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HomeMy WebLinkAbout2002-02-25 01-116 ORDERItem No. 02-116 Date: 2-25-02 Item/Subject: ORDER- Authorization to Execute Documents, Accept, and Appropriate Grant Funds from the Maine State Housing Authority Responsible Deparbnent: Community & Economic Development Commentary: In July of 2001 the City applied for grant funds from the Maine State Housing Authority (MSHA) under their new"Maine Cities Task Farce, Service Center Community" RFP to assist In finandng the rehabilitation of 72-80 Columbia Street. In October of 2001 MSHA notified us that we were successful and awarded $60,658. This award requires a matching grant from the City, (the "grant" is actually a 20 year 0% interest forgivable loan). In addition to the matching grant, Council Order 01-299 also approved a Community Development Residential Rehabilitation Loan for this development In an amount not to exceed $51,000 a[ 6% for 20 years. The WWI development cost is $347,692, with additional funding from Bangor Savings Bank, MalneStream Finance, and the developefs cash equity. The development will include 8 residential units on the second and third Floors, and commercial retall space on the first Floor. The development is known as the Thomas Hatch Block. The developer Is The Thomas Hatch Black L.P. This Order would authorize the City Manager to execute necessary dow:oents to receive and escrow the funds in compliance with the MSHA grant terms and conditions, and formally accept and appropriate the funds. Department Head Manager's Comments:tsil City Manager Associated Information: OdY� Budget Approval: Finance r Legal Approval: City Soiicdor Introduced for J[, Passage _ First Reading Page _ of Referral 02-116 Assigned to Councilor paldacci February 25.2002 CITY OF OF BANGOR (TITLE.) Order, Authorization to Execute Documents, Accept, and Appropriate Grant Funds from the Maine State Housing Authority WHEREAS, the City of Bangor has applied for funding under the Maine Stale Housing Authority's"Maine Cities Task Force, Service Center Community" grant program to provide financial assistance for the rehabilitation of 72-80 Columbia Sheet; and WHEREAS, the application was successful and the giant funds were awarded In the amount of $60,658; and WHEREAS, the said grant program requires matching funds be made available from the City, and funds from the Community Development Residential Rehabilitation Loan Program were approved for this purpose by Council Order 01-299; NOW, THEREFORE, BE IT ORDERED BY THE CRY COUNCIL OF THE CITY OF BANGOR, that the grant amount of $60,658 from the Maine State Housing Authority is hereby accepted and appropriated, and the City Manager is hereby authorized to execute such documents as approved by the City Solicitor to receive and escrow the Ponds pursuant to the terms and conditions stipulated "a Maine State Housing Authoritys"Maine titles Task Force, Service Center Community" grant program. IS CISR COUNCIL February 25, 2002 Motion Made and Seconded Passed ITY (TITLE,) Authorization to Paecute uoermeata. Aecept. add Approprate Groat Saddle frw the metes State Madding Autlu riry Assigned to CouNmiilor '"rue 1