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HomeMy WebLinkAbout1968-09-23 233-V ORDER233-V Introduced by Cauulbe Haldacci, Sept. 23, 1968 CITY OF BANGOR (TITLE) marry......Approving Proposed CQgtaet for sale of Led in the Stillwater Park Urban Renewal Project Parcel No 52, 53 & 54 By the qty Conned! oftu qW ofBamese: ORDERED, TEAT WHEREAS, the Urban Renewal Authority of the City of Bangor proposes to enter into a contract for the sale of parcel membered 52, 53, 54 in the Stillwater Park Urban Renewal Project with Eremite & Valley, Inc. ad WHEREAS, the said Eremita & Valley, Inc has offered to pay the am of Two Tnou5and, Six Hundred Dollars -(S2 EGO QUO) for said parcel , said price being the miniman approved prim for said parcel as established by the Urban Renewal Authority ad approved by the Department of Housing and Urban Development; and WHEREAS under the provisions of Chapter 169 of the Private and Special Law of Nolan, 1957, as amded, 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 with Eremite & Valley, Inc in the office of the City Clark: NOW, THEREFORE, BE IT DeCSRED: THAT the proposed contract m file with the City Clerk be Ad is hereby approved. _m. 233-V SEP 16 1968 y ORDER Side, IN CITY COEWIL eP[. 23. 1968 5 lf d in Stillwater.M Pe t ............ 0..... ...... PASSED Parcel NO. 52,53,54. ........................ CIms IT Introduced and filed by _o ..... �........ �( cilmm STILLWATER PARK PROJECT PROSECT NO. NE. R-4 HUD-6209A (4-66) PART I of CONTRACT FOR SALE OF LAND POR PRIVATE REDEVELOPMENT (OFFER ANO ACCEPTANCE) By and Between Urban Renewal AuCMi1ty Of the City of Bangor and CONTENTS Section Page 1. Sate: Purchase Price q p. Comeyence of Property 3 3. Good Faith Deposit 3 4. Time for Commencement and Completion of Improvements L 5. Time for Certain Other Actions 5 6. Period of Duration of Covenant or use 5 I. Notices and Demands 6 8. Special Provisions 6 9. Modifications of Part II 6 10. Counterparts 6 CONTRACT FOR SALE OF LAND FOR PRIVATE REOEVELOMIENT AGREEMENT, consisting of this part I and Part II (Foam H-62098, 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 6th day of September , 1968 1 by and between the Urban Renewal Authority of the City of Berner , a public body corporate (which, together with my 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 emended (hereinafter called "Urban Renewal Acte) and having its office at City Hell in the City of Bangor (hereinafter tailed 'City"), State of Maine, and the Eremite and Valley, Incorporated corporation organ- ized and existing under the laws of the Stake of Maine (hereinafter called "Redeveloper") and having an office for the transaction of business at 39-43 Broadlewrt Drive in the City of Brewer , County of Penobscot and State of Main , 14ITNESSEM: WHEREAS, In furtherance of the objectives of the Urban Renewal Act. the Agency hes undertaken a program for the clearance and xnrynstetion or re- habilitation of slum and blighted areas in the City, and In this connection is engaged in carrying out an urban renewal project known as the "Stillwater Perk Urban Renewal Project" (hereinafter called "project") In An area (hooe. lnafter called "Project Area") located in the City; and 1WREAS, in furtherance of the objectives of the Urban Renewal Authority Law, Chapter 168 of the Private and Special Laws of Maine, 1957, and all acts amendatory thereto, the Agency is carrying out an urban renewal project known as the "Stillwater Park Project, Me. R-4, Bangor, Plaine " for which an Urban Renewal Plan, consisting of the Urban Renewal Plan, dated December 7, 1961, and approved by the City Council of the city on January 22, 1962, by Resolution No. 28-P, as amended July 1, 1964 and approved by the Commissioners of said Authority on July 21, 1964, by Resolution No. 135{ as amended by Amendment No. 2 thereof dated February 10, 1965, and approved -I- by the Commissioners of said Authority on March 23, 1965, by Resolution No. 166. The 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 Na. 135-T and was subsequently recorded in the Office Of the City Clerk, located in City Rall, Sanger, Maine in Volume 24, Pegs 63 . WHSIREA3, in order to enable the Agency to achieve the objectives of the Urban Renewal Plan and particularly to make the land it the Project Area avail- able for redevelopment by private enterprise for redevelopment for and in decor - "nee with the uses specified in the Urban Renewal Plan, both the Federal Cavern. ant and the City have undertaken to provide and have provided substantial aid and assistance to the Agency through a Contract for Loan end Capital Grant dated October 11, 1962, to 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 hes 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 command hereto and made a part hereof (which property as so described is hereinafter celled "Property") and to redevelop the Property for and in accordance with the uses specified in the Urban Renewal Pian 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 Agreement, are in the vital and best interests of the City and the health, safety, morale, and welfare of Its residents, and in accord with the public purposes and provisions of the applicable Federal, State, and local laws and regy i resents under which the Project hes 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: 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 the Agency and pay therefor, the amount of IN82 nQUAInd Six Hundred Dollars (6 2.600.00 ), hereinafter called "Purchase Price", to be paid in cash or bycertified check simultaneously with the delivery of the deed Conveying the Property to the Redeveloper. SEC. 2. CONVEYANCE OF PMPERTY. (a) Form of Deed. The Agency shall convey to the Redeveloper title to the Property by Warranty Deed (hereinafter Called "Dee&). Such conveyance and title shall, in addition to the condition subsequent provided for In Section 704 hereof, and to all other conditions. covenants, and restxictions set forth o referred to elsewhere in the Agreement, be subject to tie terns, if any, set forth on said Schedule A, attached hereto. -2- (b) Time and Place for Delivery of Deed. The Agency shall deliver the Dead and possession of the Property to the Redeveloper on Septeamber 25 1968 or osuch 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) Apportionment of