The URL can be used to link to this page

Home My WebLink About1984-07-09 84-271 RESOLVEM-211 Introduced by Councilor Cox, July 9, 1984 _ CITY OF BANGOR (TITLE.) Poo* ........ RelaUma.:W..Exopea€a_Tssaance._aE. ateYenuz............._..__ Obligation Securities for. Darling's By W CHH Omani! ofdw City of Rungs. RESOLVED, WHEREAS, the City of Bangor, actingpursuant to Title 10,. Chapter 110, Subchapter IV of the Maine Revised Statutes Annotated, as amended,- (the Act), has expressed its present intent to issue revenue obligation securities (the Securities) in a aggregate principal amount not to exceed Seven Hundred Fifty Thousand Dollars ($750,000)by means of an inducement resolution passed by the City Council one June 11, 1984 (the Original Resolution) for the purpose ofassisting Darling's or its nominee (the Company) i the financing of aneligible project within the meaning of the Act (the Project), and WHEREAS, the Project is to be the acquisition and rehabil- itAtioT of a wholesale distribution facility located at 155 Perry Road'in Bangor, consisting of all personal and real property and id"rdsts therein necessary to acquire and rehabilitate the Project, including but not limited to any land or interest in land, buildings, fixtures,machinery and equipment, and WHEREAS, the Original Resolution authorizing the issuance of the Securities provided for Securities to be in a amount not to exceed Seven Hundred Fifty Thousand Dollars ($750,000), and WHEREAS, the Company has determined upon further investigation that an additional Two Hundred Thousand Dollars ($200,000) will be necessary to complete the Project, and WHEREAS, the City desires to assist the Company in financing the entire Project for the use of the Company and for lease to other users, and WHEREAS, the Company has obtained a commitment letter from Maine National Bank to purchase the Securities, NOW BE IT ORDERED: That for the purpose Of financing the Project, the City will issue revenue obligation securities in a amount not to exceed Nine Hundred Fifty Thousand Dollars ($950,000). The Securities shall bear interest at a rate of 708 of the prime rate (as defined in the Wall Street Journal as the "base rate On corporate loans to large D.S. money center commercial banks") as established as of the date of the closing for the first five years of the ten year term of the securities, and at a rate of 708 of a, p90. Q 2 Y, �Vvi�gyv`C- IN CITY MUNCIL July 9, 1984 Amsen,led by Substitut�,g, and Passed. 84-271 AE50LV elating to Proposed issuance of Revenue Obligation securities for Parling•8. the prime rate established as of the last day of each month for the succeeding five year period, or at such rate or rates as may be described by Indenture of Trust to be entered into by the City and Maine National Bank or other qualified trust company as Trustee. BE IT FURTHER RESOLVED! That this resolution be considered an amendment of the original inducement 'resolution of June 11, 1964, and that this resolution shall be effective imediately. -2- SUBSTIMEIE note 84-271 Introduced by Councilor cox, arty B, 19" CITY OF BANGOR Dk ED RESOLVED, (TITLE)N�51 r.. ..... _....----- RRlatrng_tc eFopogeq_ Issuance..9f „R.Avenue _.._ Obligation Securities for Darling's By the City Council of He City of faster: THAT WHEREAS, the City of Bangor, acting pursuant to Title 10, Chapter 110, Subchapter IV of the Maine Revised Statutes Annotated, s amended, (the Act), has expressed its present intent to issue revenue obligation securities (the Securities) in aaggregate principal Report not toe eed Seven Hundred FiftyThousand Dollars ($750,000) by means of anXinducement resolution passed by the City Council on June 11, 1984 (the Original Resolution) for the purpose of assisting. Darling's or its nominee (the Company) in the financing of an eligible. project within the meaning of the Act (the Project), and WHEREAS, the Project is to be the acquisition and rehabil- itation of a wholesale distribution facility located at 155 Perry Road in Bangor, consisting of all personal and real property and interests therein necessary to acquire and rehabilitate the Project, including but not limited to any land or interest in land, buildings, fixtures, machinery and equipment, and WHEREAS, the Original Resolution authorizing the issuance of the Securities provided for Securities to be in an amount not to exceed Seven Hundred Fifty Thousand Dollars ($750,000), and WHEREAS, the Company has determined upon further investigation that an additional Two Hundred Thousand Dollars ($200,000) will be necessary to complete the Project, and WHEREAS, the City desires to assist the Companyin financing the entire Project for the use of the Company and forlease to other users, and