HomeMy WebLinkAbout2016-08-08 16-318 ORDERCOUNCIL ACTION
Item No. 16-318
Date: August S. 2016
Item/Subject: ORDER, Approving a Community Development Business Development
Loan to Wayfair (102-006)
Responsible Department: Community and Economic Development
Commentary: This Order will authorize the approval of a Business Development Loan with Wayfair.
Wayfair is expanding their business with a lease on a property at 690 Maine Avenue (102-006), in a
City -owned building formerly occupied by LL Bean. They have asked the City for a loan from the City's
Community Development Business Development Loan Program in the amount of $200,000. This loan
will assist with the financing of the expansion by providing capital to make building improvements,
train workforce, and for operating capital. The yearly loan payments may be forgivable provided that
Wayfair creates a total of 20 full time positions, with at least 51% of those new positions filled by
individuals from low -moderate income backgrounds, by the end of the seven year term of the loan.
This item was reviewed by the Business & Economic Development Committee in Executive Session on
December 22, 2015.
Manager's Comments:
Associated Information:
Budget Approval:
Legal Approval:
Introduced for
X Passage
First Reading
Referral
Tanya L. Emery
Department Head
City Manager
Xalve�,_�
Finance Director
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Assigned to Councilor Nealley
CITY OF BANGOR
16-318
AUGUST 8, 2016
(TITTLE.) ORDER, Approving a Community Development Business Development
Loan to Wayfair (102-006)
WHEREAS, Wayfair is expanding to Bangor, thereby providing quality new
employment opportunities; and
WHEREAS, the new employment to be created by Wayfair makes it eligible for
assistance under the City's Community Development Business
Development Loan Program; and
WHEREAS, the number of new jobs and investment created by Wayfair will provide a
substantial public benefit:
BE IT ORDERED BY THE CITY COUNCIL OF THE CITY OF BANGOR THAT
the City Manager is authorized to execute any and all documents necessary to make
available to Wayfair a Community Development Business Development Loan in an
amount not to exceed $200,000. Said loan shall be forgivable under certain terms and
conditions, including the creation of at least twenty (20) new employment
opportunities. Said loan shall be in a final form as approved by the City Solicitor or
Assistant City Solicitor.
IN CITY COUNCIL
AUGUST 8, 2016
MOTION MADE AND SECONDED FOR PASSAGE
PASSED
CITY CLERK