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HomeMy WebLinkAbout2001-02-12 01-119 RESOLVEItem No. 01-119 Date: Februmv 12, 2001 Item/Subject: RESOLVE, Ratifying Execution of Conditional Assignment of Leases and Rentals and Assignment and Subordination Agreement- Bangor Target Area Development Corporation Responsible Department: Legal Commentary: In 1998 Bangor Tanned Area Development Corporation borrpwed From Fleet National Bank for Me purpose of finning development At Mat time Me City consented to a Conditional Assignment of Leases and Rentals and executed an Assignment and SuboMination Agreement In connection with Me borrowing. Bangor Target Area Development Corporation is now borrmving additional funds from Feet National Bank for the same purpose and the City again needs to consent to a Conditional Assignment of Leases and Rentals and to execute an Assignment and Subordination Agreement The dosing on Me borrowing was February 8, 2001. Managers Comments: Department City Manager Fnanoe Director City Solicitor Introduced for Passage _ First Reading Page _ of _ Referral 01-119 C cr 'e isa, " eigoed to Councilor Tremble Pe6avary 12, 2001 �., CITY OF BANGOR -,0,. (TITLE.) Resolve, Ratifying Execution of Conditional Assignment of Leases and Rentals and Assignment and Subordination Agreement— Bangor Target Area Development Corporation THAT the action of the City Manager In the euewtion of a Conciftional Assignment of Leases and Rentals dated February 8, 2001 between Bangor Target Area Development Corporation and Fleet National Bank, and the further execution of an Assignment and Subordination Agreement between Bangor Target Area Development Corporation and the City of Bangor also dated February 8, 2001 Is hereby ratified and confirmed. I6 CITY WWV.IL February 12, 2001 Motion far Suspension of the Mules to Consider Council Resolve /01-119. Rade and secnmed Rules suspended Motion for Passage Rade and Secouded Passed l/11 CITY CL J ON TglB Ratifying Execution of Conditional Asciguneut of Leases and Rentals and Assiganeut and Subordination Agreement - Bangor Target Area Development Corporation F:rr=IS' ��