HomeMy WebLinkAbout2010-12-29 11-046 RESOLVECOUNCILACfION
Item No, 1:`. r.46
Dai 12-27-10
Item/Subject: Resolve, Amending the PenjaJawoc Marsh/Bangor Mail Area Management
Fund Municipal Development and Tax Increment Financing District #1 and Development
Program
Responsible Department: City Manager
Commentery: PUBLIC HEARING. Council Resolve 08-092 passed February 11, 2008 adopted a
PenjaJawoc March/Bangor Mall Area Management Fund Municipal Devebpmentand Tax IncrementFnancing
District #1 Development Program to take advantage of new development and invesbnent in the Mall Area.
The District captures the tax revenue generated by new private development within the distrid's boundaries
and dedicates H to financing public improvements. These new tax revenues generated can be used to
purchase of property and/or conservation easements within the studyarea and the implementation of water
quality Improvement projects designed to address degradation related to urban development In the
watershed. This proposed amendment updates Intel revenue, tax shift and costs estimates, extends the
term of the district to 30 years, as well as adjusts the scope of some previously included Improvement
Projects, and adds several new projects to the list of proposetl improvxnents to be finance with tax
increment revenues. The aditlonal projects are related to the sotern Tier III Costs". IngeneralTer Ill
Costs are those costs related to economic development within the dry. These costs can included such
expenditures as: the funding of development programs mevents devebpetl orfum ing the marketing of the
Cty as a business orals location; and funding to plan, design, construct, maintain, groomand improve new
or existlng recreational palls determined by DKD to have significant potendai to promote economic
development.
Deparonent Head
Manager's Comments:
This was reviewed at the Council Workshop of December 16, 2010.
lig-4'sL City Manager_
IMormation:
Budget Approval: /yP--
f�inance Dire
Solicitor
Introduced for
X Passage
_ First Reading Page _ of _
Referral
V (.'46
(�Gp Assiemd to Cormcllar _ ah yetce Deeember 27, 2010
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=CITY OF BANGOR
(TITLE.) RESOLVE, Amending the Penjajawoc Marsh/Bangor Mall Area
Management Fund Municipal Development and Tax Increment Financing
District #1 Development Program
WHEREAS, the CM of Bangor (the "Ol is authorized, pursuant to Chapter 206 of Title 30-A
of the Maine Revised Statutes, as amended, to designate a specified area within
the City as the Penjejwoc Marsh/Bangor Mall Area Management Fund Municipal
Development and Tax Increment Financing District (the "UsMcP) and to adopt a
Development Program for the DISMct; and
WHEREAS, the City designated the Penjajwoc Marsh/Bangor Mall Area Management Fund
District and adopted a Development Program for the Penjajawoc Marsh/Bangor
Mall Area Management Fund District on February 11, 2008 by Council Order 0&
092; and
WHEREAS, the City desires to 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 Penjajawoc Marsh/Bangor Mall Area
Management Fund District and to update the initial revenue, tax shift and costs
estimates; and
- WHEREAS, pursuant to Title 30-A M.R.SA. Section 5226(5), a municipality may amend an
adopted development program after the meeting 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 Penjajawoc Marsh/Bangor Mall
Area Management Fund District;
NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
BANGOR THAT:
Section 1. The City of Bangor hereby amends the Penjajwog Marsh/Bangor Mall
Area Management Fund Municipal Development and Tax Increment Financing District
#1 Development Program, such amendment (the "2010 Amendment) to be pursuant to the
following findings, terms, and provisions.
Section 2. The City Could hereby finds and determines that:
a. At least twenty-five percent (25%), by area, of the real property within the District,
as hereinafter designated, Is suitable for commercial uses as defined in 30-A M.R.S.A. 4 5223; and
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b. The total area of the Dstuct does not exceed two percent (2%) of the total
acreage of the City, and the total area of all exlsting and proposed development tan increment
finanang districts within the City, extludbg the existing Bangor Downtown Dsbictc does not
exceed five percent (5%) of tre total acreage of the City; and
C. The original assessed value of the District plus the original assessed value of all
existing tax increment financing districts within the City, exduding Me existing Bangor Downtown
DishiQ does not exceetl five percent (5%) of the MGI value of taxable property within the City as
of April 1, 2007; and
d. The aggregate original principal amount of municipal indebtedness financed by the
proceeds from existing tax increment financing districts within Penobscot County does not exceed
$50,000,000; and
e. The designation of the DIsM and pursuit of the Development Program will make
a contribution to the economic growth and well being of the City of Barger and the surrounding
region, and will contribute to the betterment of the health, welfare and safety of the inhabitants
of the City of Bangor, Including a broadened and improved tax base and economic stimulus, and
therefore constitutes a goad and valid pudic purpose.
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 accordance with the
Development Program remains unchanged by the 2010 Amendment.
Section 4. The Oty Manager, or her duly appointed representative, is hereby authorized,
empoweretl and directed to submit the M10 Amendment to the Development Program for the
Pe9ajwac Marsh/Bangor Mall Area District tu the State of Maine Department of C-conomic and
Community Development for review and approval pursuant tu the requirements of 30-A M.R.S.A.
§ 5226.
Section S. the foregoing adoption of the 2010 Amendment M the Development "ram
for the Penjajwoc Marsh/Bangor Mall Area District shall automatically become final and shall bike
full force and effect upon approval by the Commisdoner of the Deparlmem, without requirements
of further action by the City, the City Co.mc 1, or arty other party.
Section S. The City Manager, or her duly appointed representative, is hereby authorized
and empowered, at her discretion, from time M time, to make such revisiax to the Development
Program for the Penjajwm Marsh/Bangor Mall Area District as be City Council, or its duly
appointed representative, deem reasonably necessary or convenient: in order to malitate the
process for narrow and approval of the District by the State of Maine Department of Economic and
Community Development, or for any other reason, so Torg as such revisions are not inconsistent
wth this order or the basic structure and indent of Me Development Program.
IN UT2 c cn
Wecember 29, 2010
Motion Made and Seconded to open
The Public Heatlmg
No one from the Public came formard
Motion Made and Seconded to close
the Public Wearing
P lu Hearing Closed
Motion Made and Secw ed for Passage
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