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