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
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