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Committee reviews financing stack for Cedar Falls mobile home park, sends item to full council
Summary
Bangor City committee reviewed funding sources and administrative requirements for the proposed purchase of Cedar Falls Mobile Home Park, confirmed a $8,000,000 acquisition price, noted 41 buildable pads, clarified which funds may be used for acquisition versus site work, and voted to refer the item to the full council by unanimous consent.
A special meeting of the Bangor City Business Economic Development Committee on Monday reviewed the financing sources for the proposed purchase of Cedar Falls Mobile Home Park and voted to forward the matter to the full City Council.
Anne Craig, Business Economic Development Director, told the committee that the community development officer assembled the buyer's financing stack, which includes a primary loan from Bangor Savings Bank, funds from the Main Housing Preservation Fund, financing from the Genesis Fund, a proposed loan from the City of Bangor limited to acquisition, and a second Genesis Fund source. Craig said the purchase price for the property is $8,000,000 and that remaining funds in the financing package are earmarked for site work from a different source because city funds can be used only for acquisition. "The funds from the…
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