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HomeMy WebLinkAbout2002-07-22 02-291 ORDERItem No. m_vo Date: July 22, 2002 Item/Subject: ORDER - Authorizing the City Manger to Execute an Assignment, Assumption, Release, Guarantee, and Consent Agreement with Acadia Healthcare. Responsible Department: legal Commemary: Acadia HospiW leans end operates We facility rotatory Imo%%m the Hope House on Illinois Avenue. Acadia Hospital.sests pevmission from the City to assign its leasehold interest W Acadia Heddecate, a relatalwqumtioa The purpose of We assignment is W permit Acadia Healthcare W maximize its Medicare red ntrosoments. In order to effimate this trarnsfier, , Acadia nAI be assuming all ofPenquis Cap's obligations under several agreements, ant therefore also requires the City to consent W thern assuming those obligations and W the release ofPenquis Cep. pmWe Cap noted as the developer on the project and administrated its nothing and operation and essentially arced as guamntor for Acadia Hospial. The Business; & Economic Development Concessions recommended acceptance of the assignment and execution of the Assignment, Aswmption, Release, Guamntce, and Consent Agreement at its July 16, 2002 mceling. Departhent Hem Manager's Comments: g aft Wbiw City Manager W Inf rrmatton: t*-, fflowtkM Budget Approval: a Legal Approval: City Solicitor 02-291 F AssignedroCoundlor nothm July 22, 2002 Q-1 CITY OF BANGOR (TITLE.) ORDER, Authorizing the City Manger to Execute an Assignment, Assumption, Release, Guarantee, and Consent Agreement with Acadia Healthcare. By the 0G, CWK9 of d5e City of fiangan NOW, THEREFORE, U WORDERED by the City Cami of No CRY of Bangor, That the Goy Manger is hereby authorized to execute an Assignment, Assumption, Release, Guarantee, and Consent Agreement with Acadia Healthcare, In a form W be approved by the City Solicitor or Asslstsnt City Solicitor. IN CITY COUNCIL July 22, 2002 Passed Ci 02-291 Title. Authorising the City Manager to Eaemte m bsig®ent, Nsv Ptinn Release, Cuarantee and Co ent Agce [ with Acadia Healthcare Assigned to Councilor MEMORANDUM T0: Business & Economic Development Committee Form: John K. Hasner, Assistant City Solicitor Subject Assignment of lease from Acadia Hospital to Acadia Healthcare Data: July 16, 2002 Acadia Hospital treses and operates the facility f esly mown as the Hope House on lllmois Avenae. Acadia Hospital seeks permission from the City to assign its leasehold interest W Acadia Hemmcare, a related coRoratlon. The puRose of the assignment is to permit Acadia Healthcare to maximize its Medicam reimbursements. In order to effzcmme this author, Acadia will be assuming all ofPeogvis Cap's obligations order several agreements, and therefore also raluires the City to consent to them assuming those obligations arta to the release ofPensims Cap. Penquls Cap noted as $e developer on the project and administrated its funding and operation and essentially acres as a adorentor for Acedia Hospital. Staff recommends this Committee recommend in the Council Graz it assent to the assignment and authorize the City Manager m execute the necessary document. 1KH cc: Bangor City Council Ed Barrett, City Manager Iodation Daniels, B&ED Director 02-291