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HomeMy WebLinkAbout1968-04-22 123-V ORDER123-V Introduced by Councilor Hunt, April 22, 1968 \ CITY OF BANGOR (TITLE.) @rDPTf. _. APProvgng Proposed Con4ract_for, Bane of Land in the Stillwater Park Urban Renewal Project - Parcel No 86 By the City Coastal of Its ate ofBaapor: ORDERED, THAT WHEREAS, the urban Renewal Authority of the City of Bangor proposes to enter into a contract for the sale sf parcel connected 86 in the Stillwater Park Urban Renewal Project with Arlington Rooker , and WHEREAS, the said Arlington Booker has offered to Pay the. aim of one Thousand Bight Hundred Dollars ($1 ,800) for said parcel , said price being the min1marm approved price for said parcel as established by the Urban Renewal Authority and approved by the Department of Housing and Urban Development; and WHEREAS under the provisions of Chapter 160 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 1s required; and WHEREAS, the Urban Renewal Authority has filed a copy of the proposed contract with Arlington Booker In the office of the City Clark; NOW, THEREFORE, BE IT WDERED; THAT the proposed contract on file with the City Clerk be and is hereby approved. 123 V I96B APR JB Ary 10: 24 ORDER C'Ty Ci PRe S OFFICE True, ARpzW �noa Pr Rosed Contract for Sale of LaN in SYillvater Park V.R. IN CITY COUNCIL April 22, 1968 Paz'cel No.. A6 PASSED ....................... IInntroduceedd avd(/flied by clfx y Ptt \\\V La&v ..G... e� n! Councilmen STILLWATER PARK PROJECT PROJECT NO. ME. R-4 WD-6209A (4-66) ----------------- PART I of CONTRACT FOR SALE OF UNO POR PRIVATE REDEVELOPMENT (OFFER AND ACCEPTANCE) By and Between Urban Re Wal Aut6 city of the Ci Cy of Bangor and r PART I CONTENTS Section page 1. Sale: Purchase Price 2 2. Conveyance of Property 3 3. Good Faith Deposit 3 4. Time for Cc®eacament and Completion of Improvements 4 5. Time for Certain Other Actions 5 6. Period of Duration of Covenant on Cas 5 ). Notices and Demands 6 S. Special Provisions 6 9. Modifications of Part II 6 10. Counterparts 6 CONTRACT FOR SALE OF LAND MR PRIVATE REDEVELOPMENT AGHEIMRNT, consisting of this part I and Part TL (Form H-62090, 1-64) annsred hereto And nude a part hereof (which Part I and Pert II are together herhev mfA/ d gr IA a^by made et ee as of the �0• day of , I9� by and between the Urban Renewal Authority of cM1 City of ganger , e public body Corporate (which, together with my mc - cess r public body or officer hereafter designated by or pursuant to law, in 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 Hall In the City of Fenger (hereinafte called "CCity1,.Statee of nine, and the P(�Y ]wsllJ w.r� , .acocorrpporation organ. f retl and exi at s under the laws of the State of (hereinafter celled "Redevel5 eel) and having an office for the transaction of business at In the City of , ... Jlf ( County of and State of IVIINESSET"J WHEREAS, in furtherance of the objectives of the Urban Renewal Act, the Agency has undertaken 8 program for the clearance and reconstruction or re- habilitation of alum and blighted areas in the City, andIn this connection is engaged In tarrying out an urban renewal project known as the "Stillwater Park Urban Renewal Project" (hereinafter called "Projecte) in an area (herC- lnafter Called "Project Area") located in the City; and WHEREAS, In furtherance of the objectives of the Urban Renewal Authority Law, Chapter 168 of the Private and Special Laws of Maine, 1952, and all acts amendatory thereto, the Agency is carrying out an urban renewal project known as the "Stillwater Park Project, He. R-4, Bangor, keine " for which an Urban Renewal elan, consisting of the Urban Renewal Plan, dated December I, 1961, and approved by the City Council of the City on January 22, 1962, by Resolution Mo. 28-P, as amended July 1, 1964 and approved by the Commissleners of said Authority an July 21, 1964, by Resolution No. 155; es atraded by Amendment No. 2 thereof dated February 10, 1965, and approved -1_ by the Cmmmissloners of said Authority on March 23, 1965, by Resolution No. 166. She Urban Renewal Plan as further amended by Amendment No. 3 thereof dated August 2, 1965, and approved by the Commissioners of said Authority on November 16, 1965, by Resolution No. 198 and approved by the City 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, Bengor, Maine in Volume 24, Page 63 . WHEREAS, in order to enable the Agency toachieve the objectives of the Urban Renewal Plan and particularly to make the land Jr. the Project Area avail- able for redevelopment by private enterprise for redevelopment for and in occur - dance with the u specified in the Urban Renewal Plac, both the Federal Govern- ment and the City have undertaken to provide and have provided substantial aid and assistance to the Agency through a Contract for Loan and Capital Grant dated October 11, 1962, in 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 reel 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 forand in accordance with the uses specified in the Urban Renewal Plan and in accordance with the Agreement; and WHEREAS, the Agency believes that the redevelopment of the Property pur- suant to the Agreement, and the fulfillment generally of the Agreecwt, are In the vital and best interests of the City and the health, safety, morals, and welfare of its residents, and in accord col th 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, WASHROOM , in Consideration of the premises and the mutual obliga- tions of the parties hereto, each of than 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 Act, and the Redeveloper will pY[chya e n rO rty from the Agency and pay therefor, he amount Sf 1 0ollera 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 "Cases). Such Conveyance and title shall, In addltioa 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, be subject to the terms, if any, set Ecrth an said Schedule A, attached hereto. -2 (b) Time and Place for Delivery of Deed. The Agency shell deliver the Deed and possession of the Property to the Redeveloper on 19naon such earlier date as the parties hereto y mutually agree wrieingr Conveyance shall be made at the principal office of the Agency and the Redeveloper shall accept such conveyance and may to the Agency at such time and place the Purchase