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Home My WebLink About2019-12-23 20-045 ORDER 12/23/201920-045 12/23/2019 20-045 Legal Order N/A Title, Order Authorizing Execution of Agreement with the American Folk Festival to Terminate Agreement and Forgive Debt This Order will authorize the City Manager to terminate an existing agreement between the American Folk Festival and the City of Bangor and to forgive any outstanding debt from the American Folk Festival to the City of Bangor. On July 13, 2017 the City of Bangor executed an agreement with the American Folk Festival to use a portion of the Bangor Waterfront for a festival. The term of the agreement is through October 31, 2021. In addition, the American Folk Festival executed a promissory note in the amount of $119,993.52. Currently, the Folk Festival owes the City $104,000. The American Folk Festival has decided to cease its operations effective immediately and has requested that the City of Bangor agree to terminate the agreement and forgive any outstanding indebtedness. Council Executive Session 12/09/2019 Recommend for passage New Business 12/23/201920-045 CITY OF BANGOR ORDER 12/23/2019 20-045 Sprague Authorizing Execution of Agreement with the American Folk Festival to Terminate Agreement and Forgive Debt WHEREAS, on July 13, 2017 the American Folk Festival and the City of Bangor executed an agreement to allow the American Folk Festival to use a portion of the Bangor Waterfront for a festival; and WHEREAS, the term of the agreement is through October 31, 2021; and WHEREAS, on July 13, 2017 the American Folk Festival executed a promissory note for the benefit of the City of Bangor; and WHEREAS, the American Folk Festival has decided to cease its operations; and WHEREAS, the American Folk Festival has requested that the City of Bangor agree to terminate the agreement and forgive any outstanding indebtedness. Be it Ordered by the City Council of the City of Bangor that, Catherine M. Conlow, City Manager, is hereby authorized on behalf of the City of Bangor to execute an Agreement to terminate the Agreement between the American Folk Festival and the City of Bangor dated July 13, 2017 and to forgive the outstanding indebtedness due the City of Bangor pursuant to a promissory note dated July 13, 2017. Said agreement shall be in a final form as approved by the City Solicitor or Assistant City Solicitor. IN CITY COUNCIL DECEMBER 23,2019 CO 20-045 MOTION MADE AND SECONDED FOR PASSAGE PASSED CI Y CLE