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HomeMy WebLinkAbout1967-06-12 155-U ORDER155-U Introduced by councilor Brountas, June 12, 1967 _p CITY OF BANGOR (TITLE.) (OrbEYi. _. Approving Proposed coapract for Sale of Lend in the Stillwater Park Urban Renewal Project Parcel No . W4a'Iv Ina By the aro Csauit oftke OUR of Barger: ORDERED, T9AT WHEREAS, the Urban Renewal Authority of the City of Bangor proposes to enter into a contract for the sale of parcel mmbered 202, 203, 204 in the Stillwater Park Urban Renewal Project with Eemmite R Vallpye Tn.. and WHEREAS, the said Eremite x valley- Lan has offered to pay the sus of 'Iwo Mnusand five hundred dnllare f,tg,snn) for said parcels , said price being the minmm approved prices for said parcels - as established by the Urban Renewal Authority and approved by the Department of Housing and Urban Development; and WHEREAS under the provisions of Chapter L63 of the Private and Special haws of Maine, 1957, as amended, 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 Eremita E Valley, Inc. in the office of the City Clerk: NOW, TREREPM, BE IT OBDBRED: THAT the proposed contract on file with the City Clerk be and is hereby approved. 1 las-U S OFFICE 0 R D E R TM4$' Sale of land in Stillwater Park UR Project IN CITY COUNCIL...6..•••••..•.••.••.................. lone 12, 1967 PASSED Parcels No. 202,203,209 ...................................... crt ...Iam ced by CTTY ..!!I.:: A... STILLWATRR PAPR PROJECT PROJECT NO. M. R-4 R -6209A (L-64) PART I of COMSEACT FOR SALE OP LAMD FOR PRIVATE REDEVELOPNEMS (OFM AND ACCEPTANCE) 9y and eltwen Urban Realval Authority of the City of Samar and Eremita 8 Valley, Intorporeted PAU I CONTENTS Section Page I. Sale! Purchase Price 2 2. Conveyance of Property 3 3. Good Faith Deposit 3 4. Time for Co®encement and Completion of Improvements 4 5. Time for Certain Other Actions y 6. Period of Duration of Covenant on Use 5 I. Notices and Nomads 6 8. special Provisions 6 9. Modifications of Pert II 6 10. Counterparts 6 CONTRACT FOR SALE OF LAND FOR PRIVATE REDEVELOPMENT! AGREEMENT, consisting of this pert I and Part II (Form H -6209B, 1-64) annexed hereto and made a part hereof (which Part I and Pert II are together hereinafter called "Agreement"), meds on or as of the ,BY l� r day of 1967, by and between the Urban Renewal Authority of the C¢ ofBen o a public body corporate (which, together with any auc- clos r public body or officer hereafter designated by or pursuant to law, is hereinafter called "Agency"), established pursuant to shaper 168 of the Private and Special Laws of the State of Maine, 1957, as AmeMed (hereinafter called 'Lrban Renewal Act") and having its office at City Nell In the City of Bangor (hereinafter called "City"), State of Maine, and the swat, asella corporation organized and existing under tthe laws of the State of a 4,. (hereinafter called "Redeveloper") and having an office for the transaction of business at in the City of lxa�e , County of and State of WTTNESSETH: WHEREAS, in furtherance of the objectives of the Urban Renewal Act, the Agency has undertaken a program for the clearance and recenatruction or rehabilitation of atm and blighted areae in the City, and in this connection is engaged In carrying out an urban renewal project known an the "Stillwater Park Urban Renewal Project' (hereinafter called "Project") in an area (hereinafter called "Project Area") located in the City; and WHeRHAS, in furtherance of the objectives of the Urban Renewal Authority Law, Chaper 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, Burger, Ma1M'for which an Urban Renewal Plan, consisting of the Urban Renewal Plan, dated December 9, 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 Commissioners of said Authority on July 21, L964, by Resolution No. 195; as amended by Amendment No. 2 thereof dated February 10, 1965, and approved -1- by the Commissioners 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 Resolution No. L98. and is recorded In the Penobscot Registry of Weds at Bangor, Maine, in Vol. SM Page SW WgBEEAS, 1q order to enable the Agency to achieve the objectives of the Urban Renewal Plan and particularly to make the land to the Project Area available for redevelopment by private enterprise for redevelopment for and in accordance with the uses specified in the Urban Renewal Plan, both 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 Grant dated October L1, 1962, in the case of the Federal Government and a Cooperation Agreement, dated February 20, L962, In the Case of the City, as amended; and WHEREAS, the Agency has offered to sell and the Redeveloper is willing tolpurchase certain real property located in the Project Area and more particularly 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 Urban Renewal Plan and in accordance with the Agreement; and WREMS, 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 beat interests of the City and the health, safety, morals, and welfare of its residents, and in accord with the public purposes and provisions of the applicable Federal, State, and local lave and 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 patties 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 far, and the Redeveloper will purchase the Property from the Agency and pay therefor, the amount of Time 7N00rtl0 ps" MrRY Dollars ($10700.00 ). hereinafter called 'Purchase Price", to be paid in casn or by certified check simultaneously with the delivery of the deed conveying the Property to the Redeve Loper. •2- SEC. 2. CONVEYANCE OF PROPERTY. (a) Form of Deed. The Agency shall convey to the Redeveloper title to the Property by Warranty Deed (hereinafter called 'Deed"). Such conveyance and title shall, in adgitfon to the condition subsequent provided for In Section 704 hereof, and to all other canditiom, covenants, and restrictions set forth