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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 as d zv CITY CDERK