Loading...
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 ,- o O U Z W' H U ZO Q _ a H W H• W C7 cA CC77 = cw7 7DZ Z w g a a C• o w � a Q Q Q > d ZZ Z Qz ) � 0Z 00 0 v) cA cA c7c7 1 � ¢ ¢ 00 ,1 U C7 U W W W > > I lk ! 0, c.) cn 0 0 0 o00 N N / Q I p 1'a N ZZQZ zoUUQ U O O O rsl W WO1 w � FHHHvH Uv= w UH CaU) U