HomeMy WebLinkAbout2010-06-14 10-217 RESOLVECOUNCIL ACTION
Item No. 144)17
Date: June 14, 2010 hy b
Item/Subject: RESOLVE, Making an Appropriation of Downtown TIF Funds within the Capital
Fund
Responsible Department: City Manager
Commentary:
As a portion of the 2011 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 assessed value, the percentage of value
to be captured within the Downtown TIF District is recommended to decrease from 100% to 75%
for FY2011. 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 structures, the
waterfront, downtown parks, docking facility, downtown infrastructure improvements (i.e. sidewalks,
utilities etc), clean up of the Penobscot River and the multipurpose arena.
This item will require a motion to amend by substitution, based on the budget workshop
meeting of June 22"d. The amendment removes the funding of the barn replacement
costs from the Downtown TIF and provides an additional $10,000 towards the cost of
the Penobscot River remediation project. The proposed funding for the barn
replacement was considered as an amendment to the previous item.
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.
Associated Information: Resolve
Budget Approval:
Legal Approval:
Introduced for
Passage
X First Reading
Referral
Interim City Manager
Finance Director
City Solicitor
Page _ of _
L, °u
CITY OF BANGOR
(TITLE.) Resolve, Making an Appropriation of Downtown TIF Funds within the Capital Fund for
Expenditures to be Made During Municipal Year 2011
By the City Council of the City of Bangor -
RESOLVED, that there is hereby appropriated the amount of $1,212,000 from the Downtown
Development District TIF funds for the following capital purposes:
Debt Service Associated with Parking Structures
$ 88,000
Waterfront Park Improvements
$400,000
Parking Garage Maintenance
$300,000
Downtown Sidewalks
$ 50,000
Pay by Space Equipment
$ 35,000
Minor Parking Garage Projects
$ 9,000
Penobscot River Clean Up
$330,000
BE IT FURTHER RESOLVED THAT the Finance Director is authorized to establish the necessary
accounts for these purposes.
COUNCIL ACTION
Item No. 1 o ;rL 17
Date: June 14, 2010
Item/Subject: RESOLVE, Making an Appropriation of Downtown TIF Funds within the Capital
Fund
Responsible Department: City Manager
Commentary:
As a portion of the 2011 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 assessed value, the
percentage of value to be captured within the Downtown TIF District is recommended to
decrease from 100% to 75% for FY2011. 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 structures, the waterfront, downtown parks, docking facility, downtown
infrastructure improvements (i.e. sidewalks, utilities etc), clean up of the Penobscot River and
the multipurpose arena.
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Department Head
Manager's Comments:
Recommend approval. This resolve may require an amendment when it returns to ncil
additional changes are made as the budget is finalized.
Interim City Manager
Associated Information: Resolve
Budget Approval:
Legal Approval:
Introduced for
Passage
X First Reading
Referral
Fi6arfce Director
Page _ of _
icitor
a
Assigned to Councilor - Weston June 14, 2010
N�
CITY OF BANGOR
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�q4 TED, FE ...
(TITLE.) Resolve, Making an Appropriation of Downtown TIF Funds within the Capital Fund for
Expenditures to be Made During Municipal Year 2011
By the Qy Council of the City of Bangor:
RESOLVED, that there is hereby appropriated the amount of $1,301,161 from the Downtown
Development District TIF funds for the following capital purposes:
Debt Service Associated with Parking Structures
$ 88,000
Waterfront Park Improvements
$400,000
Parking Garage Maintenance
$300,000
Downtown Sidewalks
$ 50,000
Pay by Space Equipment
$ 35,000
Minor Parking Garage Projects
$ 9,000
Barn Replacement
$ 99,161
Penobscot River Clean Up
$320,000
BE IT FURTHER RESOLVED THAT the Finance Director is authorized to establish the necessary
accounts for these purposes.
IN CITY COUNCIL
June 14 2010
First ading
. "W A
IN CITY COUNCIL
June 28, 2010
Motion Made and Seconded for Passage
Passed
CITY CLERK
L-
(T1TLE,)_Malsine an Appropriation of Downtown
TIP Funds within the Capital Fund for
Expenditures to be made During Municipal
Year 2011
Assigned to Councilor
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