HomeMy WebLinkAbout1998-05-11 98-206 RESOLVECOUNCIL ACTION
Item No. 90406
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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 $625,000 from the Economic
Development Fund to the Security Fund to be established in
connection with the Vision Care of Maine - Bangor development
project.
Department Head U
Manager's Comment
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Associated Information: Resolve
Budget Approval:
Finance Director
city solicit r
Introduced For
Passage
_x First Reading
Referral Page 1 of 2
98-206
Assigned to councilor Tyler my 11, 1998
CITY OF BANGOR
��,,^ Appropriating Proceeds of the Economic
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Development Fund Promissory Note to Vision
Care of Maine "Security Fund"
By the My CwnMl Wl aro of Ba :
BBBOLVBD,
WHEREAS, the City Council of the City of Bangor, by Council Order
98-_, 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 $625,000 security fund in favor of Bank of America,
PSH, 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-_;
NOW, THEREFORE, By the City Council of the City of Bangor, be it
RESOLVED, THAT the sum of $625,000 Is hereby appropriated from the
Economic Development Fund to the Security Fund created
pursuant to Council Order 98-_.
IN CITY COUNCIL
May 11, 1998
First Reading
IN CITY COUNCIL
list 27, 1998
Matins to Indefinitely Post-
pone Mede 6 Seconded
Indefinitely postponed
77—
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98-206
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AvotlPrnceeof fNe Rrnvnm
Development Fu Promissory Note to Vis-
ion Care of Maine
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