HomeMy WebLinkAbout1996-12-09 97-49 ORDERCOUNCIL ACTION
Date: 12-09-96 Itam No. 97-69
Item/Subject: 09DH6,', Establishing an Economic Development
Fuca
Responsible Department: City Manager
Earlier this year, the City received a release dead from the
Federal Aviation Administrstion for certain land at Bangor
International Airport. The effect of this release was to free
this property frau existing restrictions requiring all revenue
produced frau these properties to remain with the Airport. At
that time, we discussed the possibility of establishing a
separate econumic development fund which would administer these
properties, and hopefully, develop sufficient resources to
support a portion of our economic development efforts.
The attached' ordywY,' y. would establish an Economic Developnent
Fund as a separate Enterprise Fund of the City. The effective
data would be January 1, 1997. Staff is currently in the process
of developing a proposed budget for this fund and dealing with a
range of technical issues involved in separating these properties
froze the current Airport Fund.
This item will be forwarded to the Finance Committee for review
and recommendation.
Manager 'seCa1mnents—I-h� �w d . F"x� ", cz
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Associated Information: pppINMCa
Budget Approval:
FINANCE DZAECTOA
Legal Approval:
TTy �C20.LCIT
Introduced For
Passage
First Readies Page of
Referral GM
9J-49
Jmigned to Councilor Tyler December 9, 1996
Ap
vWuCITY OF BANGOR
(TITLE.) (Orber, -... _.. Establngancon
Eomic De...vel. opmen[Fund
.-.
.._._. _.
BY to City Course, oftM aty ofBnryor.
ORDERED,
TUT
WHEREAS,
by Council Resolve 96-308, the City of Bangor accepted the release of certain
deed restrictions on an arca of revenue producing and vacant properties located at
or rear Bangor International Airport; aril
WHEREAS,
the major effect ofrbis action was to eliminate the then existing requirement that
revenues and expenditures mssociated with these properties be assigned to and
remain curb the Airport Fund; and
WHEREAS,
maddition, the General Fund's Department of Community and Economic
Development currently contracts with the Bangor Airport Civic Development
Corporation, d.b.a. BanAir Corporation, for the management and marketing of
other properties located at or near Bangor International Airport; and
WHEREAS,
the City has adopted a long-range development plan for these properties designed
to create jobs, evhonce economic development, end coordinate such development
with the needs end operating requirements of Bangor International Airport; and
WHEREAS,
economic development and job creation are a priority need of our community;
NOW, THEREFORE, BE IT ORDERED BY THE CITY CODNCH, OF THE CITY OF
BANGOR, THAT:
Section 1.
Creation of Economic Development Fond
As of January 1, 1997, there is hereby created an Economic Development
Fund, separate from other funds of the City, for the purpose of managing
end developing certain properties at end adjacent to Bangor International
Airport, to support economic development efforts tluoughout the City of
Page I
9J-49
Bangor, to create job opportunities, increasse persoml income, and add to
the City's property in base.
Section 2. Fund Revenues.
Revenues received tram the lease and/or sale of General Fund properties at
the Airport, as well as management ftts received for the management aM
marketing of these properties or other properties controlled by the Airport
Fund or the Ba Corporation shall be assigned to thisFund.
Section 3. Fund Expenditures.
The Economic Development Fond may make eupenditrms, in aao shasoc
with an adopted budget or specific appropriation resolve of the City
Council, for the following purposes:
3.1 Maintevance, repa"n, renovation, and operation of properties
assigned m the Fund.
3.2 Marketing, sales mW promotion efforts designed to develop or
redevelop these properties.
3.3 Repayment to the Airport Department of previously expended
Airport Funds associated with the development of the Maine
Business Enterprise Park.
3A Payments in the Airport Department for land or building leases
associated with other City functions or economic development
efforts involving Airport property.
3.5 Expenses associated with attracting or maintaining tenants for
these properties to include the expenditure of fluids necessary and
appropriate to attract and resin businesses to these properties.
3.6 Expenses associated with attracting or maintaining tenants for
other properties remaining under the control of the Airport Fond.
3.7 Expenses associated with economic development efforts
throughout the corporate limits of the City of Bangor.
3.8 Contributions to regional entities whose primary focus is economic
development.
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9)-49
3.9 Contributions to the Airport Food when and if necessary to defray
or offset General Fund contributions which may be required should
the Airport Fund operate at a deficit.
3.10 Reasonableandappropriateadminisvadvesndservicecharges
allocated to the Fund in cannot for services provided by the General
Fwd, Airport Fond, or any other Fond of the City.
Section 4. Fund Administration
The Economic Development Fwd shall be administered by the City's
Department of Community and Economic Development.
Saxon 5. Excess Revenues
Any =us] excess of revenues over expenditures shall be assigned to a
reserve for economic development. The purpose of this reserve is to
provide a potential source of funds to supplement normal General Fund
appropriations for the purposes outlined in section 3 above. Expenditures
may be made from this Fund in accordance with an appropriation resolve
adopted by the City Council.
Page 3
IN CITY COUNCIL
December 9, 1996
First Reading
Referred Co Finance
Committee 12/ /96
SY CLBRR
IN CITY COUNCIL
December 23, 1996
Passed
CfITY CLERK
9J-49
ORDER
Title, Establishing an Economic Us-
velapment Fund
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Councilmen