HomeMy WebLinkAbout2018-06-11 18-241 Resolve
06/11/201818-241
06/11/2018
18-241
City Manager
Resolve
N/A
Title, Resolve
Making an Appropriation of Downtown TIF Funds for Expenditures to be Made in Fiscal year 2019
This resolve will appropriate funds for expenditures to be made from the Downtown TIF program.
During the FY 2019 budget process, the City Council reviewed all requests for various capital and
operational needs, some of which were recommended for funding from the Downtown Development
District TIF funds. These funds may only be expended for purposes identified within the TIF
application as previously approved by the City Council and the Maine Department of Economic and
Community Development. Allowable projects include those related to downtown and parking, the
waterfront, downtown infrastructure improvements (i.e. sidewalks, sewers, streets, parks, etc),
Arena debt services, clean-up of the Penobscot River and allowable Tier III costs. This resolve was
reviewed by the Council as part of the budget review process.
Council Workshop
Recommend for passage
This resolve reflects changes based on estimated taxable valuation and tax rate. This resolve may require an
amendment, if additional changes are made as the budget is finalized.
First Reading
06/11/201818-241
CITY OF BANGOR RESOLVE
06/11/2018
18-241
Supica
Making an Appropriation of Downtown TIF Funds for Expenditures to be Made in Fiscal year 2019
Be it Resolved by the City Council of the City of Bangor that, there is hereby appropriated the amount of
$2,492,420 from the Downtown Development District TIF funds for the following purposes:
Debt Service Associated with Parking Structures $ 59,250
Debt Service Associated with Court St Demo $ 119,570
Downtown Credit Enhancement Agreements $ 127,666
Waterfront Reserve $ 100,000
Downtown Traffic Signals $ 100,000
Downtown Econ Develop Support $ 25,000
Downtown GBCVB Efforts $ 10,000
Downtown Sidewalks $ 50,000
Cross Insurance Center Reserve $ 63,934
Penobscot River Clean Up $ 197,000
Park Street Intersections $ 225,000
Arena Debt Service $1,255,000
Pickering Square Garage $ 110,000
KD Stream Retaining Walls $ 50,000
IN CITY COUNCIL
JUNE 11, 2018
CR 18-241
FIRST READING
4-A) ,Verao/44,-LA-)
CITY CLE
IN CITY COUNCIL
JUNE 25, 2018
CR 18-241
MOTION MADE AND SECONDED FOR PASSAGE
PASSED
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CI t LERK (f