WHEREAS, the. Company has obtained a commitment letter from Maine National Bank t0 purchase the Securities, NOW HE IT RESOLVED: That for the purpose of financing the Project, the City will issue revenue obligation securities in n amount not toexceed Nine Hundred Fifty Thousand Dollars ($950, 000). The term of the Securities shall be for fifteen years, and the Securities shall bear interest at a floating rate of 658 of the prime rate as established by the First National Bank of Boston as of the date of closing on the Securities, which rate shall have a floor of 78 and a ceiling of 118 for the first ten years, with no floor or ceiling fox the £inal..five years; or, the Securities may bear interest at such rate or rates and be for such term as may be prescribed by an Indenture of Trust to be entered into by the City and Maine National Bank or other qualified financial institution as Trustee. BE IT FURTHER RESOLVED: That this resolution be considered an amendment of the original inducement resolution of dune 11, 1984, and that this resolution shall be effective immediately. 84-2]1 Giox, v ABOov, BRADFORD G VEAGUE. P p, COONSPIELLORES AT LAW RESINS CENTER EXPINATIE STORE' RANGE . leory ow a SRI ___... .....II STEP 0........ 1'.. 0, PLANT, STERRETT MORRELL POINT, PROF. OLIN -NEPAM. SONOTHE M, SMITH SAN I, SIR' PIERM'. THS NOR ,m SPNR .......... a mv.e. July 3; 1984 ... INFER.II MILAN .11 NET SAN, Russell McKenna City Clerk City Hall Bangor, ME 04401 Dear Rues: Enclosed is a resolution which is an amendment to an inducement resolution for the 5750,000 industrial development bond which the city council passed in favor of Darling's on June 11, 1984. Councillor Jim Cox has agreed to sign this resolution for consideration by the council at the meeting on July 9, 1984. Inaccordance with his instructions, I an forwarding the resolution to your office for his signature. Very truly yours, OA� Michael B. Trainor MET/mfb Enclosure F➢4ANCE MurnoRITY OF MAINE M1EB4ICIPAL SECURITIES APPRpJpL PRWiUiM ... APPLICATION MFSA TITLE 10 CNAP1'ER 110 AMENDED - -" 1. M CIPALPM PIMECS R Nail Address Zip Code 04401 County Penobscot Name and Title of Municipal officer w will be delegated the responsibility of overseeing this projected financing. John W. Flynn, City Manager 2. PRD M Pf=T Brief Oescriptbm Dazl' [a t1�e Srow Nealley land and lwildim, and lease it to Parts Whplesalexs. w Ol sal a and tooff' Pro'ect clodes the purctouse of law ana kM:1T:.,,., watina thO ftcilities. and new enuirmunt Location of Project 155 Pe d 3. PROPCSED TEMP (Protect Nene) Ozzlvg•s, 97 Oak Street, Bangor, MainO will lease to Nacre Parts W Jeenlet5l lnc. Address 196 C Iter queer Banpx, Fane Zip Cole 04401 SIC S will supply if required 4. PROBED PORCHASER a BWDS OR NOTES Nave Maine National BaNc address 400 Congress Street Portland, Mine Zip Code 04104 -1- Principal Amount of Issue $950,000 - Pate of Interest -% 658 of pr floating. Floor of 75, Team of Issue 15 yen@ cei ing 115 for first 10 years. No floor or ceiling tn>eraafter. 5. CMT of PPpEEI-q Hw was site azguizai Purchase of land and existf bufldflg in _ Bangor Industrial Pazk Cast $ 550,000 nate of Purchase July 13, 1984 - New F.b sioa and _. Constivction lff m ement • nd S $ 50.000 land Improvements S $ 25,000 Utilities $ $ 15,000 Buildings - $ 4500,000 Engineer fees $ $ 5,000 Architectural fees $ $ Iegal fees $ $ 12,000 Construction loan fees $ $ Construction lose in un:est $ $ Fquipre $ $125,500 Weer (specify) S $ BazJc Fees, �, Application $ $ 5,000 - nrterim Iaan IDterest S $ 7.500 Perovatiore to bsild ng _ $ $205,000 Total cost of Nen Project $ T i cost of Improvement $950,000 (Cmoplete when pmlosed interest Yate in Iter 4 exceeds 63 par ammo) Feenmuc cmditiom m nwiicipality Proposing w issue revenue Obligation. 5ecuiitie AyeYLae fOY central MaiilE ]. Pursuant to Title 10 $10663(])(c) Mich states "Adequate pmvision is being made to meet any increased darend upon Public facilities that might moult fano the Project" A. detail airy mjor inprovecents in public facilities that will be required because of this project and bw' such ingrY nt wi11 be funded (o ) H. state that M vipYOVeQenis are roTA ad. IAttach pT ee[yYate St8tlena[y ae Tecessaiy.) - 3 - (Print or Type) ATTACfPSTTS: I. -Private-Placment. letter of intent or wHenaritfng =tract mist be provided at the time application is sut ittai, 2. Signed and certified M CiPal a=SOlutions Authorizing Application a IOducamnt Agreerent met he provided at the titre application is subaitt1, This cmPlete3 FsOicipal Application M "I) , includi g all attaOsreMs, and c leted Statment of Pr posed Tenant MSAPR2) should he suhaitted to: Finance Authority of vine P. 0. Bac 949 Augusta, Maine 04330 - MSAP/MA]I .._ 4-