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HomeMy WebLinkAbout2013-11-25 14-019 ORDERCOUNCIL ACTION Item No. 14-019 Date: November 25, 2013 Item/Subject: ORDER, Approving a Lease and Community Development Business Development Loan to JSI Store Fixtures, Inc. Responsible Department: Community and Economic Development Commentary: This Order will authorize the execution of a Lease and approval of a Business Development Loan with JSI Store Fixtures, Inc. JSI Store Fixtures, Inc. designs and manufactures display fixtures, primarily for grocery store industry. JSI intends to establish a new operating unit of the company in Bangor. JSI requests to lease 15,000 sq. ft. at 110 Hildreth St. for three (3) years at a monthly payment of $3,750. Additionally, JSI has asked the City for a loan from the City's Community Development Business Development Loan Program in the amount of $100,000. This loan will assist with the financing of the expansion including purchasing new equipment and making building improvements. The proposed loan will be forgivable provided that JSI will create 20 full time positions by the end of 2016 and maintains them for the life of the loan. This item was reviewed by the Council at Executive Session on November 13, 2013. Department Head Manager's Comments: City Manager Associated Information: Budget Approval: Finance Director Legal Approval: City Solicitor Introduced for X Passage First Reading Page _ of _ Referral 14-019 NOVEMBER 25, 2013 Assigned to Councilor Durgin CITY OF BANGOR (TITLE.) ORDER, Approving a Lease and Community Development Business Development Loan to ISI Store Fixtures, Inc. WHEREAS, JSI Store Fixtures, Inc., desires to expand into Bangor, thereby providing new employment opportunities; and WHEREAS, the new employment to be created by JSI Store Fixtures, Inc. 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 JSI Store Fixtures, Inc. 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 JSI Store Fixtures, Inc. a Community Development Business Development Loan in an amount not to exceed $100,000. Said loan shall be forgivable under certain terms and conditions, including the creation of at least twenty (20) new employment opportunities; and BE IT FURTHER ORDERED THAT the City Manager is authorized to execute any and all documents necessary to lease 15,000 sq. ft. at 110 Hildreth St., Bangor to JSI Store Fixtures, Inc. for three (3) years at a monthly payment of $3,750. Said loan and lease shall be in a final form as approved by the City Solicitor or Assistant City Solicitor. IN CITY COUNCIL November 25, 2013 Motion made and seconded for Passage Paso. CITY CLLORK