HomeMy WebLinkAbout1986-01-13 86-76 ORDER86-]6
Introduced by Councilor Wheeler, January 13, 1986
(SY MUEST)
_d/pp..YYCITY OF BANGOR
(TUTEE.) @rbTr Approving Application of River City Opera_ House, Inc.
for Loans under Bangor Center Revitalization Loan
_- _ __Prop and Facade Loan Pgpl,Program
By the atu Cm"WR Of the City OfBaayor:
ORDERED,
THAT WHEREAS, River City Opera House, Inc., Richard Bronson,
President, has applied for a total of $126,775 in loans under the
Bangor Center Revitalization Loan Program and Facade Loan P001
Program; and
WHEREAS, a majority of the members of the Loan Review
Committee established to consider and approve r disapprove all loan
applications apparently have'a conflict of interest; and
WHEREAS, .the amount of loan funds applied for exceeds the
maximum amqutit of a'Bangor Center Revitalization Loan established as
$75,000 unless otherwise approved for specified projects by separate
City Council Order; and
WHEREAS, it is hereby determined by the City Council that
the project proposed to be assisted meets the eligibility requirements
of the Bangor Center Revitalization Loan Program in that:
(1) The applicant has provided adequate evidence of
capacity to repay the loan.
(2) The project is both necessary and appropriate to meet
Bangor Center Revitalization Loan Program goals to
create and retain jobs principally for low and
moderate income persons; leverage private investment;
alleviate physical and economic distress; remove
material and architectural barriers which restrict
the mobility and accessibility of elderly and handi-
capped persons; eliminate blight and blighting
influence/ and to strengthen the economic, employment
and tax base of the downtown area through the provi-
sion of Community Development financial assistance.
(3) The project will provide a measurable impact in terms
of jobs created and will bring the assisted property
into conformance with City Codes.
NOW, THEREFORE, BE IT ORDERED BY THE CITY COUNCIL OF THE
CITY OF BANGOR THAT the loan application of River City Opera House,
Inc. for loans not to exceed the amount of $118,550 under the Bangor
Center Revitalization Loan Program and $8,225 under the. Bangor Center
Revitalization Area Facade Loan Pool Program are hereby approved
subject to the terms and conditions Of federal regulations governing
the use of Conmmntiy Development Block Grant funds, the general terms
and conditions of the Bangor Center Revitalization Loan Program and
Bangor Center Revitalization Area Facade Wan Pool Program, and such
terms and conditions as established by the City Council Finance
Comnittee.
In City Council January 13.1986
Passed by the following vote
3 Yes 2 No 2 Abstained
voting. Yee Letauitz.Su111van.
Silles, Wheeler.Willey
Voting No our, groat.
Abstaining Frankel, Mc Carthy
Its Cie
86-06
ORDER
Title,
Approving Application of River City Opera
......................................
House Inc. for Lnana under Bangor Center
Revitalization Lam Program and Facade, Loan
.sol Programi..�..
Introd ed and f
Cowcilman