HomeMy WebLinkAbout2025-09-22 25-275 Order *��a�$qti�a CITY COUNCIL ACTION
/
!,�/' 1�,, Council Meeting Date: 09/22/2025
If��-' �'� Item No: 25-275
_ - _ . -,,�,
`�n�= �
'��A����ti Responsible Dept: Community & Economic Development
ren,�
Requested Action: Order Map/Lot: 034-088
Title, Order
Authorizing the City Manager to Execute a Subordination Agreement with the Owners of 21 Eaton Place and
First National Bank
Summary
This Order would authorize the City Manager to sign a subordination agreement with the owners of
21 Eaton Place and First National Bank. The owners of 21 Eaton Place purchased the property from
the City of Bangor in 2021, and the municipal quitclaim deed included deed restrictions requiring the
owners to rehabilitate the property for a cost not less than $70,000. In order to complete this
rehabilitation, the owners require a loan from First National Bank. First National Bank has
approached City staff with a subordination agreement to subordinate the deed restrictions to the
Bank's loan.
This item was recommended for approval by the Business and Economic Development Committee.
Committee Action
Committee: Council Workshop 0 Meeting Date: 09/08/2025
Action: Recommend for passage 0 For: g Against: 0
Staff Comments &Approvals
���� ��lj�✓�.ba�
City Manager City Solicitor Finance Director
Introduced for: Consent
�-art_aa;y�� CITY OF BANGOR ORDER
c�*�'; ,°�+
i%�m��;� ��m Date: 09/22/2025
f��.
,n�_:-.... _.=�;M
�,v�. .� Item No: 25-275
'AJ°�'�`�� �`4
°Rar�n,��-�� Assigned to Councilor: Deane
Authorizing the City Manager to Execute a Subordination Agreement with the Owners of 21 Eaton Place and
First National Bank
WHEREAS, the City sold 21 Eaton Place to David and Jacquelyn Gillen in 2021 with a deed restriction requiring
that they rehabilitate the properry at a cost of not less than $70,000;
WHEREAS, David and Jacquelyn Gillen need a loan in order to complete the rehabilitation of the property; and
WHEREAS, the lender for the loan needs the City to subordinate the deed restrictions to the loan the lender is
providing to David and Jacquelyn Gillen;
Be it Ordered by the City Council of the City of Bangor that,
the City Manager is authorized to sign the Subordination Agreement with the Owners of 21 Eaton Place and
First National Bank, with the final form and substance of the Subordination Agreement to be approved by the
Legal Department.
IN CITY COUNCIL
SEPTEMBER 22, 2025
CO 25-275
Passed
�����:,w�,��° '" .�� ��°,„�,��"���,°��*°.������
��
CITY CLERK