HomeMy WebLinkAbout2011-06-13 11-194 RESOLVEItem No, II I y 4
I _.
Date: June 13, 2011
Bern/Subject: RESOLVE, Making an Appropriation of Downtown TIF Funds for Expenditures
W be Made During Munidpal Year 2012
Responsible Department: City Manager
As a pordon of the 2012 budget, the City Council reviewed all requests for various aplWl and
operational needs, some of which were recommended for funding from the Downtown
Development District TIF funs. Due to the unprecedented reduction in commercial assessed
value during H2011 and the limited growth in assessed value for FY2012, the percentage of
value to be captured within the Downtown TIF District Is recommended to decrease from 100%
to 75% for FY2012. These funds may only be expended for purposes Identified within the TIF
appliabon as previously approved by the City Council and the Maine Department of Economic
and Community Development. Allowable projects include those related to downtown backlog
structures, the waterfront, downtown parks, downtown infrastructure Improvements Q.e.
sidewalks, signageutikites etc), demolition of the old police station, clean up of the Penobscot
River and allowable TIER III costs.
Deparbnent Head
Mangles CammMLS:
Recommend approval. This resolve may require an amendment when it returns to the Council If
additional changes are made as the budget Is finalized.
City Manager
Associated Information: Resolve
Budget Approval:
'finance Director
Legal Approval: Zdk
lattor
_ Passage
First Reading page _ of
Referral
COUNCIL AMON
Item No. 11-194, as amended
Date: June 13, 2011
Item/Subject RESOLVE, Making an Appropriation of Downtown TIF Funds for Expenditures
to be Made in Fiscal Year 2012
Responsible Department City Manager
Commentary:
As a portion of the 2012 budget, the City Counal reviewed all requests for various capital and
operational needs, some of which were recommended for funding from the Downtown
Development District TIF funds. These funds may only be expended for purposes idenUfed
within the TIF application as previously approved by the City Council and the Maine Department
of Economic and Cummunity Development. Allowable projects include those related W
downtown parking structures, the waterfront, downtown parks, downtown inf ristruaure
improvements (i.e. sidewalks, signage, utilities el demolition of the old police station, barn
replacement at Bass Park, dean up of the Penobscot River antl allowable TIER III costs.
Department Head
MarrogeYs Comments: Since First Reading, there have been some adjustments in the TIF
expenditures Including the addition of the barns at Bass Park. For that reason, the item needs
to be Amended by Substitution to include changes from Rest Reading. Recommend approval.
AssnCiated Information: Resolve
City Manager
Wfiance Director
Legal Approval:
Id
Ci Scherer
v Passage
_ First Reading Page _ of-
-
Re a ral
�aJ 11-194, As Amended
CITY OF BANGOR
(TITLE.) Resolve, Making an Appropriation of Downtown TIF Funds for Expenditures W be Made
During Municipal Year 2012
By the City loured! of Me City of Bangor:
RESOLIEO, that there is hereby appropriates the amount of $1,495,161 "in the Downtown
Development District TIF funds for the following purpows:
Debt Service Assouared with Parking Structures
$ 011000
Waterfront Park improvements
$400,00D
Parking Garage Maintenance
$220,000
Barn Replacement
$199,161
Downtown Sidewalks
$150,000
Demolition of Police Station — Court St
$2 ,OW
Downtown Wayfinding Signage
$30,WD
Downtown Econ Develop Support
$ 30,000
Downtown GBLUB Efforts
$ 10,0W
West Market Square Improvements
$ 25,OW
Penobscot River Clean Up
$100,000
BE IT FURTHER RESOLVED THAT the finance Director is authorized W establish the necessary
accounts for these purposes.
It 1 94
Assigned to councilor Weston June 13,1 2011
a.
1 CITY OF BANGOR
)TITLE.) Resolve, Making an Appropriation of Downtown TIF Funds for Expenditures to be Made
During Municipal Year 2012
By Che City Coow/ of the Clty ofBangor..
RESOLED, that there is hereby appropriated the amount of $1,296,000 from the Downtown
Development District TIF Funds for the following purposes:
Debt Service Associated with Parking Structures
$ 81,000
Waterfront Park Improvements
$900,000
Parking Garage Maintenance
$220,000
Downtown Sidewalks
$150,000
Demolition of Police Station — Court St
$250,000
Downtown Wayfiro ing Signage
$ 30,000
Downtown Econ Develop Support
$ 30,000
Downtown GBCVB Efforts
$ 10,000
West Market Square Improvements
is 25,000
Penobscot River Clean Up
$100,000
BE IT FURTHER RESOLVED THAT the Finance Director is authorized to establish the necessary
accounts for these purposes.
T CITY wMCIL
Jose 13. 2011
First Reading
l
cin f
I9 CITY c0®cn
June 27. 2011
Mutioa Made and Secooded for Passage
Motion Made and Seconded to Puend
by Substitution
Passed
Motion Made and Seconded for Passage as
Amepied
p4jed " Amended
CITY CLEHg
(TIRE,) natlae an eooroormtips of nowtoen.
TIP Funds for ffipeoditurec to be Made
luring Masicipal Year 2012
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