HomeMy WebLinkAbout1995-07-10 95-313 RESOLVEResolve, Ratifying City Manager's Execution of Lease
Amendment and loan Documents re General Electric
Company and Bangor Targer Area Development
Corporation
The additional $2 million loan from Fleet Bank to Bangor Target
Area Development corporation for the benefit of General Electric
Company was closed on June 23, 1995. The attached Resolve would
formally ratify the City Manager's execution of a lease amendment
and related documents in connection with that closing. General
authority to execute such documents was given by the City Council
on May B, 1995 by Council Resolve 95-212.
Department Hea
city Solicitor
Introduced For CONSENT AGENDA
x Passage
First Reading
Referral Page 1 of 2
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Approval:
city Solicitor
Introduced For CONSENT AGENDA
x Passage
First Reading
Referral Page 1 of 2
Assigned to Councilor Tyler July 10, 1995
CITY OF BANGOR 95-313
Ratifying City Manager's Execution of Lease
(TITLE.) PSOIUei.. - _n -_-. ........... .................
Amendment and Loan documents re General
Electric Company and Bangor Targe[ Area
Development Corporation
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RESOLVED.
THAT the actions of the City Manager, pursuant to Council
Resolve 95-212, in cuting and delivering the documents listed
below, all in connection with a $2 million loan transaction between
Fleet Bank of Maine and Bangor Target Area Development Corporation
for the purpose of financing and reimbursing the cost of con-
structing and/or acquiring leasehold and building improvements to
promisee at Bangor International Airport currently leased from the
City of Bangor by General Electric Company, are hereby ratified and
confirmed.
Documents
-- "Second Amendment to Amended and Restated Indenture
of Lease" dated June 23, 1995
-- "Second Amendment to Assignment and Subordination
Agreement" dated June 23, 1995
-- "Second Amendment to Conditional Assignment of
Leases and Rentals^ dated June 23, 1995
-- "Assignment and Security Agreement" dated June
23, 1995
-- "Credit Enhancement Agreement between City of Bangor
Maine and Bangor Target Area Development Corporation
and General Electric Company" dated June 23, 1995
-- Letter dated June 23, 1995 to Fleet Bank of Maine
Fleet Bank of Maine/Bangor Target Area
Development Corporacion/GE
Copies of all listed documents and other documents related to the
loan closing on June 23, 1995 are on file in the City Clerk's
office.
In City Council July 10, 1945
Passed
Cie Clerk
95-313
EES0LVE
Ratifying City Manxaex's Execution of
Lease Amendment and Loan Documents ia
General Electric Company and Bangor
Target Area Development Corporation.
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