HomeMy WebLinkAbout2015-02-09 15-083 ORDERCOUNCIL ACTION
Item No. 15-083
Date: February 9, 2015
Item/Subject: ORDER, Awarding a $25,000 Loan to Broadway Housing, Inc.
Responsible Department: Community & Economic Development
Commentary:
This Order would authorize the City Manager to execute an agreement with Broadway Housing, Inc.,
a subsidiary of Penquis, to provide up to $25,000 in a forgivable CDBG funded loan to renovate the
existing 27 unit Ernst Manor, a facility reserved for low income handicapped and elderly persons. The
agreement is contingent upon Penquis securing the additional funding needed for the project.
Forgiveness of the loan would be based upon meeting a CDBG national objective by providing
housing for the identified population.
The Business & Economic Development Committee reviewed and recommended this item for approval
at its February 3, 2015 meeting.
Manager's Comments:
Associated Information:
Budget Approval:
Legal Approval:
Introduced for
X Passage
First Reading
Referral
Tanya Emery
Department Head
City Manager
Finance Director
'1-21XV11
Ci olicitor
Page _ of _
Assigned to Councilor Faircloth
CITY OF BANGOR
15-083
FEBRUARY 9, 2015
(TITLE.) ORDER, Awarding a $25,000 Forgivable Loan to Broadway Housing, Inc.
WHEREAS,, Broadway Housing Inc, a subsidiary of Penquis, has made the request as a part
of its planned rennovations at the existing 27 unit facility reserved for low
income handicapped and elderly persons, called Ernst Manor; and
WHEREAS, Ernst Manor has been a valuable asset in the community that has met an
important need in the City and the planned rennovations will ensure the facility is
viable for many years to come; and
WHEREAS, the forgivable loan will be contingent upon the project securing the remaining
funding needed and will be forgiven at a rate of 25% percent for every year that
housing is provided to the identified population, meeting a CDBG national
objective:
BE IT ORDERED BY THE CITY COUNCIL OF THE CITY OF BANGOR THAT
The City Manager is authorized to enter into a forgivable loan agreement for $25,000 with
Broadway Houisng, Inc. in a final form approved by the City Solicitor or Assistant City Solicitor.
IN CITY COUNCIL
FEBRUARY 9, 2015
PASSED
CITY CLERK