HomeMy WebLinkAbout2000-12-11 01-51 ORDERItem No. m -sr
Dime: December 11, 3000
Item/Subject: ORDER, Approving Subordination Agreement -47-53 park Street.
Responsible Deparbnent Legalllepa b a
Commentary:
The City Coundt approved loans for the renovation of 47-53 Park Street subordinate to a first
mortgage not to exceed $96,000. The private lender, Peoples Heritage Bank, has requested the
City execute a subordination agreement subordinating the City's mortgage interest to Its 1°
mortgage securing its $95,187 can.
Deparoner t Head
Manager's Comments:rn .n....,4
City Manager
Associated Information:
Budget Approval:
Legal Approval:
go �. ]Im,
City solicitor
Introduced for
Passage
_ First Reading Page _ of
Referral
01-51
Asipoi to Couneilor Pncnham December ll, 2000
CITY OF BANGOR
(MLE.) Order, Approving Subordination Agreement— 47-53 park Street
By tie aly Counel afore oty ofeamprz
ORDERED,
WHEREAS, on August 28, 2000 City Council approved a Development
Agreement with John T. Karnes, M for the finandrg and the renovation of 47-53
Park Street under Council Order number 0033, and;
WHEREAS, the Development Agreement approved a Community
Development Rehabilitation Loan for $167,000 subordinate to a first mortgage
from Peoples Heritage Bank, and;
WHEREAS, the loan documents from peoples Heritage Bank require the
Cay to enter Into a Subordination Agreement between Peoples Heritage Bank
and John T. Kamer, III, which has been reviewed and approved by the City
Solicitor,
NOW, THEREFORE, BY THE CITY COUNCIL OF THE CITY OF Bangor, BE
IT ORDERED THAT the City manager is hereby authorked to execute a
Subordin lton Agreement with Peoples Heritage bank and John T. names, M, in
a final form approved by the City Solicitor or Assistance City Solicitor,
IN CITY MO IL
Uecmher 11. 2000
Passed g 01-51
C
ITY CLBR&
MTLEd Appravin8 Subordination
Agreement - 47-53 Park Street