HomeMy WebLinkAbout2017-06-12 17-207 RESOLVECOUNCIL ACTION
Item No. 17-207
Date: June 12, 2017
Item/Subject: RESOLVE, Making an Appropriation of Downtown TIF Funds for Expenditures
to be Made in Fiscal Year 2018
Responsible Department: City Manager
Commentary: This resolve will appropriate funds for expenditures to be made from the
Downtown TIF program. As a portion of the 2018 budget, the City Council reviewed all requests for
various capital and operational needs, some of which were recommended for funding from the
Downtown Development District TIF funds. These funds may only be expended for purposes
identified within the TIF application as previously approved by the City Council and the Maine
Department of Economic and Community Development. Allowable projects include those related to
downtown and parking, the waterfront, downtown infrastructure improvements (i.e. sidewalks,
sewers, streets, parks, etc), Arena debt service, clean-up of the Penobscot River and allowable TIER
III costs. This resolve was reviewed by Council at a budget workshop meeting.
Department Head
Manager's Comments:
Recommend approval. This resolve reflects changes reviewed by the Council since its
introduction. It may require an amendment when it returns to the Council if additional changes
are made as the budget is finalized.
City Manager
Associated Information: Resolve
Budget Approval:
Legal Approval:
Introduced for
Passage
X First Reading
Referral
FiWce Director
Page _of_
Solicitor
17-207
JUNE 12, 2017
Assigned to Councilor Weston
/OF BA,yf
CITY OF BANGOR
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(TITLE.) Resolve, Making an Appropriation of Downtown TIF Funds for Expenditures to be Made
During Municipal Year 2018
By the City Council of the City of Bangor
RESOLVED, that there is hereby appropriated the amount of $2,759,163 from the Downtown
Development District TIF funds for the following purposes:
Debt Service Associated with Parking Structures
$
60,750
Debt Service Associated with Court St Demo
$
121,270
Downtown CEA
$
107,247
Waterfront Reserve
$
100,000
Columbia Street Utilities
$
55,000
Downtown Econ Develop Support
$
30,000
Downtown GBCVB Efforts
$
10,000
Downtown Electrical
$
20,000
Dock Replacement
$
54,896
Penobscot River Clean Up
$
300,000
Pickering Square
$
600,000
Arena Debt Service
$1,100,000
Pedestrian Bridge
$
150,000
KD Stream Retaining Walls
$
50,000
BE IT FURTHER RESOLVED THAT the Finance Director is authorized to establish the necessary
accounts for these purposes.
IN CITY COUNCIL
JUNE 12, 2017
CR 17-207
FIRST READING
CITY CLERK
IN CITY COUNCIL
JUNE 26, 2017
CR 17-207
MOTION MADE AND SECONDED FOR PASSAGE
PASSED
CITY CLERIC