Loading...
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