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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