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HomeMy WebLinkAbout2008-04-28 08-157 ORDERACTION Item Nos it cd, .15:7 Dale: April 28, 2008 Item/Subject: ORDER, Authonzing Additional Community Development Wan Funds to Penobscot Theatre Company —131 Main Street Responsible Department: Community & Economic Development Commentary: On May 14, 2007, the City Council approved a Community Development loan to Penobscot Theatre Company to partially fund improvements to it facilities at 131 Main Street City assistance in the amount of $285,240 from the federally funded Community Development Program financed Improvements to the Wilding to improve accessibility for the eldedy and disabled and corrected life safety code Issues. The work Included repairs to the masonry facade which had deteriorated to the point where pieces of it were falling onto the sidewalk. While the improvements were underway, the necessity for unforeseen additional repairs was discovered, which needed to be addressed as repairs were being made. The Penobscot Theatre Company has requested additional funds in the amount of $90,000 for the casts Incurred in making the additional repairs, for additional costs Incurred in completing the facade work during winter months, and for entrance draw hardware not induced in the original estimates provided. The Business and Economic Development Committee has reviewed this request and recommends approval. Managees Comments: Associatted Information: ApPmval: Department 011-) O Finance Director City Solicitor X Passage _ First Reading Page _ of _ Referral A 1.57 F� i %yam Assigned to Councilor Palmer Apr31 28, 2008 CITY OF BANGOR (TITLE.) ORDER, Authorizing Additional Community Development Loan Funds to Penobscot Theatre Company -131 Main Street WHEREAS, Penobscot Theater Company (PTC) is in the process of renovating is building at 131 Main Street in Bangor, and WHEREAS, the casts asmciated with the planned improvements were estimated to be $498,360, and Penobscot Theatre requested assistance from the federally fonder Community Development Program; and WHEREAS, the City Council, by passage of Council Order 07 181 on May 14, 2007, approved a Development Agreement with Penobscot Theatre Company which Induced! a $285,240loan to finance improvements to the building to improve accessibility for the elderly and disabled and correct life safety code issues; and WHEREAS, the work financed included extensive repairs W its masonry facade which had deteriorated to the point where pieces of the facade were falling onto the sidewalk, thereby endangering the public; and WHEREAS, while the improvements were underway, the reed for additional repairs was discovered, repairs which needed to be addressed as the amicipated work was being performed; and WHEREAS, the Penobscot Theatre Company has requested an additional loan in the amount of $90,000 far the costs incurred in making Nese additional repairs, for additional costs incurred in completing me facade work during winter months, and for entrance door hardware not Induced In one original proposal; NOWT THEREFOREf BE IT ORDERED BY THE CITY COUNCIL OF THE CITY OF BANGOR THAT The request by Penobscot Theatre Company for not more than $9,000 in additional Community Development loan funds for the completion of the renovations of As facilities at 131 Main Street Is hereby approved under the [amts and conditions substantially as set forth in the Development Agreement approved by the City Council by passage of Council Order W 181 on May 14, 2007. These funds shall be used for handicapped access improvements and correction of code violations. I CITT C008CIL "V l 28. 2008 l to tlede and SecOO Jl 08-157 fo PesSe P sed RES0LV H CTTY mm• (fITL8.1 s. .pity D V,lwp tsLomiP s to Pesobseot d.viduadbCouoelbt P�,>w,, i,