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HomeMy WebLinkAbout2012-08-27 12-281 ORDERCOUNCIL ACTION Item No. 12-281 Date: August 27, 2012 Item/Subject: ORDER, Approving Community Development Block Grant Loan Application of C&L Aviation Services Responsible Department: Community and Economic Development Commentary: C&L Aviation Services is a successful aviation firm located in Bangor at the Bangor International Airport. The business has expanded significantly since taking over the former Telford Company, and has plans for further expansion. As part of this overall expansion project, which includes leasing additional space from the Airport, the firm has applied for a loan from the City's Community Development Block Grant Business Development Assistance loan fund in the amount of $250,000. This loan will assist with the financing of the expansion including purchasing new equipment, working capital and will create significant employment opportunities. The loan will be forgivable under certain terms and conditions. If approved, this Order will authorize the Director of Community and Economic Development to execute the necessary documents to make the loan. Manager's Comments: Associated Information: Otl-- Budget Approval: Legal Approval: Introduced for X Passage First Reading Referral Department Head f' City Manager Finance Director Page _ of _ Assigned to Councilor Gratwick CITY OF BANGOR 12-281 AUGUST 27, 2012 (TITLE.) ORDER, Approving Community Development Block Grant Loan Application of C&L Aviation Services BE IT ORDERED BY THE CITY COUNCIL OF THE CITY OF BANGOR THAT WHEREAS, C&L Aviation Services, desires to expand their presence in the City of Bangor and expand its employment in the City; and WHEREAS, the new employment generated by C&L Aviation Services makes it eligible for assistance under the City's Community Development Business Development Asssitance Loan Program; and WHEREAS, the number of new jobs and investment created by C&L Aviation Services at their facility will provide a substantial public benefit by providing a significant number of new employment opportunities in Bangor and the surrounding area; NOW, THEREFORE, BE IT ORDERED BY THE CITY COUNCIL OF THE CITY OF BANGOR THAT the Director of Community and Economic Development is authorized to execute any and all documents necessary to make available to C&L Aviation Services a Community Development Business Development Assistance Loan in an amount not to exceed $250,000. Said loan shall be forgivable under certain terms and conditions and shall be in a final form as approved by the Director of Community & Economic Development and the City Solicitor or Assistant City Solicitor. (TITLE,) Assigned to Councilor XH21.13 ALIO ALtI Pass -ea ZIOZ `LZ 4sngny 1IIONII00 ALIO NI