HomeMy WebLinkAbout2019-06-10 19-242 ResolveTitle, Resolve
CITY COUNCIL ACTION
Council Meeting Date: 06/10/2019
Item No: 19-242 Amended
Responsible Dept: City Manager
Requested Action: Resolve
06/10/2019 19-242 Amended
Map/Lot: N/A
Making an Appropriation of Downtown TIF Funds for Expenditures to be Made in Fiscal Year 2020
Summary
This resolve will appropriate funds for expenditures to be made from the Downtown TIF program.
During the FY 2020 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.
Committee Action
Committee: Council Workshop
Action: Recommend for passage
Staff Comments & Approvals
Meeting Date:
For: Against:
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.
C_rL� ry\ L���J
City Manager
Introduced for: First Reading
L]2�9
City Solicitor
Finance Director
CITY OF BANGOR RESOLVE
Date: 06/10/2019
Item No: 19-242 Amended
Assigned to Councilor: Sprague
06/10/2019 19-242 Amended
Making an Appropriation of Downtown TIF Funds for Expenditures to be Made in Fiscal Year 2020
Be it Resolved by the City Council of the City of Bangor that, there is hereby appropriated the amount of
$4,062,157 from the Downtown Development District TIF funds for the following purposes:
Downtown Credit Enhancement Agreements $ 131,187
Debt Service Associated with Court St Demo $ 117,500
Debt Service Associated with Parking Structures $ 57,750
Downtown Traffic Signals
$
60,000
Arena Debt Service
$1,300,000
Pickering Square Improvements
$
200,000
Penobscot River Clean Up
$
150,000
Downtown Sidewalks
$
50,000
KD Pedestrian Bridge Repairs
$1,650,000
Pickering Square Garage
$
110,000
Waterfront Reserve
$
35,000
Cross Insurance Center Reserve
$
165,720
Downtown Econ Develop Support
$
25,000
Downtown GBCVB Efforts
$
10,000
06/10/201919-242
06/10/2019
19-242
City Manager
Resolve
N/A
Title, Resolve
Making an Appropriation of Downtown TIF Funds for Expenditures to be Made in Fiscal Year 2020
This resolve will appropriate funds for expenditures to be made from the Downtown TIF program.
During the FY 2020 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
06/10/201919-242
CITY OF BANGOR RESOLVE
06/10/2019
19-242
Sprague
Making an Appropriation of Downtown TIF Funds for Expenditures to be Made in Fiscal Year 2020
Be it Resolved by the City Council of the City of Bangor that, there is hereby appropriated the amount of
$4,069,425 from the Downtown Development District TIF funds for the following purposes:
Downtown Credit Enhancement Agreements $ 127,098
Debt Service Associated with Court St Demo $ 117,500
Debt Service Associated with Parking Structures $ 57,750
Downtown Traffic Signals $ 60,000
Arena Debt Service $1,300,000
Pickering Square Improvements $ 200,000
Penobscot River Clean Up $ 150,000
Downtown Sidewalks $ 50,000
KD Pedestrian Bridge Repairs $1,650,000
Pickering Square Garage $ 110,000
Waterfront Reserve $ 35,000
Cross Insurance Center Reserve $ 177,077
Downtown Econ Develop Support $ 25,000
Downtown GBCVB Efforts $ 10,000
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