or referred to elsewhere in the AgreementAbe subject to the teams, if any, set forth on said Schedule A, attached hereto. (b) Time and Place for Delivery of Deed. The Agency shall deliver the Deed and possession of the Property to the Redeveloper on OetwRK Se , 1{7_, or on such earlier date as the parties hereto may mutually agree in writing. Conveyance shall be made at the principal office of the Agency and the Redeve Loper shall accept such conveyance and pay to the Agency at such time and place the Purchase Price. (c) Recordation of Deed. The Agency may or the Redeveloper shall promptly file the Deed for recordation in the Penobscot Registry of Deeds at Bangor, Whine. The Redeveloper shall pay all costa (including the coat of the Federal documentary stamp tax on the Deed, for which stamps in the proper amount shall be affixed to the Med by the Redeveloper) for so recording the Deed. RRC. 3. GOOD FAITH DEPOSIT. (a) Amount. The Redeveloper has, prior to or simultaneously with the execution of the Agreement by the Agency, delivered to the Agency a good faith deposit of cash or a certified check satisfactory to the Agency in the amount of Ztp Wmivad pifb Dollars ($ ROAD ), hereinafter called '"Deposit", as security 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 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 each 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, Cade in cash or by certified check, shall 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 bends 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 termLutlor of the Agreement as provided in Section 702 hereof, the Deposit shall be returned to the Redeveloper by the Agency as provided in Section Jot hereof. If the Agreement shall not have been terminated as in Section 202 or 703 hereof provided, the Agency shall return the Deposit to the Redeveloper upon receipt by the Agency of the following; (1) A copy of the commitment or comaLreents 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 pedeveloper and the Several 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 band shall be in a pedal sum equal to net lees than ten percent (LO%) of the contract price under maid construction contract, certified by the Redeveloper to be a true and correct copy thereof. SBC. 4. TIME FOR CUMIENCEMENT AND C.DIPLETI0f. OF INPROVEIENTS. 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 Used date. -4. SEC. 5. TING FOR CERTAIN OTHER ACTIONS. (a) Time for Submission of Construction Plate. The time within which the Redeveloper shall submit its "Construction Plane' (as defined in Section 30L 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 as 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 Eton the Agency of the Agency's. rejection of the Construction Plane referred to in the latest such notice. (c) Maximum Tim for Approved Construction Plane. In any event. the time within which the Redeveloper shall submlt 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's first rejection of the original Construction Plana submitted to it by the Redeve Loper. (d) Time for Agency Action so Change in Construction Plans. The time within which the Agency may reject any change in the Construction Plane, as provided in Section 302 hereof, shell 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 Mortcaae Fes. The time within which the Redeveloper 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 Wxty_— ( .10) days after the date of written notice to the Redeveloper of approval of the Construction Plane by the Agency, or, 1f the Construction Plans shall be deemed to have been approved as provided to Section 301 hereof, after the expiration of thirty (30) days following the date of receipt by the Agency of the Construction Plane so deemed approved. SEC. 6. PERIOD OF DURATION OF CORRNANT ON USE. The covenant pertaining to the uses of the Property, set forth in Section 40L 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 such date thereafter to which it may be extended by proper mmndmant 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 easy be, such covenant shall terminate. SEC. ). NOTICES AND DEMANUES. A notice, demand, or other communication 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 (1) in the case of the Redeveloper, is addressed to or delivered Personally to the Redeveloper at %M! trmellew flows des liaise , and (11) 1n 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 may, from time to time, designate in writing and forward to the other as provided in this Section. SEC. 8. SPECIAL PROVISIONS. SEC. 9. MODIFICATION OF PAST II. The following amendments and modifications are hereby made in the terms, covenants, and conditions forming Part 11 hereof: SEC. 10. COUNTERPARTS. The Agreement is executed In three (3) counterparts, each of which shall constitute one and the Same instrument, IN WITNESS MUCH, the Agency has caused the Agreement to be duly executed in its more and behalf by its Emeautive I1baalei and its seal to be hereunto duly affixed and attested by its EymcYtiwe OLMa , and the Redeveloper has caused the Agreement to be -6- duly executed in its Deme and beheit by its President and its corporate seal to be hereunto duly affixed and attested by its Secretary, on or as of the day first above vrltten. -b/+2ynxFi. yp� (Redeveloper) Ry Attest: (President) , �/J� //w'�%?et (Secretary) (/ Council order No._ In city council A True Copy, Atteat: Attest: (City Clark) (Agency) kttaac (secretary) .1_ SCUMS A Description of Property All that certain parcel or parcels of land located it the City of Bangor, County of Penobscot, State of Maine, more particularly described as follow: ttillaoter Put Ibbn Bagwal projects W. YI Mepoaltloo Pattole -- 90te got aid 904 subject to the following covenanta restrictions and easements: (if n , so state) SUbfeat to blmptOna Naabats at rear of properties