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HomeMy WebLinkAbout2006-02-27 06-093 RESOLVEItem Mo, 08 093 Date: February 27 2006 Item/Subject RESOLVE, Adopting a City of Bangor Downtown Bangor Development Program, and Designating a Downtown Bangor Municipal Development and Tax Increment Financing District Responsible Department: Community 6 Economic Development This Resolve would adopt a Downtown Bangor Development Program and a Downtown Bangor Municipal Development and Tax Increment Financing District to take advantage ofnew development and mestmmt in the downtown core, waterfront area, and Main Street entrance corridor to include Bass Park. The District would capture all the new tax revenue generated by new private development within the District boundaries and dedicate it to financing public improvements and facilities within the District The new private investment projectd includes the rehabilitation of several existing downtown buildings and new private development in the Waterfront and Mein Street Entrance Corridor_ The new rex revenues from these developments will be used to replace deteriorated downtown sidewalks; refurbish downtown parks, upgrade and replace underground electric utilities; replace the Hamtnond/Columbia Street parking deck, expand parking in Abbott Square, and improve other parking facilities; improve pedestrian connections between the downtown core and the waterfront; construct new parking facilities in the Waterfront area to support new development; make traffic improvements needed to support new development on lower Main Street, and support financing of new multipurpose arms to replace the Bangor Auditorium and Civic Center. The City, by using tax increment revenues to carry out public infraswcmre improvements, will encourage new private investment without additional cost to taxpayers since the improvements will be financed with new tax revenues generated by new private development in the ITmict. DepaMtent Head Manager's Comments: A PUBLIC HEARING IS REQUIRED PRIOR TO COUNCIL ACTION ON THIS ITEM. This has been discussed on several occasions by the Business and Economic Development Committee, and 1 recommend your approval. DA •/; 1y(�er City Manager associated! Information: Budget Approval Finance Director Legal Approval: olidtor Introduced for _ Passage _ First Reading Page _ of _ Referral 06 093 Aeeigoed to Cowed Greene February 27, 2006 CITY OF BANGOR (TITLE.) Resolve, Adopting a City of Bangor Dovmtown Bangor Dvelopment Program, and Designating a Downtown Bangor Municipal Development and Tax Increment Financing District WHEREAS, the City has developed the City of Bangor Dovmtown Bangor Development Program, which provides a detailed plan for the redevelopment and revitalization of the City's Main Street rounder, waterfront such, and core downtown area (collectively the "Downtown District"); and WHEREAS, the City of Bangor is autbo feed pursuant to Chapter 206 of Title 30-A of the Maine Revised Sainues, as amended, to designate specified areas within The City as a Downtown Bangor Municipal Development and Tax Increment Financing District and to adopt a Development Program for snob Downtown District; and WHEREAS, there is a need to develop new and improve existing infiastructvre within the Downtown District in order to facilitate and promote redevelopment and revitalization of the properties located within the Downtown District; and WHEREAS, there is a need to improve and broaden the has base of the City of Bangor and he improve the geneial economy of the City of Burger, the surrounding region, and the State of Maine; and WHEREAS, there is a need to encourage redevelopment and revitalivation of the Downtown District though the establishment of Downtown Bangor Municipal Development and Tax Increment Financing District in accordance with the provisions of Chapter 206 of Title 30-A; and WHEREAS, the City has contemporaneously herewith held a public hearing on the question of establishing the Downtown District in accordance with the requirements of Title 30- A M.R S.A. $5226, upon at least term (10) days prior notice published in a newspaper of general circulation within the City; and WHEREAS, the State of Maine Department of Economic and Community Development rales governing micipal tax increment financing districts require that a downtown tax increment Lowering district must be described in a municipality's "downtown development program"; and WHEREAS, the City desires to designate the Downtown Bangor Municipal Development and Tax Increment Financing District and adopt a Downtown Bangor Development Program for such Downtown District; and 06 093 WHEREAS, it is expected that approval will he sought and obtained from the Maine Department ofF.runomic and Community Development, approving the designation of Me Downtown District and approving the adoption of Me Development Program forte Downtown District; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BANGOR THAT: Section 1. The City hereby finds and determines that: (a) The designation of MeDowntown District and pursuit of the Development Program will generate substantial economic benefits for Me City, State, and its residents, including the provision of employment opportunities, broadened and improved tax base, and elhninntion of blighting condition; and (b) The designation of Me Downtown District and pursuit of Me Development Program will be in the public interest Section 2. The City busby adopts and approves the"City ofBrargor Downtown Bogor Development Program" presented to Me City Council M the brain attached hereto, and such Development Program is hereby incorporated by reference into this Resolve as the Development Program for Me City's downtown. Section 3. Pursuant to Chapter 206 of Title 30-A of the Maine Revised Statutes, as amended, Me City hereby designates the Downtown Bangor Municipal Development and Tax Increment Financing District designated and described as more particularly set forts in the "DOWNTOWN BANGOR MUNICIPAL DEVELOPMENT AND TAX INCREMENT FINANCING DISTRICT" presented to Me City Council in the farm attached hereto, and such Development Program is hereby incorporated by reference roto this Resolve as Me Development Program for Me Downtown District. Sectimi Pursuant to Me 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 is hereby established as set forth in the Development Program. Sent 5. The City Manger be, and hereby is, authorized, empowered, and directed to submit the proposed designation of the Downtown District and the proposed Development Program for the District to Me State of Maine Department of Economic and Community Development for review and approval pursuant to Me requirements of 30-A M.R.S.A. § 5226. Section - The foregoing designation of the Downtown District and the adoption of Me Downtown Bangor Development Program for the Downtown District shall automatically become final and shall take bull force and effect upon receipt by Me City of approval of the desigintion of Me Downtown District and adoption of Me Development Program by the Maine Department of Economic and Community Development, without requirement of Murder action by the City of Bangor. OB 093 Section 7. The City Manager be, and hereby is, authorized and empowered, at his discretion from time to time, to make such revisions to the Development Progam for the Downtown District as the City Manager deems reasonably necessary or convenient in order to facilitate the process for review and approval of the Downtown District by the Department of Economic and Convnmdty Development, or for any other reason, so long as such revisions are not inconsistent with these resolutions or the basic structure and intent of the Development Program. Ip CITY COUNCIL February 27. 2006 Notion Mede end Seconded to Open Public Hearing Public Nearing Open No on spoke in reference in this resolve Notion Wada and seconded to Close Public Hearing Public Hearing Colsed Motion Made and Seconded for *sage Pasuidd # 06-093 eeS0LVE (TIILM,)AdopCing a CI[y of Bey{or Dwatow Saeger Development program. and Denigrating a Downtown Senior ipal Development and Taz Increment Financing District n.dpawcouncuor A