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
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