HomeMy WebLinkAbout2015-04-13 15-131 ORDERCOUNCIL ACTION
Item No. 15-131
Date: April 13, 2015
Item/Subject: ORDER, Amending $25,000 Forgivable Loan Award from Broadway
Housing, Inc. to Penquis
Responsible Department: Community & Economic Development
Commentary:
Council Order 15-083 on February 9, 2015 authorized the City Manager to execute a forgivable loan
with Broadway Housing, Inc. for its renovation of Ernst Manor. This Order would authorize the City
Manager to execute the loan with Penquis, instead of its subsidiary entity, Broadway Housing, Inc.,
for project development purposes. No other terms and conditions will be amended. The loan
agreement remains contingent upon Penquis securing the additional funding needed for the project.
Forgiveness of the loan remains 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 April 7, 2015 meeting.
Tanya Emery
Department Head
Manager's Comments:
CIA n, LAJC.r �
City Manager
Associated Information: Order
Budget Approval:
Finance Director
Legal Approval:
City Solicitor
Introduced for
X Passage
First Reading
Page _ of _
Referral
Assigned to Councilor Baldacci
CITY OF BANGOR
15-131
APRIL 13, 2015
(TITLE.) ORDER, Amending $25,000 Forgivable Loan Award from Broadway Housing,
Inc. to Penquis
WHEREAS, the City Council has previously authorized a Forgivable Loan to Broadway
Housing Inc, a subsidiary of Penquis, for its planned renovations of Ernst Manor;
and
WHEREAS, it has been requested that the funding be awarded to Penquis rather than
Broadway Housing, Inc, for project development purposes; and
WHEREAS, no other terms and conditions will be changed:
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
Penquis, instead of Broadway Houisng, Inc., in a final form approved by the City Solicitor or
Assistant City Solicitor..
IN CITY COUNCIL
APRIL 13, 2015
PASSED
CITY CLERK