HomeMy WebLinkAbout2010-12-29 11-047 RESOLVEItem No. L' X147
Date: 12-27-I0
Item/Subject: Resolve, Amending the Mail Area Trail Infrastructure Municipal Development
and Tax Increment Financing District and Development Program
Responsible Department City Manager
Commentary: PURLiCNEARING Council Resolve 08-093 passed February 11, 2008 adopted a Mall Area
Traffic Infrastructure Municipal Development and Tax Increment Development Program Wtake advantage of
new development and investment in the Mall Area. The District captures the tax revenue generated by new
private development within the districts boundaries and dedicates it M financing public improvements. These
naw tax revenues generated by the Wal-Mart and ALSID projects can be used to fund traffic improvements
on Stillwater Avenue and Hagan Road and will benefit existing development in the Mall area along with
facilitating further investment and development In the area. This proposed amendment updates initial
revenue, tax shift and costs estimates, extends the term of the district m 30 years, as well as adjusts the
scope of some previously incuded improvement projects, and adds several new projects M Me list of
proposed improvementsto be finance with tax increment revenues. The addition it projedsare related M the
so termed "Ter RI Costs". In general Mer III Costs are Mose costs related to economic development with
Me City. These costs can included such expenditures as: Me funding of development programs or events
developed or funding Me marketing of the City as a business or arts local and funding to plan, design,
construct, maintain, groom and improve new w existing recreational trails determined by DECD M have
significant potential to promote economic development.
Department Head
Manager's Comments: This was reviewed with the Cool at a Workshop Session on December 16,
2010.
Cal M
City Manager
Associated Information: Resolve
Bull Approval:
FI nce Director
Legal Approval:
selftfor
Introduced for
x passage
First Reading page_ of
_ Refemal
i X17
('41))
Dee®ber 2], 701D
Assigned no Counclor — Nezlley
In CITY OF BANGOR
(TITLE.) RESOLVE. Amending the Mall Area Traffic Infrastructure Municipal
Development and Tax Increment Financing District and Development
Program
WHEREAS, the City of Bangor (the "City') 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 Mall Area Traffic Infiastrudure Municipal Development and Tax
Increment Financing District (the "District'] and to adopt a Development Program
for the District; and
WHEREAS, the City designated! the Mall Area Traffic Traffic District and adopted a
Development Program for the Mall Area Traffic Cistrid on February 11, 2008 by
Control Order 08-093; and
WHEREAS, the City reams to amend the Development Program in order to extend the tens
and include additional statutadly authorized projects in the project list to be funded
through the revenues produced through the Mall Area Traffic District and to update
the initial revenue, tax shift and costs diamonds; and
WHEREAS, pursuart to Title 30-A M.R.S.A. Section 5226(5), a municipality may amen an
adopted development program after the mee0ng procedural requirements for the
adoption of a development program; and
WHEREAS, it is expected that approval wlll be obtained firm the State of Maine Department of
Economic and Community Development (the "Departi approving the
amendment to the Development Program for the Mall Area Traffic 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 Mail Area Traffic Infrastruchure
Municipal Development and Tax increment Financing District Development Program,
such amendment (the "2010 Amendmenn to be pursuant to tre following findings, terms, and
provisions:
Section 2. The City Council 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. § 5223; and
b. The total area of the District does not exceed twa percent (286) of the lost
acreage of Me City, and the total area of all existing and proposed development tax increment
1T ;A7
financing districts within the City, excluding the existmg Bangor Downtown District, pass not
exceed five percent (5%) of the total acreage of the Cry; and
C. The original assessed value of the District plus the orginal assessed value of all
existmg tax increment financing disticts within the Goy, excluding the existing Bangor Downtown
District, does not exceed five percent (5%) of the total value of taxable Gvoperty within the Gry 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 District and pursuit of the Development Program will make
a contribution to the emnomic gnovrth and well being of the Cty of Bangor and the surrounding
region and will tanthbute to the bettermeH 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 good and valld public purpose.
Section 3. Pursuant to the provisions of 3RA 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.
Sffitlon_4 The City Manager, or her duly appointed representative, is hereby authorized,
empowered, and directed to submit the 2010 Amendment to the Development Program for the
Mall Area Traffic District to the State of Maine Department of Economk and Community
Development for review and approval pursuant to the requirements of 30-A M.R.SA. § 5226.
Sectio S. The foregoing adoption of the 2010 Amendment to the Development Program
for the Mall Area Traffic Drstrkt shall automatically become final and shall take full face and effect
upon approval by the Commissioner of the DepaNnent, without requirement of further aMon by
the City, the Gry Coundl, or any other party.
S *torr 6 The City Manager, or her duly appointed representative, is hereby authorized
and empowered, at her discretion, from tlme to time, to make such revisions to the Development
Program for the Mall Area Traffic Depict as the Cry Council, or its duly appointed representative,
deem reasonably necessary or convenient in order to facilitate the process for review and
approval of the District by the State of Maine Department of Economic and Community
Development or for any other reason, so Ing as such revisions are not inconsistent with this
order or the basic structure and Intent of the Development Program.
IN CITY COMM
6 11-0
DeceWer 28. 2010
Motion Made and seconded
to Open the
Public Nearing
I
No one fom the Public Cave'forvard
._ ath. M
^®1c3pa1
1
Motion Made and Seconded
to Close the PuhlloMMR1
Meariag
InfrastmetureM
I
Develop"t and
Poblic Nearing Closed
Mtr! Made and Seconded
for
Passage
Tu Increment Pimncing District and
P ed
j
Deaelapcent Progra
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