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HomeMy WebLinkAbout2018-10-22 18-390 Order 10/22/201818-390 10/22/2018 18-390 Legal Order N/A Title, Order Authorizing Execution of Leasehold Mortgage and Security Agreement - Penobscot Community Health Center and Maine State Housing Authority The City of Bangor leases land to Penobscot Community Health Center, Inc. (PCHC) on Texas Avenue for a dollar a year for its operation of the Hope House. PCHC obtains various funding, including forgiveable loans. It has obtained a forgivable loan from the Maine State Housing Authority in the amount of $65,000 for its its operation at Hope House. The loan will be secured by PCHC's personal property and leasehold interest, A requirement for the loan is that the City of Bangor as landlord subordinate its interest in the lease. The is standard in such cases. This Order will authorize the City Manager to execute a Leasehold Mortgage and Security Agreement between Penobscot Community Health Center and Maine State Housing Authority. Recommend for passage Consent 10/22/201818-390 CITY OF BANGOR ORDER 10/22/2018 18-390 Davitt Authorizing Execution of Leasehold Mortgage and Security Agreement - Penobscot Community Health Center and Maine State Housing Authority WHEREAS, the City of Bangor leases land to Penobscot Community Health Center, Inc. (PCHC); and WHEREAS, PCHC obtains various funding, including forgiveable loans; and WHEREAS, PCHC has obtained a forgivable loan from the Maine State Housing Authority for its its operation at Hope House on Texas Avenue on land leased from the City of Bangor, said loan to be secured by PCHC's personal property and leasehold interest ; and WHEREAS, a requirement for the loan is that the City of Bangor as landlord subordinate its interest in the lease; and Be it Ordered by the City Council of the City of Bangor that, Catherin M. Conlow, City Manager, is hereby authorized on behalf of the City of Bangor to execute a Leasehold Mortgage and Security Agreement between Penobscot Community Health Center and Maine State Housing Authority in a final form as approved by the City Solicitor. IN CITY COUNCIL OCTOBER 22, 2018 CO 18-390 PASSED 1J J 3Trc CITY CLERK