HomeMy WebLinkAbout2014-03-24 14-122 ORDERCOUNCIL ACTION
Item No. 14-122
Date: March 24, 2014
Item/Subject: ORDER, Approving a Request for Subordination of Loan to Bangor Steam
Laundry, LLC
Responsible Department: Community and Economic Development
Commentary: This Order will authorize the approval of a subordination request from Bangor
Savings Bank on a Community Development demolition loan that was made to Bangor Steam
Laundry, LLC in November 2012. The loan has already resulted in the removal of an environmentally
contaminated, blighted building (the former New Franklin Laundry) and yielded substantial public
benefit. Subordination will allow Bangor Steam Laundry, LLC to access needed capital to continue to
move forward with the project.
This item was reviewed and approved by the Business & Economic Development Committee at it
meeting on March 18, 2014.
Tanya L. EmerX
Department Head
Manager's Comments:
City Manager
Associated Information:
Budget Approval:
Finance Director
Legal Approval:
Ciwor
Introduced for
X Passage
First Reading Page _ of _
Referral
Assigned to Councilor Civiello
CITY OF BANGOR
14-122
MARCH 24, 2014
(TITLE.) ORDER, Approving a Request for Subordination of Loan to Bangor Steam
Laundry, LLC
WHEREAS, the City has received a subordination request from Bangor Savings Bank
on a Community Development demolition loan that was made to Bangor
Steam Laundry, LLC in November 2012; and
WHEREAS, the loan has already resulted in the removal of an environmentally
contaminated, blighted building (the former New Franklin Laundry) and
yielded substantial public benefit; and
WHEREAS, subordination will allow Bangor Steam Laundry, LLC to access needed
capital to continue to move forward with the project:
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 approve
subordination of the City's Community Development demolition loan to Bangor Steam
Laundry, LLC, to Bangor Savings Bank. Said documents shall be in a final form as
approved by the City Solicitor or Assistant City Solicitor.
IN CITY COUNCIL
March 24, 2014
Motion made and seconded for Passage
Ped
v.
CITY CLERK