HomeMy WebLinkAbout2014-06-09 14-210 RESOLVECOUNCIL ACTION
Item No. 14-210
Date: June 9, 2014
Item/Subject: RESOLVE, Making an Appropriation of Downtown TIF Funds for Expenditures
to be Made During Municipal Year 2015
Responsible Department: City Manager
Commentary: This resolve will appropriate funds for expenditures to be made from the
Downtown TIF program. As a portion of the 2015 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 commercial
assessed value during FY2011 and the limited growth in assessed value since that time, the
percentage of value to be captured within the Downtown TIF District is recommended at 65% for
FY2015. 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 and Bass Park traffic and
parking, the waterfront, downtown infrastructure improvements (i.e. sidewalks, sewers, streets etc),
Arena debt service, clean-up of the Penobscot River and allowable TIER III costs.
Department Head
Manager's Comments:
Recommend approval. This resolve reflects changes reviewed by the Council since its
introduction. It may require an amendment when it returns to the Council if additional changes
are made as the budget is finalized. /,,) __-J Ir _
Associated Information: Resolve
Budget Approval:
Legal Approval:
Introduced for
Passage
X First Reading
Referral
City Manager
Finance Director
Page _ of _
14-210
JUNE 91, 2014
Assigned to Councilor Blanchette
{ CITY OF BANGOR
`9''o- _- ♦tii
(TITLE.) Resolve, Making an Appropriation of Downtown TIF Funds for Expenditures to be Made
During Municipal Year 2015
By Me OW COund/ of Me City of Bangor.
RML VED, that there Is hereby appropriated the amount of $1,801,330 from the Downtown
Development District TIF funds for the following purposes:
Debt Service Associated with Parking Structures
Debt Service Associated with Court St Demo
Waterfront Engineer/Architect Services
Parking Garage Maintenance Reserve
Downtown Econ Develop Support
Downtown GBCVB Efforts
Downtown Sidewalks
Penobscot River Clean Up
Arena Debt Service
Bass Park Traffic Improvements
Main Street Improvements
$ 75,000
$124,330
$ 50,000
$ 40,000
$ 30,000
$ 10,000
$150,000
$200,000
$800,000
$ 82,000
$240,000
BE IT FURTHER RESOLVED THAT the Finance Director is authorized to establish the necessary
accounts for these purposes.
IN CITY COUNCIL
JUNE 9, 2014
FIRST READING
CITY CLERK
IN CITYCCOUNCIL
JUNE 23, 2014
MOTION MADE AND SECONDED FOR PASSAGE
PASS 1ED
CITY
LERK