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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 .................................... mut c ..P r.Cranc.lvan