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