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HomeMy WebLinkAbout2003-04-28 03-146 RESOLVEItem No. 03-166 Date: April 28, 2003 Item/Subject: RESOLVE, Supporting Governor John E. Baldacci's Program to Create Pine Tree Development Zones as a Mechanism for Economic Development in the State of Maine. Responsible Department: Business and Economic Development Commentary: As part of his economic stimulus plan, Gov. John Baidacci recently revealed a program to create a series of Pine Tree Development Zones. These "tax free" zones will be used to lure new business ventures into the state or to support business expansions and will provide significant tax incentives over a period of 10 -years. Utilization of the zones will be limited to businesses that are within the seven targeted development sectors established by the state, as well as financial services and manufacturing. The zones will be located m regions of economic 'distress" and will create a unique marketing opportunity for business attraction. The Business and Economic Development Committee reviewed this proposal and unanimously supported preparation of this resolve. Department Head Manager's Comments: Recommend approval. City Manager Associated Information: Finance Director Legal Approval: City Solicitor Introduced for v X ?swage First Reading Referral Page 1 of 1 03-166 xs6igned to lfr ble April 28, 2003 CITY OF BANGOR (TITLE.) Resolve, Supporting Governorlohn E. Baldacc s Program to Create Pine Tree Development Zones as a Mechanism for Economic Development in the State of Maine. WHEREAS, the Governor of the State of Maine, In his effort to stimulate economic development and job creation in the state, has establishment an innovaUve program of designated "tax free" districts known as Pine Tree Development zones; and WHEREAS, such zones will be established in those regions of the state that are most In need of new jobs and investment and the economic spin-offs that are created by them; and WHEREAS, the Pine Tree Development Zones will provide the necessary incentives to make the State of Maine more attractive as a location to develop new business ventures; and WHEREAS, the businesses that will be eligible to utilize the Pine Tree Development Zones are within the state's designated targeted technologies; and WHEREAS, as the service center to a portion of the state where many of these Pine Tree Development Zones will be located, the City of Bangor will reap the economic benefits of the business enterprises that will sake advantage of this new development program. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BANGOR THAT we hereby support the Pine Tree Development Zone Program Initiated by Governor John E. Baldacci and pledge our support to work with the administration to further the application and implementation of this concept as a needed economic development tool for the State of Maine. BE IT FURTHER RESOLVED, THAT copies of this resolve be made available to Governor John E. Baldacci and to the members of the State Senate and House representing districts that include Bangor. IA CITY COUNCIL APcil 38. 2003 Marlon Made and Seconded for Passag£ Passed cI g 03-166 RESOLVE (TITLE,) Swparrivg Coverm{ Sohn E. Malaaeci s Peogean m creme Plme see 0evelopment Zones as a MecWvise for Economic boactopmout in the state a F Mafne