Current Taxes. The portion of the current tares, r If any, on the Property which a a lien on the date of delivery of the Deed to the Redeveloper allocable to buildings and other improvements which have been demolished o removed from the Property by the .Agency shall be borne by the Agency, and theportionof 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 taxes on the Property i 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 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 m the Pebscot Registry of Deeds at Bangor, Maine. The Redeveloper shall pay all Costs (including the cost cf the Federal documentary Stang 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 Obl iga[ions of Me Agency and The Redeveloper. See Sche u e A. SEC. 3. =0 FAITH DEPOSIT. (a) Amount. The Redeveloper has, prior to or simultaneously with the execution of the Agreement by the Agency, delivered to the Agency a good faith deposit of cash or bi certified check satisfactory to the Agency in the amount Of W26 xunered Sixtyand ----), horn—aftercalled"Der/100 Del as (S_ 260.00 hereinafter called ^Deposita, a security for CM1e performance of the obligations he the vedeveldp¢r to bretentioperformed b prior en y a return of the mages, to the Redeveloper, o its retention by the Agency as liquidated thec se my r its application o gra me the Purchase Price, as o the c cosy Cbe,heck, in accordance with the Agreement. The Agencyc, if cash or certified check, shard be deposited in an account of the Agency in a bank or tens[ company selected by St. (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 Redeveloper. (c) Application to Purchase Price. Upon written request of the Redeveloper, the amount of the Deposit, Sade in cash or by certified check, shell be applied qn 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 haven-, the Deposit shall be returned t0 the Redeveloper by the Agency as provided in Section 702 hereof. If the Agreement shell 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 (as defined in Section 301 hereof), certified by the Redeveloper to be a true and correct copy or copies thereof; (11) Evidence satisfactory to the Agency that the Interim mortgage loan to assist in financing the construction of the Improvements has been initially closed; (111) 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 sum equal to not lose 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. TIME FOR CQffiENCEMENT AND CCVPLETION OF IfWROV@@NTS. Tne construction of the Improvements referred to in Section 301 hereof shall be commenced In any event within six (6) montha 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 far Submission of Construction Plane. The time within whiCh 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 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 or corrected Construe tion Plane as provided for In Section 304 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 Plane referred to in the latest ouch notice. (C) Maximum Time for Approved Construction Piens. In any event, the time within which the Redeveloper shall submit Construction Plane 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 Plane submitted to it by the Redeveloper. (d) Time for Agency Action on Change in Construction Plans. The time within which the Agency may reject any change in the Construction Plays, 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 Motteage Financing. The time within which the Redeveloper shall submit to the Agency, In any event, evidence as to equity capital and any cartel, meant 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 a 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 Lie date of receipt by the Agency of the Construction Plane 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, shall remain in effect from the date of the Deed Until January 22, 2022, the period specified or referred to in the Urban Renewal Plan. or until ouch date thereafter to which it may be extended by proper amendment of the -5. Urban Sensual Plan, or until such date thereafter It which it may be extended by proper amendment of the Urban Renewal Plan. on Which date, as the case may be, such Covenant shall terminate. SBC. ). NOT'ICES AND DEMANDS. A notice, demand, or other ce®nnication 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 case of the Redeveloper, is addressed to or delivered Personally to the Redeveloper at 39 - 43 Broadlawn Drive Brewer, Maine and (ii) in the case of the Agency, is addressed to or delivered personally to the Agency at City Ball, Bangor, Maine or at such other address with respect to either such party as that party may, free time to time, designate in writing and forward to the other as provided in this Section. SEC. S. SPECIAL PROVISIONS. This conveyance is subject to all the terse and conditions of the Declaration of Restrictions for the Stillwater Park Project, Me. R-4, recorded in Penobscot Regiatry of Deeds, Vol. 34, Page 1-9 SFC. 9. MODIFICATION OF PART I1. The following amendments and abeificatione are hereby made in the rated, covenants, and conditions forming Part II hereof: SSC. 10. COUNTERPARTS. The Agre went is executed in three (3) counterparts, each of which shall constitute one and the same instnment. IN WITNESS SPERMS, the Agency has caused the Agreement to be duly executed in its base and behalf by its Execatiw DLCeeter and Its seal to be hereunto duly affixed and attested by its Executive Director , and the Redeveloper has caused the Agreement to be -6- duly executed in its name and behalf by its President and its corpotate seat to be hereunto duly affixed and attested by its Secretary, on or as of the day first about written. (Redeveloper) Bremita and Valley, Incorporated By ry -(Pteetdeot)_ �Qet . L ttyy. Attest: (secretary) In City Council Attest: Attest: (secretary) A True Copy, Attest -7- Council Order No. (City Clark) (Agency) SCHMUU A Description of Property All that certain parcel or parcels of land located in the qty of Senior, County of Penobscot, State of Maine, more particularly described as follows: Stillwater Park Urban Renewal Project, Me. R -G Disposition parcels - 52, 53 and 56 subject to the following covenants restrictions and easements: (if none, so state) Subject to telephone easements at rear of properties further obligations of the Agency and the Redeveloper: