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HomeMy WebLinkAbout1967-04-24 133-U ORDER133-8 n by Councilor Baru, 1 4,19a, CITYOFBANGOR (TITLE) (orbert--,Approving Proposed Coapract for.,. Sale of Land the Stillwater Urban Renewal Project Parcel No 193, 194, 200. 201 By the GYty COUMCQ of the City OfBanpor: ORDERED, THAT WHEREAS, the Urban Renewed Authority of the City of Bangor propose@ to enter into a contract for the sale of parceB mmberedlet 191 r-�Son PM in the Stillwater Park Urban Renewal Project with7.4+. 0 Vnl l.a Tnr_ , and WHEREAS, the said Eremita & Valley. Inc. has offered to pay the elm of Three thoueaM five hundred dollars for said parcels , said price being the minims approved price for said parceb as established by the Urban Renewal Authority find approved by the Uepertment of Housing and Urban Development; and WHEREAS under the provisions of Chapter LSg of the Private am Special Laws of Maine, 1957, as amended, City Council approval of all contracts for the sale of land within the project area is requited; am WIU:REAS, the Urban Renewal Authority has filed a copy of the proposed contract with v,nm:kq & valley. Ing. in the office of the City Clark; NOW, THEREFORE, BE IT CREME: THAT the proposed contract on file with the City Clerk be and is hereby approved. 133-U Isb7 t'rVAj W 29 ORDER CF,F Title, Parcel No. 193, 194, 200, 201 IN CITY COUNCIL •••• ......................••.........• April 24, 1969 PASSED Stillwater UR Park Pxo ect ....................... �.............. n ciERrc doted and ed by cl -- " STILLNATER PARR PROJECT PROJECT NO. M. R-4 R -6109A fl -64) PART I of CONTRACT TOR BALE OF LAND FOR PRIVATE REDEVELOPMENT (OFFER AND ACCEPTANCE) By and NAtyeen Urban Renaral Authority of the City of Bangor and FRF T1 R VCTM TMC PART I CONTENTS Section Page 1. Se Le: Purchase Price 2 2. Conveyance of Property 3 3. Good Faith Deposit 3 4. Time for Co®encement and Completion of improvements 4 5. TLee for Certain Other Actions 5 6. Period of Duration of Covenant on Use 5 ). Notices and Demands 6 B. SpeciaL Provisions 6 9. Modifications of Part II 6 10. Counterparts 6 CONTRACT FOR SALE OF LAND FOR PRIVATE REGEVBLOPEK T AGREEMENT, consisting of this part I and Part LI (Form H -6209B, 1-64) annexed hereto and made a part hereof (which Part I and Part I1 are together hereinafter celled "Agreement"), made on or as of the M _ day of Pebmaw , 1%2—, by and between the Urban Renewal Authority of the City of Baneor, 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 Chaper 168 of the Private and Special Laws of the State of Maine, 1957, as emended (hereinafter called "Urban Renewal Act") and having its office at CIry Hall in the City of Bangor (hereinafter called 'City"), State of Maine, and the Erealta & Vallee. T_nccorporation organized and existing under the laws of the State of (hereinafter called "Redeveloper") and having an office for the transaction of business at fn the City of Brewer , County of Panpbaeot , and State of Madim WITNESSETH: WHEREAS, In furtherance of the objectives of the Urban Renewal Act, the Agency has undertaken a program for the clearance add reconstruction or rehabilitation of sLum and blighted areae In the City. and In this connection is engaged in carrying out an urban renewal project known as the "Stillwater Park Urban Renewal Project' (hereinafter called "Project") In an area (hereinafter called "Project Area") located in the City; and WHEREAS, in furtherance of the objectives of the Urban Renewal Authority Law, Chaper 168 of the Private and Special Laws of Maine, 1957, and all sets amendatory thereto, the Agency is carrying out an urban renewal project known as the "Stillwater Perk Project, Me. R-4, Bangor, Ma"I 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 emended July 1, 1964 and approved by the Co®iasiopera Of said Authority on July 21, 1964, by Resolution No. 135; as amended by Amendment No. 2 thereof dated February 10, 1965, and approved •L- by the Covaisalaners of said Authority on March 23, 1965, by Resolution No. 166, as amended by Amendment No. 3 thereof dated August 2, 1965, and approved by the Commissioners of said Authority on November 16, 1965, by Reso_utlan No. 198, and is recorded in the Penobscot Registry of Deeds at Bango-, Maine, in vol. 2D63 Page 369.-I GREPE4S, in order to enable the Agency to achieve the objectives of the Urban Renewal Plan and particularly to make the land In the Project Area available for redevelopment by private enterprise for redevelopment for and in accordance with the use specified in the Urban Renewal Plan, boti the Federal Government and the City have undertaken to provide and have provided substantial aid and assistance to the Agency through a Contract for Loan and Capital Great dated Uctober 11, 1962, in the case of the Federal Government and a Cooperation Agreement, dated February 20, 1962. in the case of the City, as awarded: and WID3MS, the Agency has offered to sell and the Redeveloper is willing to purchase certain real property located in the Project Area and more particularly described in Schedule A aroused 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 a specified m in the Urban Renewal Plan and in accordance with the Agreeent e and WHEREAS. the Agency believes that the redevelopment of the Property Pursuant 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 welfare of Its residents, and in accord with the public Purposes and provisions of the applicable Federal, State, and local lave end requirements under which the Project has been undertaken and is being assisted: NOW, THEREFORE, in consideration of the premises and the mutual obligations of the parties hereto, each of th® does hereby covenant and agree with the other an 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 Rhree thousand five huvtlrvd Dollars (43.500.00 ), hereinafter called 'Purchase Price", to be paid in cash or by certified check efmultaneouslY with the delivery of the deed conveying the Property to the Redeveloper. •2. SEC. 2. COHMANCE IF PROPERTY. (a) Porn 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 ad41tion to the condition subsequent provided for 1i 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 forth on said Schedule A. attached hereto. (b) Time and