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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