Loading...
HomeMy WebLinkAbout1990-06-25 90-248 ORDEROuacll Action Date: June 11, 1990 Item NO. 90-248 Item Subject: Establishing the Amount Of the Tax Rate and Overlay for the 1991 Fiscal Year for the Bangor Center Development District Responsible :apartment: Community and Economic Development Contiguity Development Division Commentary: The attached Council Order assumes that Special Assessments and budget carry Over from the previous year assessments of $15,000 will food the entire proposed budget of $111,473 without City participation. Based on an estimated $90,000,000 of total assessed value of property located in the District, a special assessment rate of $1.07 per $1,000 of valuation would be needed to raise $96,473 ($111,473 budget less $15,000 carry over) with an Overlay of $0.02 per $1,000 0£ valuation bringing the Max lace Rate of Aeeessment to $1.09 per thousand dollars of valuation. This Order will have to be amended if City participation is any amount Other than $0.00. The attached provides various funding options and rates for each option. public hearing notices were published in the RDR on Thurs., June 14th, which listed a legal description of the boundaries of the District, a map of the District, a maximum rate of assessment Of $1.09 r $1 000 of valuation, and estimated assessments on each individual ro in the District at the $1.09 rate. (� Departm t ead Eanager's Comments: ,A City Ravager Associated Informtlon, Budget Approval: Finance Director Legal Approval, City So citor Introduced For: x passage _First Reading page 1 of 2 Referral 90-248 Assigned to CounNor Sullivan, June 25, 1990 CITY OF BANGOR QITIFJ (DrbeT Establishing, _the Amount o£ the Tax Rate and Overlay for the 1991 Fiscal Year for the Bangor Cents Development District __ ............ ............. ----- "_. _...__. .... ... _.... BY to City Couroi( of W ataofDeaver: ORDERED, THAT all real property in the Bangor Center Development District, subject to taxation, shall be assessed at a rate of 608 per $1,000 of valuation; and it further ORDERED, THAT an Overlay in the amount of $0.02 per $1,000 is hereby assessed upon said real property. IN CITY COUNCIL June 25, 1990 Amended by Substitution and Passed. Amended in the first blank by adding .7608 and in the secgpd blank space by add1na90.02. CITY C 90-248 ORDER Title, Establishing the Amount of the Tax Rate ............................. and Overlay for the 1991 Plscal Year for the ReuBot Center ➢evelopmenc Diat[1ct .......................... QG. `to neugnea to r............... Councilman FUNDING OPTIONS BANGOR CENTER DEVELOPMENT DISTRICT DISTRICT VALUE= $90,000.000.00 8CMC BUDGET- $111,473.00 CARRYOVER (616.000.001 NEW FUNDS NEEDED= $96,473.00 IFCITY PARTICIPATION I$ TOTAL AMOUNT OFSPECIAL ASSESSMENT NEEDED IS ASSESSMENT RATIES1,000 OFVALUE REQUIRED IS $28,000.00 $68,473.00 $0.7608 $27,500.00 $68,973.00 $0.7664 $27,000.00 $89,473.00 $0.7718 $26,500.00 $69,973.00 $0.7775 $26,000.00 $70.473.00 $0.7880 $25,500.00 $70,973.00 $0.7886 $25,000.00 $71,473.00 10.7641 $24,500.00 $71,973.00 $0.7997 $24,000.00 $72,473.00 $0.8053 $23,500.00 $72,973.00 $0.8108 $23,000.00 $73,473.00 $0.8164 $22,500.00 $73,973.00 E0.8219 $22,000.00 $74,473.00 $0.8275 $21,500.00 $74,973.00 $0.8330 $21,000.00 $75,473.00 $0.8386 $20500.00 $75,973.00 $0.8441 $20,000.00 $76,473.00 $0.8497 $191500.00 $76,973.00 $0.8553 $19,000.00 $77,473.00 $0.8608 $18,500.00 $77,973.00 $0.8664 $18,000.00 $78,473.00 $0.8719 $17,500.00 $78,973.00 $0.8.45 $17,000.00 $79,473.00 $0.8830 $18,500.00 $79,973.00 $0.8886 $16,000.00 M,478.00 $0.8941 $15,500.00 $60.973.00 $0.8997 $15,000.00 $81A73.00 $0.9058 $14,500.00 $91,973.0 $0.9108 W 90-248 IF CITY PARTICIPATION IS TOTAL AMOUNT OFSPECIAL ASSESSMENT NEEDED IS ASSESSMENT RATEI$1.000 OFVALUE REQUIRED IS $14,000.00 $82,473.00 $0.9184 $13,500.00 $821973.00 $0.9219 $13,000.00 $83.478.00 $0.9275 $12,wo.ao $83,973.00 $0.9330 $12,000.00 $84.473.00 0.9388 $11,500.00 $841973.00 $0.9441 $11,000.00 $85,473.oa 90.9497 $10,500.00 $85.873.00 0.9553 $10,000.00 $86,473.00 $0.9608 89,500.00 $88,973.00 $0.9664 $9,000.0 $87A73.00 $0.9719 $8,600.00 $87,973.00 $0.9775 68,000m $88,473.00 $0.9830 17,500.00 $88,973.00 $0.9886 87,000.00 $89,473.00 $0.9941 $8,500.00 $99,973.00 $0.9997 $6.000.00 $90,473.00 $1.0053 115,500.00 $90,973.00 $1.0108 551000.00 $91,473.00 $1.0164 14500.00 $91,973.00 $1.0219 $4,000.00 $92,473.00 $1.0275 531600.00 $92,973.00 $1.0830 $3,000.00 $93,473.00 $1.0386 $21500.00 $93,973.00 $1.0441 $2,000.00 $94,473.00 $1.0497 $1,500.00 591,973.00 $1.0663 $1,000.00 595,473.00 51.0808 $500.00 $95,973.00 $1.0664 0.00 $96,478.00 $1.0719 FILEDEVDIS90 1"un-80