HomeMy WebLinkAbout2012-06-11 12-204 RESOLVE COUNCIL ACTION
' Item No. 12-204
Date: June 11, 2012
Item/Subject: RESOLVE, Making an Appropriation of Downtown TIF Funds for Expenditures
to be Made During Municipal Year 2013
Responsible Department: City Manager
Commentary:
As a portion of the 2013 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 for FY2013, the percentage of
value to be captured within the Downtown TIF District is recommended to remain at 75% for
FY2013. 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, downtown infrastructure improvements (i.e.
sidewalks, parks etc), clean up of the Penobscot River and allowable TIER III costs.
Department Head
Manager's Comments:
Recommend approval. The amendment is to increase the amount of funding within Downtown
sidewalks to account for pedestrian improvements on Main Street. �� � �Q��
�City Manager
Associated Information: Resolve
Budget Approval:
Finance Director
Legal Approval:
' Solicitor
Introduced for
Passage
X First Reading Page_of_
Referra I
il
As Amended
12-204
JUNE 11,2Q12
�„ Assigned ta Cauncilar Sprague
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(TITLE.) Resolve, Making an Appropriation of Downtown TIF Funds for Expenditures to be Made
During Municipal Year 2013
By the City Council of the City of Bangor.•
RESQLVE�, that there is hereby appropriated the amount af$1,314,$QQ from the �owntQwn
Development District TIF funds for the fo�lowing purposes:
Debt Service Associated with Parking Structures $ 79,Q00
Waterfront Rark Improvements $fa$Q,QQQ
Parking Garage Maintenance $ 89,8Q0
Dawntown Sidewalks $246,QQQ
Qawntown Eeon Develap Support $ 3Q,OUQ
Dawntown GBCVB Ef�rts $ 10,Q04
West Market Square Improvements $100,000
Penobscot River Clean Up $ 80,OOU
' BE IT FURTHER RESQLVED THAT the Finance Qirector is authorized to establish the necessary
accounts for these purposes.
COUNCIL ACTION
Item No. 12-2 4
Date: )une 11, 2012
Item/Subject: RESOLVE, Making an Appropriation of Downtown TTF Funds for Expenditures
to be Made During Municipal Year 2013
Responsible Department: City Manager
Commentary:
As a portion of the 2013 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 for FY2013, the percentage of
value to be captured within the Downtown TIF District is recommended to remain at 75% for
FY2013. 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, downtown infrastructure improvements (i.e.
sidewalks, parks etc), clean up of the Penobscot River and allowable TIER III costs.
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. C� � �
�r� City Manager �
Associated Information: Resolve
Budget Approval:
' nce Director
Legal Approval:
ity Solicitor
Introduced for
Passage
X First Reading Page_of_
Referral
I
12-2Q4
, JUNE 11,2012
�� Assigned ta Councilc�r Sprague
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(TITLE.) Resolve, Making an Appropriation of Downtown TIF Funds for Expenditures to be Made
During Municipal Year 2013
By the City eounei!of the eity of Bangor.•
RESOLUED, that there is hereby appropriated the amaunt o�$1,298�80Q from the Downto�nrn
Development District TIF funds for the following purposes:
Debt Service Assoeiated with Parking Structures $ 79,OQQ
Waterfront Park Impravements $68Q,OQ0
Parking Garage Maintenance $ 84,8pQ
Downtown Sidewalks $230,00�
Uowntown Econ Develop Support $ 30,000
Downtown GBCVB Efforts $ iQ,QQO
West Market Square Impravements $100,UQQ
Penabscot River Clean Up $ 80,000
BE IT FURTNER RESOLVED THA�the Finance pirector is authorized to establish the necessary
accounts for these purposes,
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(TITLE,)
Assigned to Councilor i
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