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HomeMy WebLinkAbout2002-08-12 02-307 RESOLVEDab:: 8-12-02 Rem/Subject: Resolve, Making and Appropnedon from the General Fund's Undesignated Fund Balance for the Purpose of Purchasing Property located on Dutton Street Adjacent M Bass Park Responsible Department Business and Economic Development This resolve will appropriate $350,000 from the Cry's undesignated fund balance for the Initial payment toward the purchase of a property located on Dutton Street adjacent to Bass Park. This property is currently owned by the Erin Corporation. This property may Ire useful fa the City as it plans for the future of the Bass Park property and the changes that may result from construction of new facilities at that location. In the interim, the property will continue to be wed for overflow parking from events such as the State Fair. In addition, this resolve directs that future parking and other revenues derived from MIs parcel be first used m make the additional payments required m complete Its purchase, supplemented if necessary by amount from the Bass Park Trust Fund. Once the purchase is completed, these sources will be used M reimburse the general fund for this initial payment to the extent possible or until such direct revenues are no longer generated by the Property and Me Trust Account has been exhausted. .. D� mnem Head Manager's Comments: 7���,e�g�� D�-� )=.�roaw GR ��l City Manager Associated Information: Resolve �Finance Director � Legal Approval: 442 City licita Introduced for Passage X First Reading Pape_a X Referral to Finance Committee 02-307 <` Asaigoed to Councilor Palmer August 12, 2002 CITY OF BANGOR (TIRE) Resolve, Making an Appropriation from the General Fund's Undesignated Fund Balance for the Purpose of Purchasing Property Located on Dutton Street Adjacent to Bass Park. CITY COUNCIL OF THE CITY OF BANGOR, THAT The amount of $350,000 is hereby appropriated from the General Fund's Undesignated Fund Balance for the purpose of purchasing property located on Dutton Street adjacent to Bass Park. The Finance Director is authorized to establish the necessary accounts for this purpose. BE IT FURTHER RESOLVEDf THAT: To the greatest extent Possible, future annual payments necessary to complete the purchase of this property shall be made from parking revenues derived from Its use supplemented by funds from the Bass Park Trust Account. Once all amounts due for the purchase of the property have been paid, the General Fund shall continue to receive the proceeds of parking operations or any other revenues generaged directly by this property and, if necessary, supplemental funds from the Trust account until this $350,000 appropriation has been recovered or until such parking and other revenues are no longer available and the Trust Account has been exhausted. IN CIT4 COUNCIL August 12, 2002 First Reading Referred to Finance Comaittee 1R IN CITY COUNCIL August 26. 2002 Notion Made and Seconded for Passage Passed C CITY Ci.P.NR 02-30) a7:77q" Title, Making an Appropriation from the federal Pond's UnAesigoatea Fwd Balance for the Purpose of Purchasing Property Located on nation Street Adjacent to Mase Park Assigned to Councilor