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