HomeMy WebLinkAbout1982-07-12 82-191 RESOLVEBR -191
Introduced by Councilor Jordan July 121 1982
CITY OF BANGOR
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Bangor Maine Associates
By W City Coa,wii of Ms aim OfBdnpor
BSBOLVBD, WEREMSEAS, Section 119 of the Housing and Community Development
Act of 1974 established an Urban Develolment Action Grant (UDAG) Program to
provide funding assistance through the U.S. Department of Housing and Urban
Develniment for the purpose of stismilating private imreetment Nvich addresses
the commercial, industrial, or residential wage of eligible communities;
and
WHEREAS, the Department of Housing and Urban Development has
determined that the City of Hendon is a cp®anity eligible to participate
in the SIAS Prugranand
WHEREAS, the Department of Housing and Urban Development has
indicated that an eligible QUAD, funder activity would be to we UDPL funds
to provide second mortgage financing to prospective costrercial developers in
orderto make ccommorcial. development feasible by off -setting high interest rates
and constructi= costs in development projects where projected incme would be
inadequate to support development and operating costs; end
Wim, Bengor, Maine Associates hes requested that the City
of Beason apply for UISSI fonds to be used to provide construction financing
sad second mortgage low financing at a reduced interest rate and under favorable
berms for the proposed redevelopment of 20-24 West Parket Square; and -
HISCI✓,AS, the City of Bangor has an interest in the reV telization
of downtovn Bangor and the possibility of applying for Urban Development Action
Grant financial assistance to support redevelopment of the property at 20-24 West
Market Square;
NOW, THEHEFORE, BB IT RESOLVED BY THE CITY COUNCIL OF THE CPM
OF RANCOR THAT, in conformance with the Department of Housing sad C,,,,nity
Development regulations, tvo public hearings shell be held regarding the proposed
Urban Development Action Grant application requesting feuds to be used for the
purpose of construction financing and second mortgage financing of the proposed
redevelopment of 20-24 West Market Square by Bangor, Maine Associates ea follrss:
(1) The first public hearing to be held by the City Council
Camunity Development C®ittee on Wednesday, July 21, 1982 at 7:30 PM in the
Bangor City Hall Council Chambers at which time the details of the Urban Development
Action Grant progrm and the proposed application wild be explained and discussed.
(2) The second public hearing to be held by the City Council in
the City Council Cheaters during the regularly scheduled City Council meeting to
be held an Monday, JULY 26P 1982 at 8:00 RK.
82-191
E E S
U E
V E
IW CITY COUNCIL
July 12, 1982
Passed by the mllmi' yee ash
no votes. Councilors votieg yest
Brown, Jomdau. mcKe[nanr Po[te
Soucy, Weymouth, Willey acdBendrian.
Ccunoilox otiny no.
112
Gass.
Vrban
Att ion Giant UDAG1
ProposMai
A atea.