2016.03.28 Council Agenda Item 07
Summary
Public hearing regarding:
- proposed amendments to the West Falmouth Crossing Tax Increment Financing District, and
- the June 14, 2016 referendum question authorizing $6,500,000 of the Town’s Bonds to finance a portion of the cost of the Route 100 Infrastructure Project to be supplemented by funds provided by the Maine Department of Transportation and funds from the West Falmouth Crossing Tax Increment Financing District.
A public comment period will be included with this item (5 minutes).
ACTION: Council action is not anticipated.
Description
On January 25, 2016 the Council reviewed the Preliminary Plan recommendations prepared by the Route 100 Committee. The Council held a public forum on February 8, 2016 and approved an Order to accept the Route 100 Preliminary Plan Recommendations by the Route 100 Committee. As the project cost exceeds $1M, a referendum vote by Falmouth voters is required before this project may proceed to final design. On February 8, 2016 the Council authorized the Town Manager to prepare an amendment to the West Falmouth Crossing Tax Increment Financing District, prepare draft Referendum language, and schedule any required public hearings. The Council set a required public hearing date for the Bond Order and Tax Increment Financing District Amendment for March 28, 2016. Since then staff and legal consultant have prepared the required draft materials for tonight's hearing. At a later date the bond order will be subject to a second public public hearing (date TBD). Council endorsement of sending the TIF amendments to the State of Maine will be scheduled for an April meeting.
Background information:
On May 27, 2015, the Town Council accepted the Vision Plan for Route 100 and authorized the committee to develop Preliminary Plans for the project. FST (now Stantec) assisted the Committee with the development of these plans. The estimated cost for the project is approximately $11M. MaineDOT Commissioner Bernhardt has pledged to contribute $4M to the project. The remainder is proposed to be funded through the West Falmouth Crossing Tax Increment Financing District using a portion of the current and projected fund balances in that account and the proceeds of proposed $6.5M bond through the extension of the district with five years to 2029. MaineDOT has reviewed and approved the Preliminary Plans and has provided a letter pledging up to $4M towards this project.
All project materials have been posted at http://www.falmouthme.org/route-100-committee. (Please go to top left link on this website for all project plans.) Route 100 plans are also displayed in the ground floor hallway between the Council Chambers and the Clerk's Office.
Attachments include a presentation on the project, the estimated construction costs, a draft of the proposed order, and the proposed TIF development program amendment.
