HomeMy WebLinkAbout1997-09-22 97-397 ORDERCOUNCIL ACTION
Date: ENLLgagr 22 1997
Item No. 9I-397
itee/Nubj act: Authorizing Execution of lntercreditor Agreement -Hope House
Reuprnaible Department: Community & Economic Development
Commentary:
As pan oftlds development, Maine State housing Authority (MSHA) will secure their portion of the grant funds
to finance the co strunurn offl a new Hope house facility with a mortgage on the new building. Inorderfor MSHA's
mortgage to be secure onthebuildmg should Hope House default, the City andMSHA mustenterinto anlntercreditor
Allotment that will protect the interests of each party on the leased premises. This Order would authorize the City
Manager to execute the lntercreditor Agreement, and all such documents in conjunction with the lease in order to
Meet the City's interest in the leased premises. All documents will be reviewed and approved by the Eegd Dept.
4gZ
De artment
Nareager•s Comments:
- The Community and Economic Development Committee considered this item m As meetingon September14
voted to recommend approval.
j City Manager-
Associated Information
OIYV
Budget Approval:
Finance Director
Legal Approval:
�VY/l
City Solicitor
Introduced For 4 Passage O First Reading ❑ Referral
Page I of A
9]-39]
Aeeigeedto Cwmcilor Aube September 22, 1997
_ CITY OF BANGOR
Authorizing Execution oflnmeredrYor Agreement
Hope House
By the City Gwent of MY of Bataan:
ORDERED,
THAT WHEREAS,the CitylmagreedtograntaLeeseto Hope Huuseof
approximately 0.9 acres ofadditional property adjacent toils facility off Texas Avenue to
provide adequate land to expand its present facility to develop a Supervised Living Project
containing 10 SRO (single room occupancy) housing units for the homeless; and
WHEREAS, the City has received fulling from the U. S. Department of
Housing and Urban Development for Federal Continuum of Care Homeless Assistance Foods as
provided for in the Stewart B. Mcl{inney Homeless Assistance Act and National Affordable
Housing Act: and
WHEREAS, the Mame State Housing Authority (MSHA) has agreed 0 provide
fonds for the development of the SRO Facility; and I
WHEREAS, the City and MSHA wish to enter into an intercreditor agreement to
establish the rights and obiigationsof the City and MSHA in the event of a default by Hope
House;
NOW, THEREFORE, BE IT ORDERED THAT the City Manager is hereby
authorized an execute an tatercreditor agreement between the City of Bangor and MSHA in a
form approved by the office of the City Solicitor.
IN CITY COUNCIL
September 22. 1997
Passed
9)-39)
ORDER
Title Authorizing Execution of Inter-
' reditar Agreement.- Hope House
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