HomeMy WebLinkAbout2014-03-24 14-127 ORDERCOUNCIL ACTION
Item No. 14-127
Date: March 24, 2014
Item/Subject: ORDER, Approving a Community Development Business Development
Loan to Dr. Michele Spekhardt, DMD
Responsible Department: Community and Economic Development
Commentary: This Order will authorize the approval of a Business Development Loan to Dr. Michele
Spekhardt, DMD. Dr. Spekhardt is expanding her dental practice with construction of a new dental
office at 62 Corporate Drive. They have asked the City for a loan from the City's Community
Development Business Development Loan Program in the amount of $30,000. 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 Dr. Spekhardt creates 3 new full time 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.
Manager's Comments:
Associated Information:
Budget Approval:
Legal Approval:
Introduced for
X Passage
First Reading
Referral
Tanya L. Emery
Department Head
Page _of_
Finance Director
Ci olicitor
Assigned to Councilor Baldacci
CITY OF BANGOR
14-127
MARCH 24, 2014
(TITLE.) ORDER, Approving a Community Development Business Development
Loan to Dr. Michele Spekhardt, DMD
WHEREAS, Dr. Michele Spekhardt, DMD is expanding her dental practice in Bangor,
thereby providing quality new employment opportunities within the City;
and
WHEREAS, the new employment to be created by Dr. Spekhardt makes her practice
eligible for assistance under the City's Community Development Business
Development Loan Program; and
WHEREAS, the new jobs and investment created by Dr. Spekhardt 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 Dr. Michele Spekhardt, DMD a Community Development Business
Development Loan in an amount not to exceed $30,000. Said loan shall be forgivable
under certain terms and conditions, including the creation of at least three (3) 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
a d
s
CITY AERK