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HomeMy WebLinkAbout2010-12-29 11-045 RESOLVECOUNCIL ACTION Item No. —tt MJ Dake: 12-22-10 Item/subject: Resolve, Amending the Downtown Bangor Municipal Development and Tax Increment Financing District Development Program Responsible Department: City Manager Commentary: PUBLIC HEARING. Council Resolve 06093 passed February 22, 201 as amended by Council Resolve 09-108 on March 9, 2009 adopted/amended a Downtown Bangor Municipal Developmentand Tax Increment Financing Distract and Development Program to take advantage of new development and Investment in the downtown core, waterfront area, and Main Sheet entrance corridor including Bass Park The District captures me tax revenue generated. by new private development within the Dai boundaries and dedicates it to financing public improvements and facilities within the District. These new tax revenues can be used to replace/improve deteriorated downtown sidewalks and crosswalks; refurbish downtown parks; upgrade underground electric utilities; replace the Hammond/Columbia Street parking deck; expand parking in Abbott Square and improve other parking facilities; improve pedestrian connections between the downtown and Me waterfront; construct new parking facilities in the Waterfront area; make traffic Improvements to support development on lower Main Street; replace hams at Bass Park; partially fund cleanup of the Penobscot aver, and support financing for a new multipurpose arena to replace the Bangor Auditorium and Civic Center. By using tax Increment revenues to carry out public infrastructure Improvements, new private investment is encouraged without additional cost to taxpayers since the improvements will be financed with new tax revenues generated in the Distract This proposed amendment updates initial revenue, tax shift and cast estimates, extends the term of the dlstrid W 30 years, as well as adjusts the scope of some previously included improvement projects, and adds several new projects to the Ilst of proposed improvements to be financed with tax increment revenues. The additional projects are related to the so termed Ter III Casts". In general, Ter III cmYs are those casts related to economic development within the City. These costs can include such expenditures as: the funding of development programs or events demloped or funding the marketing of the City as a business or arts location; and funding to establish economic development revolving loan or Investment funds. Department Head Manager's Comments: This was reviewed at the Coundl Workshop of December 16, 2010. Please note Mat It Is unlikely that all of the projects included In the plan will be accomplished from TIF revenues since projected costs exceed anticipated revenues. However, to be eligible for funding from this source, all potential projects must be included, /,, F C City Manager Associated InFomratlon: Resolve Budget Approval once DeeClor Legal Approval: City solicitor X Passage _ First Reading Page _ of _ Referral Aeaigaed to Cowcilor — Neatou pereWer 27, 2010 CITY OF BANGOR (TITLE.) Resolve, Amending the Downtown Bangor Municipal Development and Tax Increment Financing District Development Program WHEREAS, the City of Bangor (the "City") B authorized pursuant to Chapter 206 Title 30-A of the Maine Revised Statutes, as amended, to designate a specified area within the City as the Downtown Bangor Municipal Development and Tax Increment Financing District (the "Downtown District') and to adopt a Development Program (the "Development Program") for the District; and WHEREAS, the City designated a Downtown District and adopted a Development Program for the Downtown District on February 27, 2006 by City Council Resolve 061 as amended on March 9, 2009 by City Council Resolve 09-108; and WHEREAS, the City desires W amend the Development Program in order to extend the term and include additional statutorily authorized projects in the project list to be funded through the revenues produced through the Downtown District and the update the initial revenue, tax shift and cost estimates; and WHEREAS, pursuant to Title 30-A M.R.S.A. Section 5226(5), a munidpality may amend an adopted development program after meeting the procedural requirements for the adoption of a development program; and WHEREAS, it is expected that approval will be obtained from the State of Maine Department of Economic and Community Development (the "Department") approving the amendment to the Development Program for the Downtown District; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BANGOR THAT: Section 1. The Cry of Bangor hereby amends the Downtown Bangor Municipal Development and Tax Increment Financing District Development Program, such amendment (the "2010 Amendment) to be pursuant to the following findings, terms, and provisions: Section The City Count hereby finds and determines that a. The provisions of 30-A M.R.S.A. Section 5223(3) are not applicable to the Downtown Districi: because these Conditions do not apply to downtown tax increment financing districts; and 1; 045 b. The adoption of the 2010 Amendment to the Development Program will make a contribution to the economic growth and well being of the City of Bangor and the surrounding region and will contribute to the betterment of the hearth, welfare and safety of the inhabitants of the City of Bangor, including a broadened and improved tax base and economic stimulus, and therefore constltutes a good and valid public puryose. Section 3. Pursuant to the provisions of 30-A M.R.S.A. § 5227, the percentage of increased assessed value to be retained as captured assessed value in accondance with the Development Program remains undhanged by the 2010 Amendment. WUoo-S. The Dry Manager, or his duly appointed representative, is hereby authomed, empowered, and directed to submit the 2010 Amendment to the Development Program far the Downtown District to the State of Maine Department of Economic and Community Development for review and approval Pursuant to the requirements of 30-A M.R.S.A. § 5226. Section S. The foregoing adoption of the 2010 Amendment to the Development Program for the Dowmown District shall automatically become final and shall take full forte and effect upon approval by the Commissioner of the Department, without requirement of further action by the City, the City Council, or any other party. Section rb The City Manager, or her duly appointed representative, is hereby authorized and empowered, a her discretion, from time to time, to make such revisions to the Development Program for the Downtown Distrkt as the City Council, or Ire duly appointed represstabve, deem reasonably necessary or convenient in Omer to facilitate the process for review and approval of the District by the State m Maine Department of Economic and Community Development, or for any, other reason, so long as such revisions are net Inconsistent with these resolutions or the bask structure and Intent of the Development Program. ID CITY COUNCIL December za, 2010 Motion lade and Seconded to open the Public Hearing No one items cis, Public Came Forward Motica Fade and Seconded to Close rite Public pearlag Public bearing Closed Ms mde and Seconded for Passage P ed CRR CLffi �I (UTLBd Aoendim tie povotoan Hangar tlooicinal Developawst sad Tax Increment V aGancine Dist1ict Developaeut Program AYIgpWb CptloellW