HomeMy WebLinkAbout2014-03-24 14-124 ORDERCOUNCIL ACTION
Item No. 14-124
Date: March 24, 2014
Item/Subject: ORDER, Approving a Community Development Business Development
Loan to C&L Aerospace
Responsible Department: Community and Economic Development
Commentary: This Order will authorize the approval of a Business Development Loan with C&L
Aerospace. C&L Aerospace is an aircraft maintenance, repair, and overhaul company operating in
Bangor, and they are expanding their existing business with a lease on a property at 40 Wyoming
Avenue, in City -owned hangars at Bangor International Airport. They have already significantly
grown their business and increased employment from 22 positions to 81 positions. They have asked
the City for a loan from the City's Community Development Business Development Loan Program in
the amount of $200,000. This loan will assist with the financing of the expansion by providing capital
to make building improvements. The proposed loan will be forgivable provided that C&L will create
20 full time positions, taking them to over 100 positions, with at least 51% of those new positions
filled by individuals from low -moderate income backgrounds by the end of the three year term of the
loan.
This item was reviewed and approved by the Business & Economic Development Committee at its
meeting on March 18, 2014.
Tanya L. Emery
Department Head
Manager's Comments:
City Manager
Associated Information:
Budget Approval:
Finance Director
Legal Approval:
i Solicitor
Introduced for
X Passage
First Reading Page _ of
Referral
Assigned to Councilor Baldacci
CITY OF BANGOR
14-124
MARCH 24, 2014
(TITLE.) ORDER, Approving a Community Development Business Development
Loan to C&L Aerospace
WHEREAS, C&L Aerospace is continuing to expand in Bangor, thereby providing
quality new employment opportunities; and
WHEREAS, the new employment to be created by C&L Aerospace 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 C&L Aerospace 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 C&L Aerospace 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
March 24, 2014
Motion made and seconded for Passage
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CITY CDERK