HomeMy WebLinkAbout2010-03-22 10-119 ORDERCOUNCIL ACTION
9 �
Item No.
10 11
Date: March 22, 2010
Item/Subject: Order, Authorizing the Finance Director to Execute a Contract with Eastern
Maine Development Corporation for the Purpose of Seeking Funding Opportunities for the
Development of a New Arena and Meeting Complex
Responsible Department: Legal
Commentary:
Funding for the proposed arena project will rely upon the revenue stream from Hollywood Slots
to the City. This Order will authorize a contract with Eastern Maine Development Corporation
(EMDC) to seek funding for the arena project and coordinate the overall efforts to find additional
funding with the City of Bangor and other entities that may be able to be of assistance in the City's
efforts to find funding sources.
The contract will include the following terms and conditions: It will be for a term of two years, with
a review of the necessity of the contract at the end of one year; a fee of $10,000 per year, $2,500
payable upon execution of the contract and equal quarterly payments thereafter; out of pocket
expenses not to exceed $1,000 per month, subject to review and approval by City; and, the City
will pay two percent (2%) of the value of any funding secured with the assistance of EMDC upon
receipt of the funding.
Manager's Comments:
Ar
Associated Information: Order
Budget Approval:
Legal Approval:
Introduced for Consent Agenda
x Passage
First Reading
Referral
Department Head
City Manager
/-
Finahce'bVector
10 119
Assigned to Councilor — Nealley March 22, 2010
BA,yOS
y r
CITY OF BANGOR
O 4 m
(TITLE.) ORDER, Authorizing the Finance Director to Execute a Contract with Eastern
Maine Development Corporation for the Purpose of Seeking Funding Opportunities for
the Development of a New Arena and Meeting Complex
By the City Council of the City of Bangor.
ORDERED:
WHEREAS, funding for the proposed arena project will rely upon the revenue stream from
Hollywood Slots to the City; and
WHEREAS, the City Council believes that it is prudent and appropriate to seek additional
funding opportunities to assist with the costs associated with the development of
the facility; and
WHEREAS, given the enormity of the task to identify funding opportunities, the City Council
recognizes the need to involve a number of interested parties including
appropriate City Departments; and
WHEREAS, the City Council would like to engage Eastern Maine Development Corporation
(EMDC) to seek funding opportunities and to coordinate this overall effort.
NOW, THEREFORE, BE IT ORDERED BY THE CITY COUNCIL OF THE CITY OF
BANGOR, THAT: the Finance Director is hereby authorized, on behalf of the City of Bangor, to
execute a contract with Eastern Maine Development Corporation for the purpose of seeking
funding opportunities for the development of a new arena and meeting complex to replace the
current Bangor Auditorium and Civic Center
Said contact shall include the following terms and conditions:
Term - of two years, with a review of the necessity of the contract at the end of one year.
Fee - $10,000 per year, $2,500 payable upon execution of the contract and equal quarterly
payments thereafter.
Expenses — out of pocket expenses not to exceed $1,000 per month, subject to review and
approval by City. City may approve out of pocket expense in excess of $1,000 per month in
appropriate circumstances.
Percentage of funding — City to pay two percent (2%) of the value of any funding secured with
the assistance of EMDC upon receipt of the funding.
Said contract shall be in a final form acceptable to the City Solicitor or Assistant City Solicitor.
IN CITY COUNCIL
March 22, 2010
#—��0=130
Motion Made and Seconded for Passage
Motion Made and Seconded to Amend the term from
ORDER
Two Years to one year, with an option to
review with
agreement of both Parties
Motion Doubted
(TITLE,) Authnri
zingthp Finance Director
Vote: 2-6
Councilors voting Yes: Bronson & Wheeler
to Execute
a ContraCt-with Eastern Maine
Council --s voting No: Blanchette,
Gratwi¢k;, Hawes, Nealley, Palmer & Stone
Development
C,ornoration for the Purpose of
Councilors Absent: Weston
Amendment Failed
Seeking Funding
Opportunities for the
Motion Doubted
Development
of a New Arena and Meeting Complex
Andy Hamilton spoke in favor of this
partership
Vote: 6-2
Assigued to Councilor
/
Councilors Voting Yes: Bronson,
Gratwick, Hawes, Nealley, Palmer &
Stone
Councilors Voting No: Blanchette & Wheeler
Councilors Absent: Weston
Passed
EPUTY CITY CLE