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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