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