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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. A *0�)6ealdi 0 ( Av� AX, 14� A JVA�IbKl�l - 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 9�O�Fbry.i�, n �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 Lh@