HomeMy WebLinkAbout1978-05-08 225 AF ORDERus xr
Introduced by Councilor mcKernaa, bay 8, 1978
CITY OF BANGOR
(TITLE.) (Prbrrt - Ameaftent to cCnmmaty Deveimimmx Pra�ram ..-_P''mk y _....
Rehabilitation Grant
BY the aey Council of tis City of Denser:
ORDERRD, -
THAT Fd@uREPS, the City Council of Ube City of Bangor approved and
adapted a Comm,ity Development Program - Property Rehabilitation Grant Program
on April ll, 1977; and
�, the purpose of the Program is to provide financial assist -
once in the rehabilitation of certain properties rather than to permit individual
property owners to mage a personal profit Trust, auch grants;
NOW, T6FR UV BY THB CITY COUNCIL OF THE CITY OF BANGOR BE IT
0RUERED THAT Section G, paragraph 3 of the Property Raliabilitation Grant
Program be amended by adding a new bparagraph 1 as follows:
1. RecaptureoP eat uresale. If a grmt recipient
ae the prlls vperty for which he received a grant under
this program within three (3) years from date of actual
receipt of such grant he shell repay to the City a
portion of such grant on a pro -rated basis; the amount
epaia shall be cmpatea by (1) subtr sting from 1,095
(3 years to days) the bar a days expired since the
date of grant receipt, (2) dividing this numberby
1,095, said, (3) multiplying this final member by the
original mount Of the grant. In order to s ecvre re -
-povment under this prarisim ll the City sharequire a
mortgage an the property.
In City Council May 8,1978
Consider second meeting in
Jure -
city 01
In CIn copecii
we 26, 1978
Indefinitely Ppostpone/dd.
( .ctcPr
CIT
225 "
ORDER
TiUel
Amendment to Cammudty Development
..
progrm Property Relabibdtation Grant Program
...:v ........................ v�
63
Introdaced and Hled by
4wL .C�:..Mcket
Councilman silvan