HomeMy WebLinkAbout2013-06-10 13-199 RESOLVECOUNCIL ACTION
Item No. 13-199
Date: June 10, 2013
Item/Subject: RESOLVE, Making an Appropriation of Downtown TIF Funds for Expenditures
to be Made During Municipal Year 2014
Responsible Department: City Manager
Commentary: This resolve will appropriate funds for expenditures to be made from the
Downtown TIF program. As a portion of the 2014 budget, 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. Due to the unprecedented reduction in commercial
assessed value during FY2011 and the limited growth in assessed value for FY2014, the percentage
of value to be captured within the Downtown TIF District is recommended to remain at 75% for
FY2014. 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 parking the waterfront,
downtown infrastructure improvements (i.e. sidewalks, parks etc), Arena debt service, clean-up of
the Penobscot River and allowable TIER III costs.
Department Head.
Manager's Comments:
Recommend approval. This resolve may require an amendment when it returns to the Council if
additional changes are made as the budget is finalized. eaEg) na (
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City Manager
Associated Information: Resolve
Budget Approval:
Legal Approval:
Introduced for
Passage
X First Reading
Referral
Finan a Director
Page _ of _
Solicitor
13-199
JUNE 10, 2013
��S�oN Assigned to Councilor Sprague
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CITY OF BANGOR
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(TITLE.) Resolve, Making an Appropriation of Downtown TIF Funds for Expenditures to be Made
During Municipal Year 2014
By the Oty Council of the Cny of Bangor.
RESOLVED, that there is hereby appropriated the amount of $1,598,800 from the Downtown
Development District TIF funds for the following purposes:
Debt Service Associated with Parking Structures
$ 77,000
Waterfront Park Reserve
$ 50,000
Parking Garage Maintenance Reserve
$ 40,000
Downtown Econ Develop Support
$ 30,000
Downtown GBCVB Efforts
$ 10,000
West Market Square Improvements
$255,000
Penobscot River Clean Up
$350,000
Arena Debt Service
$750,000
Surface Parking Improvements
$ 36,800
BE IT FURTHER RESOLVED THAT the Finance Director is authorized to establish the necessary
accounts for these purposes.
IN CITY COUNCIL
June 10, 2013
First Reading
CITY C
IN CITY COUNCIL
June 24,2013
Motion made and seconded for Passage
Passed
CITY C