WINSLOW — The Town Council voted Tuesday to allow the town manager to sign an agreement with the owner of a building in the Winslow Industrial Park and a bank that will provide security to the bank and the town.
Minnesota-based Wunderlich-Malec is consolidating its loans, prompting the need for a ground lease estoppel certificate and agreement with Venture Bank, its lender. The agreement will provide security to the bank, said town attorney Bill Lee, and doesn’t ask the town to give up any further interest.
The engineering firm leases property in the park from the town, and the agreement ensures that if the company should default on its loans, Venture Bank will have the opportunity to take over the business.
The motion passed unanimously with a vote of 7-0.
The council also welcomed new council member Jeff West, who was elected on Nov. 8, as well as re-elected council member Ken Fletcher.
The councilors also voted unanimously to make Steve Russell Town Council chairman. Russell has been on the council for more than 20 years and said he hopes to continue the council’s tradition of fiscal responsibility.
“I appreciate the confidence the other councilors have placed in me,” he said.
In other business, the council voted to keep the stipends for regular meetings attended the same and to keep the town council meetings scheduled for the second Monday each month at 7 p.m. at the Town Office. Both motions passed with votes of 7-0.
Madeline St. Amour — 861-9239
mstamour@centralmaine.com
Twitter: @madelinestamour
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