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HomeMy WebLinkAbout2020-06-08 20-184 Resolve 06/08/202020-184 As Amended 06/08/2020 20-184 As Amended City Manager Resolve N/A Title, Resolve Making an Appropriation of Downtown TIF Funds for Expenditures to be Made in Fiscal Year 2021 This resolve will appropriate $3,562,264 in funds for expenditures to be made from the Downtown TIF program. During the FY 2021 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 is being amended to include additional TIF funds to support the Cross Insurance Center debt service. First Reading 06/08/202020-184 As Amended CITY OF BANGOR RESOLVE 06/08/2020 20-184 Supica Making an Appropriation of Downtown TIF Funds for Expenditures to be Made in Fiscal Year 2021 Be it Resolved by the City Council of the City of Bangor that, there is hereby appropriated the amount of $3,562,264 from the Downtown Development District TIF funds for the following purposes: Downtown Credit Enhancement Agreements $ 151,551 Debt Service Associated with Court St Demo $ 112,250 Debt Service Associated with Parking Structures $ 56,500 Arena Debt Service $ 1,860,838 Dock #2 & #3 Replacement $ 100,765 KD Stream At-Grade Pedestrian Bridge $ 25,000 KD Stream Retaining Walls $ 100,000 Downtown Pedestrian Improvements $ 45,000 Penobscot River Clean Up $ 200,000 Waterfront Restrooms $ 300,000 Pickering Square Improvements $ 200,000 Pickering Square Garage $ 220,000 Cross Insurance Center Reserve $ 165,360 Downtown Econ Develop Support $ 15,000 Downtown GBCVB Efforts $ 10,000 06/08/202020-184 06/08/2020 20-184 City Manager Resolve N/A Title, Resolve Making an Appropriation of Downtown TIF Funds for Expenditures to be Made in Fiscal Year 2021 This resolve will appropriate $3,187,692 in funds for expenditures to be made from the Downtown TIF program. During the FY 2021 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 is based on the City Manager's recommended budget. This resolve may require an amendment, if additional changes are made as the budget is finalized. First Reading 06/08/202020-184 CITY OF BANGOR RESOLVE 06/08/2020 20-184 Supica Making an Appropriation of Downtown TIF Funds for Expenditures to be Made in Fiscal Year 2021 Be it Resolved by the City Council of the City of Bangor that, there is hereby appropriated the amount of $3,187,692 from the Downtown Development District TIF funds for the following purposes: Downtown Credit Enhancement Agreements $ 137,817 Debt Service Associated with Court St Demo $ 112,250 Debt Service Associated with Parking Structures $ 56,500 Arena Debt Service $ 1,500,000 Dock #2 & #3 Replacement $ 100,765 KD Stream At-Grade Pedestrian Bridge $ 25,000 KD Stream Retaining Walls $ 100,000 Downtown Pedestrian Improvements $ 45,000 Penobscot River Clean Up $ 200,000 Waterfront Restrooms $ 300,000 Pickering Square Improvements $ 200,000 Pickering Square Garage $ 220,000 Cross Insurance Center Reserve $ 165,360 Downtown Econ Develop Support $ 15,000 Downtown GBCVB Efforts $ 10,000 IN CITY COUNCIL JUNE 8,2020 CR 20-184 Motion made and seconded for First Reading Vote: 9—0 Councilors Voting Yes: Fournier,Hawes,Nichols, Okafor, Schaefer, Sprague, Supica,Tremble,Davitt Councilors Voting No: None Pa sed —?-DI CI CLE IN CITY COUNCIL JUNE 22,2020 CR 20-184 Motion made and seconded for Passage Motion made and seconded to Amend by Substitution Vote: 9—0 Councilors Voting Yes: Fournier,Hawes,Nichols, Okafor, Schaefer, Sprague, Supica,Tremble,Davitt Councilors Voting No: None Passed Motion made and seconded for Passage as Amended Vote: 9—0 Councilors Voting Yes: Fournier, Hawes,Nichols, Okafor, Schaefer, Sprague, Supica,Tremble,Davitt Councilors Voting No: None Passed as Amended CWV CILEQR