HomeMy WebLinkAbout2008-06-09 08-214 RESOLVEItem No, 08 214
Date: lune 9, 2008
Item/Subject: RESOLVE, Making an Appropriation of Downtown TIF Funds within the Capital
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Responsible Department: City Manager
As a portion of the 2009 budget, the Clry Council reviewed all requests for various capital and
operational needs, some of which were recommended for funding from the Downtown
Development District TIF funds. The Downtown TIF District is expectetl m generate $1,559,000
In FY 2009. These funds may only be expended for purposes identified within the TIF
application as previously approwd by the Qty Council and the Maine Department of Economic
and Community Development. Allowable projects include those related to downtown parking
structures, the waterfront, downtown pari¢, dotting facility, downtown Infrastructure
improvements (i.e. sidewalks, utlliges etc), and the multipurpose arena.
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Recommend approval. This resolve may require an amendment when it reto s to [he COVnci if
additional changes are made as the budget is finalized.
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City Manager
Associated Information:
Finance Director
Legal Approval:
• Cdy Shcdtor
Passage
X Firm Reading Page _of_
Referral
08-214
AS AMENDED
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a CITY OF BANGOR
(TITLE.) Resolve, Making an Appropriation of Downtown TIF Funds within the Capital Fund for
Expenditures to be Made During Munidpal Year 2009
By the Ery Coorxrf of Ui a Oly ofRURga:
RESOLVER, there Is hereby appropriated Me amount of $1,534,250 from the Downtown Development
Distrirx TIF funds for the following capital purposes: $81,000 for debt services associated! with Parking
Structures; $64,250 for the purpose of installimyremoNng docks from the Waterfront; $1,000,000 for
estimated Watertront park Improvements; $40,000 for repairs to the Kenduskeag Stream Park;
$50,000 for downtown sidewalk Improvements; $13,000 for a Parking Deck Feasibility study; and
$280,000 for Panting Garage mainterwnce.
BE R FURTHER RESOLVED THAT the France Director is authorized to establish the necessary
accounts for Mese purposes.
JUN 0 9 2000
r Assigned Co Councilor Fa iiugton 08 214
I Is
CITY OF BANGOR
(TITLE.) Resolve, Making an Appropriation of Downtown TIF Funds within the Dapital Fund for
Expenditures to be Made During Munidpal Year 2009
By the Lily CmWl of the Qty of Bangor:
RESOLVED, there a hereby appropriated the amount of $1,484,250 from the Downtown Development
District TIF funds for the following capital purposes: $87,0DO for debt services associated with Parking
Structures; $69,250 for the purpose of installing/removing docks from the Waterfront, $1,000,000 for
estimated Waterfront park Improvements; $40,000 for repairs to the Kenduskeag Stream Park;
$13,000 for a Parking Deck Feasibility study; and $280,000 for Parking Garage maintenance.
BE IT FURTHER RESOLVED THAT the Finance Director is authorized to establish the necessary
accounts for these purposes.
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dme. 23. 2008
Motiaa Mede and Secaoded
for Passage
Motion Nude sed Seconded to
Amend by Substitutive
Panned
lotion lode and Seconded
for yy..e ease as Admitted
PasnAed
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