HomeMy WebLinkAbout2014-02-10 14-083 ORDERCOUNCIL ACTION
Item No. 14-083
Date: February 10, 2014
Item/Subject: ORDER, Approving a Community Development Business Development
Loan to JSI Store Fixtures, Inc.
Responsible Department: Community and Economic Development
Commentary: This Order will revise the approval of a Business Development Loan with JSI Store
Fixtures, Inc. increasing the loan amount from $100,000 to $200,000. JSI Store Fixtures, Inc.
designs and manufactures display fixtures for grocery store industry. JSI has recently established a
new operating unit of the company in Bangor and already has ten employees. The City Council
approved a $100,000 forgivable loan to JSI from the Community Development Business Development
Loan Program on November 25, 2013. JSI would like to increase the loan amount to $200,000 in
order to convert the building's heating system from oil to natural gas and to make improvements in
the building's office space. 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 and recommended for approval by the Business & Economic Development
Committee at it meeting on February 4, 2014.
Manager's Comments:
Associated Information:
Budget Approval:
Legal Approval:
Introduced for
X Passage
First Reading
Referral
Department Head
City Manager
J64::��,
Finance Director
Page _ of _
Ci Solicitor
Assigned to Councilor Durgin
CITY OF BANGOR
14-083
February 10, 2014
(TITLE.) ORDER, Approving a Community Development Business Development
Loan to JSI 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 $200,000. Said loan shall be forgivable under certain
terms and conditions, including the creation of at least twenty (20) new employment
opportunities. Said loan shall be in a final form as approved by the City Solicitor or
Assistant City Solicitor.
IN CITY COUNCIL
February 10, 2014
Motion made and seconded for Passage
Passe
ez,v
CITY CLERK