HomeMy WebLinkAbout2018-09-10 18-354 Resolve
09/10/201818-354
09/10/2018
18-354
Airport
Resolve
001-001
Title, Resolve
Ratifying the Execution of a Landlord's Waiver Agreement for Benefit of TD Bank - Bangor International
Airport (BGR).
This Resolve will ratify the City Manager's execution of a Landlord's Waiver agreement for the benefit
of TD Bank. The City leases property to C&L Aerospace, LLC. C&L Aerospace has established an
affiliated company, C&L Engine Solutions, LLC., which will occupy space within their leased hangars.
TD Bank agreed to provide a loan to C&L Engine Solutions LLC. This agreement will acknowledge
TD Bank's security interest in personal property of C&L Engine Solutions LLC and gives the lender
access to the leased space in the event there is a default of the loan. According to C&L Aerospace
President, Chris Kilgour, this will involve primarily aircraft engines and related parts.
Given the need to close the on the loan earlier this month and the Lendor's requirement for the
waiver, it was necessary that the City Manager execute this agreement. Such Landlord waivers are
common in these situations. The form of the agreement was reviewed and approved by City Legal.
Airport Committee
09/05/2018
Recommend for passage
Staff recommends approval.
Consent
09/10/201818-354
CITY OF BANGOR RESOLVE
09/10/2018
18-354
Tremble
Ratifying the Execution of a Landlord's Waiver Agreement for Benefit of TD Bank - Bangor International
Airport (BGR).
WHEREAS, The City of Bangor owns and operates Bangor International Airport (BGR); and
WHEREAS, C&L Aerospace, LLC. has established an affiliated company, C&L Engine Solutions, LLC., which will
occupy space within their leased hangars; and
WHEREAS, TD Bank agreed to provide a loan to C&L Engine Solutions LLC; ands.
WHEREAS, TD Bank required, as is commons in such a situation, a Landlord's waiver to acknowledge a
security interest in personal property of the borrower agreement and to permit access to tehleased premsies
in the event of a default; and
WHEREAS, time of was the essence for closing on the loan and the Landlord's Waiver was required for the
closing; and
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BANGOR, THAT
The action of Catherine M. Conlow, City Manager, to execute a Landlord's Waiver for the benefit of TD Bank
for a loan from TD Bank to C&L Engine Solutions LLC is hereby ratified.
IN CITY COUNCIL
SEPTEMBER 10, 2018
CO 18-354
PASSED
CI Y CLERK