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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 doff.,. PLunce{rector �iY - Legal 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 BV Oa City Cw+wit MfFe Citg nfB6aa0f: 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. ,Owc�1/D&,v �0