HomeMy WebLinkAbout2010-06-28 10-246 ORDERCOUNCIL ACTION
Item No. t O ` -46
Date: 6-28-2010
Item/Subject: Order, Amending Arena Fund Guidelines
Responsible Department: City Council
Commentary:
The attached Order will amend the Arena Fund Guidelines previously established by Council
Order 05-333, and as amended by Council Order 09-319. The amendment involves the
clarification of allowable uses to specifically include capital costs related to the harness racing
track, and eliminates the provision to provide funding for additional expenses of the General
Fund resulting directly from the operation of slot machines. The policy was originally adopted
prior to the opening of the Racino. At that time, there were a multitude of unknown factors.
The revised guidelines are a more accurate representation of current operations and
agreements.
Department Head
Manager's Comments:
This was discussed at the budget workshop on June 22, 2010 and the consensus wiN to move
forward with the amendments discussed.
City Manager
Associated Information:
Arena Fund Guidelines — Proposed Amendment
Budget Approval:
Legal Approval:
Introduced for
X Passage
First Reading
Referral
Page _ of _
Director
Solicitor
10 '46
Assigned to Councilor — Hawes June 28, 2010
CITY OF BANGOR
(TITLE.) Order, Amending Arena Fund Guidelines
By the City Council of the City of Bangor.
WHEREAS, as owner of the Bangor racetrack and host community for Hollywood Slots, the City
is entitled to a percentage of gross slot revenues; and
WHEREAS, it is the intent of the City to utilize a significant portion of these revenues for
activities and costs associated with replacing the Bangor Auditorium with a new
arena; and
WHEREAS, by previous action, the City Council established a special revenue fund entitled
"Arena Fund" to receive the revenues from the operation of the racino; and
WHEREAS, the initial guidelines were prepared prior to the opening of the facility; and
WHEREAS, based on results to date of actual operations and additional contractual agreements
entered into since the adoption of the guidelines, it is the desire of the Council to
amend certain provisions of the guidelines to more accurately reflect current
conditions;
NOW, THEREFORE BY IT ORDERED BY THE CITY COUNCIL OF THE CITY OF BANGOR THAT,
the Arena Fund guidelines are hereby amended in accordance with the attached revised Arena
Fund Guidelines.
IN CITY COUNCIL
June 28, 2010
Motion Made and Seconded for Passage
Passed
C:8r 4 -f� 4'-/
CITY CLERK
ORDER
(TITLE,) Amending Arena, Fund Guidlines
Assigned -W Councilor
ARENA FUND GUIDELINES
1.0 Purpose
Revenues received by the City from the operation of a Racino in Bangor
are generally to be utilized for specific designated purposes and not for
general municipal operations. Except as otherwise established by these
guidelines, the City's percentage of slot revenues shall be designated
toward the costs associated with replacing the Bangor Auditorium.
2.0 Uses
2.1 Costs associated with replacing the Bangor Auditorium, including
but not limited to: land acquisition, engineering and architectural
services, other consulting services, and construction and operating
costs for a new facility.
2.2 Capital costs necessary to continue to operate the City's current
auditorium,.- REP_civic center, and track until a new fadlity is
available.
2.3 Demolition and/or renovation costs associated with removal and/or
reuse of the Bangor Auditorium and Civic Center
2.4 Capital costs associated with relocation of the Bangor State Fair,
either within the Bass Park Complex or to a new location.
2.5 Reimbursing the City's General Fund for past, present and future
costs associated with attracting and locating the racino in Bangor.
2.6 Replenishing the City's Undesignated Fund Balance under
circumstances where that balance has fallen below the target
established by City policy, due to annual operations or
extraordinary circumstances.
3.0 Funding
The Arena Fund will be funded by appropriating to it the percentage of
slot revenues received by the City.
4.0 Authority to Use and Withdraw
The City Council must authorize the expenditure of these funds, either as
an element of the annual operating budget or through a separate
appropriation resolve, with the exception of the purposes outlined in 2.4
and 2.5.
5.0 Amounts and Limits.
No limitations are placed on the amount that may be carried in this fund.
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