HomeMy WebLinkAbout1996-10-07 96-398 ORDERCOUNCIL ACTION
Date: October 9 1996
Item No.fi) 398
Item/Subject: Authorization to Enter Development Agreements - vision Care of
Maine
Responsible Department: Community and Economic Development
Commentary:
vision Care of Maine intends to build a 24,000 square foot state-o£-the-art
regional comprehensive eye care facility in the Oak Ridge Business Park
located on Stillwater Avenue. The project will. generate in excess of
$140,000 actual real estate and personal property tax revenue and will employ
approximately 50 persons. Fleet Bank and Small Business Association
financing for the project is contingent on City participation in the form of
loan guarantee during the projects start up phase.
Dep./tmen
Manager's Comments:
City Manager
Associated Information:
Budget Approval:
Finance Director
Legal Approval:
City Solicitor
Introduced For ❑ Passage O First Reading ❑ Referral
page--I—of�
96-398
Maigned to Connector popper October ], 1996
CITY OF BANGOR
(TITLE.) (®rb= Authorization to Enter Development 11 Agreements _.._
Vision Care of Motor
By the C(ty Council of the Cap ofBawar.
ORDERED,
THAT Whereas, Vision Care of Maine uncertain construct a 24,000 square foot facility
on Stillwater Avenue in the City of Bangorto provide Poll -service medical, surgical,
ophthalmologic and optometric care; and
Whereas, the project will provide the City of Bangor significant new=
revenues and employment opportunities On its citizens: and
Whereas, the project will uncannily improve the health of Bangor residents
requiring its services; and
Whereas, certain gummtces are required for the project to go forward;
NOW, THEREFORE, BE IT ORDERED that the City Manager, on behalf of the
CityofBmgor, is hereby mthoriudtoenter into agr«menm with Fleet Investment Services/
Fleet Bank of Maine and Vision Care of Maine, in a form approved by the City Solicitor and City
Finance Director, to guarantee repayment of the principal due on loan woman; node by Fleet
Investment Services/Fleet DOOR of Maine to Vision Care of Maine, for the purpose of
commucting and operating an eye care facility in the City of Bangor, in an amount not in exceed
Five Hundred Thousand Dollars ($500,000) for a period not to exceed five (5) years, and for
payment of interest on said $500,WO Ion amount for aperiod not to exceed dnee years.
IN CITY COUNCIL 96-398
October ), 1996
Passed O R D E R
Lj
I,PY C Title, Authorization to Enter Development
Agreements - Vision Care of Mine
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