HomeMy WebLinkAbout2002-05-13 02-211 RESOLVEItem No. 02-21L
Date: Ffay 13, 9003
Item/Subject: Resolve, Appropriating $199,915 From Airport Reserves For the Purpose of
Prepaying a Prommissory Note For Purchase of Property Adjacent To Bangor International
Airport M Edwin W. Colbum.
Responsible Department: Airport
Commentary: The Airport purchased approximately 41 acres of land from Edwin
Colbum in March of 2001. Part of the land waa financed by a note, which matures in
April 2004, with the seller paying interest at a rate of 7%. Currently, the Airport is
making less than 2% on funds held for this same term. It is in the City's beat interest
to prepay this note at this time.
Rebecm Hurm
Department Head
Flanagees Comments:
City Manager
Associated Information Resolve
ApprovaL•
Fluence Director
Legal Approval:
ff City Solicitor
Introduced for
passage
R First Reading
$ Referral to Business and Economic Development
pap -I of I_
.usigmoa to councilor mem eay ia, zooz
CITY OF BANGOR
(TITLE.) Resolve, Appropriating $199,915 From Airport Reserves For the purpose of Prepaying a
Prommissory Note For Purchase of Property Adjacent To Bangor International Airport to Edwin
W. Colburn.
By Me City Cbwrcf/ oftlre CYry ofAang r
WHEREAS, the promissory note between the City of Bangor and Edwin W. Colburn dated March
29, 2001 allows for prepayment of the note; and
WHEREAS, R is in its best economic interst of the Airport to prepay this note.
NOW, THEREFORE, BE IT RESOVLED BY THE CITY COUNCIL OF THE CITY OF BANGOR THAT
The amount of $199,915 is hereby appropriated from airport reserves for the purpose of
prepaying a prommissory note to Edwin W. Colbum.
IN CITT COUNCIL
May 13. 2002 02-211
First Readiag
Referred to R6 EU Re501VE
Counittee
Ti110, Appropriating $199.915 from
TY minAirport Reserves for the Purpose of
Prepaying a Prormssory Note for
I6 CITY COUNCIL Purchase of Property "terser to
'- season: Internatiomal Airport to
May 29, 2002 Assigned to
Motion Made and Seconded Main W. Colbum
for Passage
Passed
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