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HomeMy WebLinkAbout2006-08-28 06-313 ORDERItem No. 06 X13 Date: 8-28-2006 Item/Subject: Order, Authorizing Reimbursement of the Economic Development Fund in the Amount of $291,000 from the memo Fund for the Value of Lot #2 of the Maine Business Enterprise Park Responsible Department Finance Commentary: The attached Order would authorize Me transfer of $291,000 from the Racino Fund to the Economic Development Fund. This transfer of funds Is WIN proposed in accordance with Me Intent of Section 2.5 of the Radno Fund Policy previously adopted "a Council, which states the funds will be used far" Reimbursing Me ON's General Fund for past, present and future costs associatetl with attracting and locating the radno in Bangor'. At Bre time of adoption, it was anticipated that the General Fund would be Me only fund affected by such costs. As part of the overall effort to locate the permanent gaming facility on the nM side of Main Street, the City and Bangor Historic Track agreed m share rhe cost of acquiring the properties awned by Onou tin. As a result the City agreed to convey Lot 2 in the Maine Business Enterprise Park to Chou Un. As an enterprise fund, City Council expects the Economic Devs4o ment Fund to be self-supporting. A major source of revenue for this fund is Me sale of lots. Therefore, this Order would make whale the Economic Derelopment Fund thmugh the reimbursement of the value of the lot conveyed during Me negotiations regarding the permanent gaming facility. Department Head Manger's Comments: This was reviewed by the France Committee and recommended for approval. City Manager Associated Information: Order b Passage _ Find Reading Page _ of _ Referral 06 323 As6ignM to Councilor stove August 28, 3006 \u CITY OF BANGOR (TRLE.) Order, Authorizing Reimbursement of the Economic Development Fund in the Amount of $291,000 from the Racino Fund for the Value of Lot #2 of the Maine Business Enterprise park BE R ORDERED BY THE CITY COUNCIL OF THE CRY OF BANGOR MAT The amount of $291,000 be trim f ned to the Economic Development Fund from the Racino Fund for the value of lot #2 of the Maine Business Enterprise Park. IP CITY 0009CIL Augpat 28. 2006 tloClan Made and Secovded for Passage Yas A 06-313 fffIf AutMiiving 6efmbo[semevt of the lconom{ie Development Food in the mount of ;291.000 from the Racine Fund for the Value of Lot #2 of the Maine Bus ss Enterprise Park ApigpWbuppmpr � �' io GIB 313 RACINO FUND GUIDELINES 1.0 Purpose Revenues received by the City from the operation of a Retina In Bangor are generally to be uUlized for specific designated purposes and not for general municipal operations, Except as otherwise established by these guidelines, the Citys percentage of slot revenues shall be designated toward the costs associated with replacing the Bangor Auditorium. 2.0 Uses 2.1 Costs associated with replacing the Bangor Auditorium, including but not limited to: land acquisition, engineering and architectural services, other consulting services, and construction and operating costs for a new facility. 2.2 Capital costs necessary to continue to operate the City's current auditorium and civic center until a new facility is available. 2.3 Demolition and/or renovation costs associated with removal and/or reuse of the Bangor Auditorium and Civic Center 2.4 Capital costs associated with relocation of the Bangor State Fair, ether within the Bass Park Complex or to a new location. 2.5 Reimbursing the City's General Fund for past, present and future costs associated with attracting and locating the wino in Bangor. 2.6 Replenishing the City's Undesignated Fund Balance under circumstances where that balance has fallen below the target established by City policy, due to annual operations or extraordinary circumstances. 2.7 Funding additional expenses of the General Fund resulting directly and solely from the operation of slot machines in Bangor, e.g., the costs of additional police personnel required solely to meet the demands for service of such a facility, if required. 3.0 Funding The Racino Fund will be funded by appropriating to it the percentage of slot revenues received by the City. 4.0 Authority to Use and Withdraw The City Council must authorize the expenditure of these funds, either as an element of the annual operating budget or through a separate appropriation resolve, with the exception of the purposes outlined In 2.4 and 2.5. 5.0 Amounts and Limits. No limitations are placed on the amount that may be carried In this fund.