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Home My WebLink About1995-12-11 96-53 RESOLVECOUNCIL ACTION Dale: December 11 1 W5 Item No. 96-53 Item/Subject: Designating Pickering Square Municipal Development District and Tax Increment Financing District and Adopting a Developmnt Program for the District Responsible Department: Community and Economic Development The attached Council resolve designates the Pickering Square Municipal Development District and Tax Increment Financing District and adopts a DevelopaGnt Program for the District. The District is approximately 0.47 acres of land and anumpases the former presses Department Store building at 74-96 Main Street. The Pickering Square block section of the building is the site of the proposed 34 units of affordable housing to be developed by Realty Resources Chartered. The Development Program projects the cost of acquisition, building improvements anda iated costs of the Realty Resources Chartered development will beapproximately $2.5 million. The Program proposed that the Tax Increment Financing share of the Project be $ 0ZA Department Read Manager's comment a: P((A ti1L EASING ,,.J Punt Vo A. City Manager Associated Information: Budget Approval: Finance Director Legal Approval: Q/ City Solici Introduced For X Passage First Reading Page-__I_of I Referral ca -fora Assigned to Councilor Sullivan December 11, 1995 96-53 CITY OF BANGOR (TITLE.) �KC$OJURd . Designing Pickering Square Municipal Development District and Tax Increment Financing District and Adopting a Developdienl Program for the District Bp the CUD Cannan of City grAmipor. BBSOLYBD. WHEREAS, the City of Bangor is audgmizM pursumn to Chapter 207 of Title 30-A of the Maine Revised Statutes, as amended, to designate specified areas within the City as a Municipal Development District and Tax Increment Financing District and to adopt a Development Program for such District; and WHEREAS, the former Freese's Department Store Building is owned by the City of Bangor And u vacant and available for the Purpose of redevelopment; and WHEREAS, the City of Bangor approved and adopted the Commmdty Development Downtown Revitalization Program by passage of Council Order 82-239 on October 13, 1982; and WHEREAS, this Plan identified the continuing blighted conditions within the Downtown Area; and WHEREAS, this Plan recognized the need for higher levels of wiBration ofupper story space through renovation for medium rent office uses, residential use and other innovative activities; and WHEREAS, the Plan recognized me City's commitment M assist private sector invesmsent in downtown by makivg available to private mvestrns financial assistance through available loan or grant programs; and WHEREAS, Realty Resources Chartered plans m undertake a major redevelopment project and convert the Pickering Square Block section of the former Freest's Department Store building into 34 unds of affordable housing; and WHEREAS, there is a reed to provide affordable housing for the citizens of Bangor and the Surrou ding region; to improve and broaden the tax base of the City of Bangor; and to improve the general economy of the City of Bangor, the surrounding region and the State of Maine; and WHEREAS, tl¢ Realty Resources Chartered project will provide affordable housing opportunities to the citizens of Bangor and the surrounding region; improve aM broaden 96-53 the tax base in Use City of Bangor; improve the economy of the City of Bangor and the Snare of Maine; and provide for the renovation of vacant and blighted downtown building space; and WHEREAS, more is a need to encourage redevelopment of the Downtown Area through the establishment of a Mumcipal Development District and Tax Increment Financing District in accordance with the provisions of Chapter 207 of Title 30-A; and WHEREAS, the City bas Wmempomneously herewith held a public hearing on the question of establishing me District in accordance with the requirements of 30-A M.R.S.A. §5253, upon at least on (10) days prior notice published in a newspaper of general circulation within the City; and WHEREAS, the City desires m designate the Pickering Square Municipal Development District and Tax Increment Financing District, and adopt a Development Program for such District; and WHERBAS, it is expected that approval will be sought and obtained from the Maine Department of Economic and Community Development, approving me designation of the District and approving the adoption of the Development Program for the District; NOW, THEREPORE, BE IT HEREBY ORDERED BY THE CITY COU14CIL OF THE CITY OF BANGOR THAT: Section L The City hereby finds add demrmives mat (a) At least 25%, by area, of the real property within the District, as hereinafter designated, is blighted and in need of rebabilimtion, redevelopment and conservation work as defined in 30-A M.R.S.A. §5253; " (b) The total area of the District does not exceed 2%of the natal acreage of the City aM me total area of all development districts within the City (including me District) does not exceed 5% of the total acreage of me City; and (c) The aggregate value of equalized taxable property of me District plus the aggregate value of equalized taxable property of all existing tax increment financing districts as of April 1, 1995 does not exceed 5% of me land value of equalized taxable property within the City as of April 1, 1995; and (d) The aggregate value of iadebtedress financed by the proceeds from tax increment financing districts within Penobscot County, including the proposed District, does not exceed $50 million; and (e) The City expects mat the Development program will be completed within five years of the designation of the District by the Department of Economic and Community Development; and 96-53 (f) The designation of Bre District and pursuit of the Development Program will generate substantial economic benefits for the City, State and its residents, including the provision of affordable housing, employment opportunities, broadened and improved tax base, and elimination of blighting conditions; and (g) The designation of Ne District and pursuit of the Development Program will be t to public interest. Section 2. Pursuant to Chapter 20 of Title 30-A of the Maim Revised Studies, as amended, the City hereby designates the Pickering Square Municipal Development District and Tax Increment Financing District designated and descrnbed as more particularly set forth m the "CITY OF BANGOR, MAINE, PICKERING SQUARE MUNICIPAL DEVELOPMENT DISTRICT AND TAX INCREMENT FINANCING DISTRICT DEVELOPMENT PROGRAM" presented to Ne City Council in to form attached herein, and such Development Program is hereby mompormd by reference into this Order as the Development program for the District. Section 3 Pursuant to to provisions of 30-A M.R.S.A. §5254, to City hereby adopts the statement of the percentage of Assessed Value to be retained by the City as set forth in Tables 2-A and 2-B of the Development Program for proposes of said Section 5254. If at any time during the term of to District the captured assessed value increases by reason of revaluation, ds maximum amount of retained captured assessed value stall increase in proportion to the increase in assessed value attributable to such revaluation, it being the intent of the City that the remained tax merriment from the captured assessed value shall remain at a level at least equivalent to the dollar values specified in the Development Program over the life of the District. Section 4. The City Manager be, and hereby is, authorized, empowered and directed to submit the proposed designation of to District and the proposed Development Program for the District in the State of Maine Department of Economic and Commudty Development ('DECD") for review and approval pursuant to the requirements of 30-A M.R.S.A. §§5253 (1)(F) and 5254A (I-A)(D). Section 5. The foregoing designation of Ne District and to adoption of the Development Program for the District shall automatically become that and shall take full force and effect upon receipt by the City of approval of Ne desigotation of the District and adoption of the Development Program by the Department of Economic and Community Development, without requirement of further action by the City of Bangor. Section b. The City Manager be, and hereby is authorized and empowered, m his discretion, from time to time, in make such revisions to to Development Program for the District as the City Manager deems reasonably necessary or convenient in order to fsciitule the process for review and approval of the District by the Department of Economic and Community Development, or for any other reason, so long as such revisions are cot inconsistent with these resolutions or the bas's structure and intent of the Development Program. IN CITY COUNCIL December 11, 1995 Public Hearing Opened: Ren Cibb, Director of Community d Economic Development, outlined this Municipal Development District 6 T.I.P. for this District Public Hearing Closed: Resolve Passed CITY CLEM 96-53 E EEOLVE Desienatine Pickering Square Municipal Development District and Tax Increment Financing District and Adopting a Develooppmenntt/ Prro/aram for the District 06.4 V f