HomeMy WebLinkAbout1998-04-27 98-188 RESOLVECOUNCIL ACTION
Item No. 98-188
Date April 27, 1998
Item/Subject: Appropriating Proceeds of the Economic Development
Fund Promissory Note to Vision Care of Maine 'Security Fund
Responsible Department: Legal
This Resolve would formally appropriate $500,000 from the Economic
Development Fund to the Security Fund to be established in
connection with the Vision Care of Maine - Bangor development
project.
DepartureAgead
Manager's Comments:
I' Cit , Manager
Associated Information
Finance Director
Legal Approval: l y (,Warll 'i
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City solicitor
Introduced For
Passage
X First Reading
Referral Page 1 of 2
98-188
Assigned to Councilor Tyler April 27, 1998
CIYY OF BANGOR
'�I Appropriating Proceeds of the Economic
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Development Fund Promissory Note to Vision
Care of Maine "Security Funds
By W City CounoU ofW aN ofBa ..
BBSOLVBD,
WHEREAS,
the City Council of the City of Bangor, by Council Order
98-194 , has authorized the City to assist the
development of an ophthalmological care center by Vision
Care of Maine - Bangor, LLC; and
WHEREAS;
the development assistance authorized by the City
Council for the Vision Care project consists of creation
of a $500,000 security fund in favor of Bank of America,
S.B., the primary lender for development of the Vision
Care project, to secure Vision Care's repayment of
project financing;
WHEREAS,
the terms and conditions under which the security fund
will be created and maintained are set out in the Credit
Enhancement Agreement approved in Council Order 98-194
NOW, THEREFORE, By the City Council of the City of Bangor, be it
RESOLVED,
THAT the sum of $500,000 is hereby appropriated from the
Economic Development Fund t0 the Security Fund created
pursuant to Council Order 98-19(x.
. � 1
IN CITY COUNCIL
April 27, 1998 - 98-188
First Reeding
BES0LVE
CI CLBFR Development end Fromu of y N 8cnnnmic
Vision Care Pond Maine
"Secur NOC< Ca
Vision Cale of Raine "SecoC1[y Fund"
IN CITY COUNCIL /$/���' -1^l69
May len 1998 C.�/U^G`U.&
91
Read d Considered Under New L-RUTTg"G` ""'W�
Postpone. Notion Co Indefinitely
Postpone Made and Seconded
Notion Passed
Indefinitely Postponed
CI i,