HomeMy WebLinkAbout1981-09-14 81-270 ORDERIntroduced by Councilor wrymouth, september la, 1981
CITY OF BANGOR
(rITL6) (JorbgrI -.Authorizing the Director of_Planning and Community
Development to Take Certain Actions Relative to Property Located at
40 Cumberland Street.' _
By tpe Oity Council of the My of Beason:
ORDERED,
THAT WHEREAS, the City of Bangor granted a -Rehabilitation Loan
to the owners ofpropertylocated at 40CumberlandStreet: and
WHEREAS, said loan is secured by a second mortgage on the
property; and
WHEREAS, the owners of said property have filed a Chapter 13
Petition in the Bankruptcy Court;
WHEREAS, by virtue of passage of Council Order 81-250 by the
City Council at its meeting. of August 24., 1981 the Director of Planning
and Community Development was authorized, swung other. things, to
acquire title to the property. located. at GOCumberland Street for an
amount not to exceed the fair market value of said property less the
outstanding balance due the City of Bangor under a rehabilitation loan; and
.WHEREAS, it now becomes apparent that. the City cannot acquire
title to said property within saidexpenditure limitation due to the fact
that the fair market value of said property, as determined by anindepen-
dent appraisal of the same, , 1'8 le-ss.;athan originally contemplated; and
NOW THEREFORE BE IT ORDERED BY THE. CITY COUNCIL OF THE CITY OF
BANGOR THAT the Director of Planning and Community Development is hereby
authorized to protect the City's interest in
said property, including,
but not limited to, acquisition of title. tothe same. Provided, however,
that the acquisition price most be approved by .the Finance Committee.
Ta 'city_couneil Sept. 141901
passed
City cl
ORDER
'81 SEP 10 P326
Title,
REL
.4i4hOtii;g4 the Director of Plew iY O:LE
611Y CLERK
RK
and cc®mity development to take certain
......................................
socia mlative to prcperty located
at 0 Cumberland at
Cc ilman