct copy thereof; and (Sv) A copy of as contract band provided by the general contractor in connection with the aforesaid construction contract which -3. bond shalt be in a peel sum equal to not lase than ten percent (10X) of the contract price under said construction contract, certified by the RedeveLoper to be a true and correct copy thereof. SEC. 4.. TIES FOR CQM0MEEPNI AM CDETIETION OF WROVEAENTS. 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 Deed, and, except as otherwise provided in the Agreement, shall be Completed within eighteen (18) months after such Deed date. SEC. 5. TIM FOR CERTAIN WEER ACTIONS. (a) Time for Submission of Construction Plans. The time within which the fledeveloper shall submit itBConstruction 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 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 such 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 wr¢cen notice from the Agency of the Agency's first rejection of the original Construction Plane submitted to it by the Redeveloper. (d) Time for Agency Action on Chane in Construction Plans. The time within which the Agency may reject any charge 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) Tim for Submissionf Evidence of EQuitYCapital and Eemtkage Financing. The time within which the Redeveloper shall submit to the Agency, in any event, evidence as to equity capital and any commitmeat necessary for mortgage financing, as provided in Section 303 hereof, shall be not later than thirty ( 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 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 Construe cion Plana so deemed approved. SEC. 6. FISI00 OF DURATION OP CDEAEANP ON NSR. The taverner 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, 2022, the period specified or referred to in the Declaration of Restriatioas until such date thereafter to which it my be extended by proper amame dnt of cha Declaration of Restrictions, an which cats, as the case may be, such covenant shall terminate. SBC. y. NOTICES AND DEIAUDS. A notice, demand, ocommunicationothercommunication under the Agreement by either party to the Other shall be sufficiently given or delivered if it is dispatched by registered or certified mail, postage prepaid, return receipt requested, or delivered personally, and (i) in the c of the Redeveloper, is addressed to or delivered personally to the Redevetcpet at 39-43 groadlawn Drive Brewer. Maine ani (11) in the c of the Agency, is addressed to or delivered personally to the Agency at City Rall, Banger, Maine or at each other address with [aspect to either path party as that party may, from then to time, designate in Pricing and forward to the other as Frorided in this Section. SBC. 8. SPECIAL PROVISIONS This conveyance is subject to all the terms and conditions of the Declaration of Restrictions for the Stillwater Park Project, Mr. R-4, recorded in Penobscot Registry of Deeds, vol. 24, Pagea 1-9. SEC. 9. MODIFICATION OF PA.Yf II. The following amendments and modifications are hereby made is the terms, covenants, and conditions fommin, Part rI hereof' SEC. 10. CODNTERPARTS. The Agreement is executed i three (3) counterparts, each of which shat• constitute one and the ems Instrument. IN WITNESS WHEREOF, the Agexy has caused He Agreement to be duly executed in its name and behalf by its Bxee• Sv 8'�e and its seal to be heveuato duly affixed and attested by its Executive Director , and the -5- _,den.. 0 , gedeveloper baa caused the Agreement to be duly executed is its Seem and behalf by its ?resident and its autocrats semi to be berewto duly affixed and attested by its Secretary, on or a of the day first abuse mitten. r Eremite A V6110 Inco[ M rat me epee av (— (FT*SIoftcj 7T Street: (years STY Commit Order No,_ In City Council :lite Attest: Attest; (Secretary) A True COPY, Attest: -6- (City Clark) (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: Stillwater Park Project, Me. R-6 Parcel No. 101 Subject to the following covenants, restrictions and easements: (if none, so state) Subject to telephone easements at rear of property. further obligations of the Agency and the Redevelopar: -7-