Price. (c) ApporClnnmenC of Current Taxes. The portion of the current taxes, If any, on the Prop thy whlch or; a If an 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 shalt be home by the Agency, and the portion of such current taxes dilatable 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 rot ascertainable on such date, the apportionment between the Agency and the Redeveloper shall be on the basis of the amount of the swat 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 shall promptly file the Deed for recordation in the Penobscot Registry of Deeds at Bangor, Maine. The Radevelopershall 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) Further obi f gations of The Agency and The Redeveloper. Te=e ule A. SFC. 3, WOD FAITR DEPOSIT. (a) Amount. The Redeveloper has, prior to or simultaneously with the execution of the Agreement by the Agency, delivered oo the Agency a good faith deposit of cash or n cer„t1 led he atisfectory to the Agency in the amount f - e, `� Dol lore %$ , hereinafter Caued ^oeposu^, as security for Che pezfoxmence of the o1+31Rations of the iodeve Ubpe[ to be'p@aformed.. prior to the return of the Deposit to the Redeveloper, or Its retention by the Agency as liquidated damages, or Its application o account of the Purchase Price, as the c may be, in accordance with the Agreement. The Deposit, 1f cash or certified check, shall be deposited in an account of the Agency 1n a bank or trust company selected by it. (b) Interest. The Agency shall be under no obligation to pay or ern interest on Che Deposit, but if Interest is payable thereon such Interest when recel ved by the Agency shall be promptly paid to the Redeveloper. .-3-_ (c) Application t0 Purchase Price. Upon written request of the Redeveloper, the amount of the Deposit, oade 1n cast or by certified check, shall be applied en 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 Redeve Loper upon receipt by the Agency of the fol Lowing: (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 dclned in Section 301 hereof), certified by the Redeveloper to be a true and correct copy or copies thereof: (ii) Evidence satisfactory to the Agency that the interim mortgage Loan to assist in financing the construction of the Improvements has been Initially closed; (LII) 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 bond shall be in a penal mm equal to not lees than ten percent (10%) of the contract price under said construction contract, certified by the Redeveloper to be a true and correct copy thereof. SSC. 4. TIME FOR CQRIENCEMENT AND COMPLETION UP IMPROV@�NT6. 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. -4• SEC. 5. TIME FOR CERTAIN OTHER ACTIONS. (a) Time for Subm.3910n of Construction Plate. The time within Mich the Redeveloper 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 dela of this Agreement. (b) Time for Submission of Corrected Construction Plane. Except as provided in Paragraph (c) of this Section 5, the time wltbin which the Redeveloper shell submit any new or corrected Construction Plane as provided for in Section 301 hereof shell be ant later than sixty (60) days after the date the Redeveloper receives written notice from the Agency of the Agency'a rejection of the Construction Plane referred to in the latest such notice. (c) Maximum Ties for Approved Construction Plane. In any event, the time within which the Redeveloper shall submit Combuction Plane Mich 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 Redeveloper. (d) Time for Agency Action on Chance in Construction Plans. The time within which the Agency may reject any change in the Construction Plans, 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 Mortaexe Financing. The time within which the Redeveloper shall submit to the Money, In any event, evidence as to equity capital and any commitment necessary for more ago financing, as provided in Section 303 hereof, shall be not later than (�Ct) days after the date of written notice to the Redeveloper of appc 1 of the Construction Plane by the Agency, or, if the Construction Plane shell 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 Plana 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 Dead until Janwry 22, 2022, the petted specified or referred to in the Urban Repewal Plan, pr until such date thereafter to Mich 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 amandment of the Urban Renewal Plan. on which date, as the case may be, such Covenant shall terminate. SEC. ]. NOTICES AND D9INNDS. A notice, demand, or other communication under the Agreement by either party to the other shall be sufficiently given or delivered If it to diapatehed by registered or certified mail, postage prepaid, return receipt requested, or delivered personally, and (i) in the case of the Redeveloper, to addressed to or delivered peze oral Dr o [he Redeveloper at and (11) in the case of the Agency, is addressed to or delivered personally to the Agency at City Hail, Bangor, Maine or at such other address with respect to either such party as that party my, from time to time, designate in writing and forward to the other as provided in this Section. SEC. S. HPECIAL PROVISIONS. SEC. 9. MODIFICATION OF PART 1I. The following amendments and modifications are hereby made In the terms, covenants, and conditions forming Part II hereof: SEC. 10. COUNTERPARTS. The Agteement Is executed 1n three (S) counterparts, each of which shell constitute one and the same instrument. IN G rNESS WHEREOF, the Agency has [caused tfe pEvans, /N/ baJy ly executed in its name and behalf by its !'.Y3 r -L [ e NA/' and its 1 to be hereunto duly affixed and attested by its Cd Ot.,.� =J , 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, en or as of the day first above written. (Redeveloper) By Attest: i ee idep[) (Secretary) Council Order No,_ In City Council A True Copy, Attest: Attest: (City Clerk) (Agency) Attaet: (Secretary) _T. SCHEDULE A Description of Property All that certain parcel or parcels of land located to the City of Bangor, County of Penobscot, State of Maine, more particularly described as follows: Stillwater Park Urban Renewal Project, Me. R-4 Disposition Parcel 86 subject to the following covenants restrictions and easements: (if none, so state) further obligations of the Agency and the Eedevelopeo: