HomeMy WebLinkAbout1999-12-13 00-44 ORDERCODxCIc ACTION
Date, 12-13-99 Item NO-00-44—
Mem/Subject:
o00-dbItem/SubjecC ORDER amending Order No. 90-362 to Reani the Project
Description.
Reeponeible Department: Pittance
Comntary: The attached order would amend Order No. 98-362, which authorized
borrowixg up to $2, 000, 000 to fund the improvements to the front portion of
the Freese's building. The order lacked wording that would allow for the
purchase of the building pursuant to the option we hold. This order Cures
that deficiency, allowing the City to use bond proceeds to acquire the r
building, should the Council decide to exercise its option.
I recommend your approwl.
DfiPARIMeMP NSAD
Reneger'sF Comments.
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CITY MANAGER
er, ati0n:
Order, public notice
Budget Ayp[ovaL
NANCS DIRECTOR
Legal Approval:
CITY SOVCXJhoR
Introduced For
_ Passage
First Reading
Passe _of_
TReferral to Finance Committee
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AssipWto Comcilor B1aacLette Member 13. 1999
x CITY OF BANGOR
(TITLE.) Order, Amending Order No. 98-362 To Mond the Project Description
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ORDERED*
THAT the project description in Order No. 98-362 Is hereby amended as follows
'To provide funding for the City to purchase the renovated former Freese's Department Store
building or to provide financing with a loan or grant of bond proceeds to a private developer
for the acquisition, reconstruction, renovation and development of the front two-thirds of the
former Freese's Department Store building in downtown Bangor, to be used for commercial
purposes a for other nor -far -profit activities, all as shall be determined and approved by the
Finance Director, with the approval of the Finance Committee."
WHEREAS, on September 28, 19% the City Council of the City of Bangor adopted Order 98-
362 authoriang the Issuance of the Ckys general obligation bonds In an amount
not to exceed $2,000,000 which was to be used to provide financing with a ban
or grant of bond proceeds to a private developer for the acquisition,
reconstruction, renovation and development of the front portion of the former
Frcese's Department Store building In downtown Bangor, to be used for
commercial purposes a for other not-for-profit activities, all as shall be
determined and approved by the Finance Director, with the approval of the
Finance Committee; and
WHEREAS, the City has decided to amend the project description contained In the first
paragraph to indude the option for the City to purchase the renovated former
Freese's Department Store.
NOW, THEREFORE, BE IT ORDERED by the City Council of the City of Bangor, Order No.
98-362 is hereby ratified and confirmed, as amended.
IN CITY CDDNCIL
December 13. 1999
First Reading
Neferred to Pisaoce Comittee
CI m E
IN CITY CDONCIL
December 27. 1999
Notion to Open Public Rearm&
Rade and seconded. No ove from
the Public cave forward. Nation
to Cine Public Nearing Rade
and seconded
Notion for Passage Made and
Seconded
Passed
CLARUL
00-
1.1.1 ORDER
TR,ammmding Ostler No. 90-362. to
land the Project Description
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