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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 Page _ of _, X02056= 6� e+ 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