HomeMy WebLinkAbout2006-10-11 06-344 RESOLVEItem No
06 344
Date: 10-11-20H
Item/Subject Resolve, Appropriating up M $115,000 within the Radno Fund to Reimburse
Costs Associated with Locating the Permanent Gaming Facility on the Riverside Block
Responsible Department: Finance
Commentary:
The attached Order would authorize the appropriation of up to $125,000 within the Radial Fur!
to reimburse costs associated Wth locating Penn National's permanent gaming facility on the
Riverside block. Through negotiations between the City and Penn National, as periodically
reviewed by the City Council, an understanding was reached that costs associated with
acquisition of certain propemes and the early termination of certain leases would be shared by
the City and Fenn National. The attal RewW will appropriate the maximum amount of
funding necessary to complete the negotiations to house the permanent facility on the Riverside
block. This appropdal of funds is being proposed in accordance with the intent of Section 2.5
of the Radno Fund Policy previously adopted by the Council, which stares Me funds will be used
for" Reimbursing the City's General Fund for pas[, present and future costs associated with
attracting and locating the radial in Bangor". At the time of adoption, it was anticipated that the
General Fund would be the only fund affected by such costs.
Manager's Comments:
As a result of Mese negotiations and cost sharing arrangements, the permanent faclllty will be
constructed at a much earlier data than otherwise projected. This will speed the opening of the
new facility and should dramatically increase and speed Me slot revenues and property taxes
Mat the City will receive. Recommend approval.en den, Fidinu
LYU City Manager
Associated Information: Resolve
Budget Approval:
Legal Approval:
Cry Solicitor
Introduced for
Passage
lc First Reading
Page_of_
X Referral— Finance Committee of 10/16/1006
06 344
Assigno] to mvolor Yarri„gtou October 11. 2006
CITY OF BANGOR
(TITLE.) Resolve Appropriating up to $125,000 within the Racine Fund to Reimburse Costs
Assmiated with -orating the Permanent Gaming Faculty on the Riverside BIO&
BE IT RESOLVED BY THE QTY COUNCIL OF THE QTY OF BANGOR THAT
There is hereby appropriated an amoun4 up to a maximum of $125,000, for purposes of
reimbursing costs asscoiated with locating the permanent gaming facility on the Riverside
Blas .
IN CIyr COUNCIL
October 11. 2006
td end Seconded
for al to Finances C®ittee # 06-364
an kL4 NNSOLVN
ffIFLFl e.mrnnewr m [0 3125.00o with.
IN CITY COUNCIL the Farina load to Reimburse Costa
Octo6ex 23. 2006 t
Notion Nada and Seconded C®1ug�Facility on the Riverside Block
for Pass
Passed / /