Loading...
HomeMy WebLinkAbout2014-01-27 14-067 ORDERCOUNCIL ACTION Item No. 14-067 Date: January 27, 2014 Item/Subject: ORDER, Approving a Community Development Business Development Loan to Maine Paper and Janitorial Supply, Inc. Responsible Department: Community and Economic Development Commentary: This Order will authorize the approval of a Business Development Loan with Maine Paper and Janitorial Supply, Inc. Maine Paper and Janitorial Supply, Inc. is a wholesale distributor of paper and janitorial supplies. Maine Paper intends to expand their existing business with a lease/option on a property at 120 Rice Street. They have 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 Maine Paper and Janitorial Supply Inc. will create 10 full time positions by the end of the three year term of the loan. This item was reviewed by the Business & Economic Development Committee in Executive Session on January 21, 2014. Manager's Comments: Associated Information: Budget Approval: Legal Approval: Introduced for X Passage First Reading Referral Tanya L. Emery Department Head Page _ of _ City Manager Finance Director efty0olicitor 14-067 JANUARY 27, 2014 Assigned to Councilor Plourde CITY OF BANGOR RDER, Approving a Community Development Business Development Loan to Maine Paper and Janitorial Supply, Inc. laine Paper and Janitorial Supply, Inc. desires to expand into Bangor, iereby providing new employment opportunities; and ie new employment to be created by Maine Paper and Janitorial Supply, ic. makes it eligible for assistance under the City's Community Development Business Development Loan Program; and ie number of new jobs and investment created by Maine Paper and anitorial Supply, Inc. will provide a substantial public benefit: ED BY THE CITY COUNCIL OF THE CITY OF BANGOR THAT er is authorized to execute any and all documents necessary to make ine Paper and Janitorial Supply, Inc. a Community Development Business .oan in an amount not to exceed $100,000. Said loan shall be forgivable erms and conditions, including the creation of at least ten (10) new )portunities. Said loan shall be in a final form as approved by the City istant City Solicitor. IN CITY COUNCIL January 27, 2014 Motion made and seconded for Passage as d CITY WERK