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
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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.