Place for Dellverx of Deed. Me Agency shall deliver the Deed and possession of the Property to the Redeveloper o dune 1 , 1967__,r on such 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) Recordation of Deed. The Agency may or the Redeveloper shall promptly file the Deed for recordation in the Penobscot Registry of Deeds at Bangor, Maine. The Redeveloper shall pay all Costs (including the coat of the Federal documentary stamp tax on the Deed, for which stamps in the proper amount shell be affixed to the Deed by the Redeveloper) for ea recording the Deed. SEC. 3. GOOD FAITH DEPOSIT. (a) Amount. The Redeveloper has, prior to or simultaneously with the execution of the Agreement by the Unary, delivered to the Agency a good faith deposit of cash or a certified check satisfactory to the Agency in the amount of Throe hundred and fifty Dollars (9 150-00 ), hereinafter called "Deposit", as security for the perform neq 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 on account of the Purchase Price, as the case may 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 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. -3- (c) Application to Purchase Price. Upon written request of the Redeveloper, the amount of the Deposit, evade in cash or by certified check, shall be applied an 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 Both termination, or, if a surety bond, the proceeds thereof, shall be retained by the Agency as provided in Scott= 703 hereof. (e) Return to Redeveloper. Upon termination of the Agreement as provided In Section 702 hereof, the Deposit shall be retuned to the Redeveloper by the Agency as provided In Section 702 hereof. If the Agreement shall not have been terminated as to 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 (m defined 1n Section 301 hereof), certified by the Redeveloper to be a true and correct oopy or copies thereof; (It) Evidence satisfactory to the Agency that the Interim mortgage loan to assist in financing the construction of the Improvements has been Initially closed; (FSI) A copy of the contract between the %developer and the general contractor for the Construction Of the Improvements, certified by the Redeveloper to be a true and correct copy thereof} and (tv) A copy of the contract bond provided by the general contractor in Connection with the aforesaid constriction contract which bond shall be 1n a penal sum equal to net 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. SBC. 4. TIME FOR COMMENCEMST AIN CCMIPLFTIOP' of IMPROV SWS. The construction of the Improvements referred to In Sectioa 301 hereof shall be converted in any event within six (6) monthe after the date of the Geed, and, except as otherwise provided in the Agreement, shall be completed within eighteen (18) macho after such Deed date. -4- SRC. 5. TIME FOR CERTAIN OTHER ACTIONS, (a) Time for Submission of Construction Plans. The time within which the Redeveloper spall submit its "Construction Plans" (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 Plans. Except ae Provided in Paragraph (c) of this Section 5, the time within which the Redeveloper shall submit any new or corrected Construction Plane as provided for in Section 301 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 tie latest such notice. (c) Maximum Tim for Approved Construction Plane. 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 plana 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 change in the Construction Plane, 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 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 mortgagefinancing, as provided In Section 303 hereof, shall be not later than ihlrrLy ( 30 ) days after the date of written notice to the Redevelopet of approval of the Construction Plane by the Agency, or, If the Construction Plane shell be deemed to have been approved an 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 OUMTTON OF COVENANT ON USE. The covenant pertaining to the uses of the Property, eat forth in Section 401 hereof, shall remain In effect from the date of --be Deed until January 22, 2022, the period specified or referred to in the Urban RepowaL Plan, or until such date thereafter to which 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 amendment of the Urban Renewal Plan. on which date, as the case ®v be, such covenant shall terminate. SEC. ]. NOTICES AND DEMANDS. A notice. demand, or other communication uMer the Agreement by either party to the other shall be sufficiently given or delivered if it to di ratched by registered or certified mail, postage prepaid, return receipt requested, or delivered personally, and (1) In the case of the Redeveloper, is addressed to Or delivered personally to the Redeveloper at 39.43 Brosdlawn Driew Brewer, Baine , and (ii) in the case of the Agency, is addressed to or delivered personally to the Agency at City Nall, Bangor, Maine or at such other address with respect to either such party as that party way, from time to floe, designate in writing and forward to the other as provided In this Section. SEC. S. SPECIAL PROVISIONS. SEC. 9. MODIFICATION OF PART II. The following amendments and modifications are hereby made in the terve, covenants, and conditions forming Part II hereof: SEC. 10. COUNTERPARTS. The Agreement is executed 1n three (3) cow erparts, each of Which shall constitute one and the same instrument. IN WITNESS NUDISM, the Agency has caused the Agreement to be duly executed in its news and behalf by its,aive and Its seal to be hereunto duly affixed entw A d attested by its gaseaSteve nirecto. , and the Redeveloper has caused the Agreement to be -6- duly executed In its name and behalf by its Preeldmt and its corporate seal to be hereunto duly affixed and attested by its Secretary, on or as of the day first above Written. �pp bRu,ra'zil�a,Gl fid. evil Toe f Attest (President) (Secretary) In Cloy Council Attest: Attest: (Secretary) A True Copy, Attest: -7- Council Order No,_ (City Clark) (Agency) SCHMW E 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 fallow: Stillwter Fara Urban Aenaaal Projmt Mg. M-4 Dispo41t1on Parcels 197, 194. 2CC3 201 subject to the follom(ng covenants restrictions and easements: (if nom, so state) Mestrioted to singleafamily homing