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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