2016.04.25 Council Agenda 10

The Council approved an Order on February 8, 2016 to accept  the Route 100 Preliminary Plan Recommendations by the Route 100 Committee and authorized the Town Manager to prepare an amendment to the West Falmouth Crossing Tax Increment Financing District and schedule any required public hearings. Staff and legal consultant have prepared the required draft materials. On March 28, 2016 the Council held a required public hearing for the Tax Increment Financing District Amendment.  No comments were received. Council approval of an order submitting the proposed TIF amendments for review and approval by the Commissioner of the Maine Department of Economic and Community Development is required.

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 up to $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 $6.0M bond through the extension of the district with five years to 2029. The proposed amendments to the TIF development program incorporate the expenses for the Route 100 and several other projects.

All project design 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, a draft of the proposed TIF order, draft TIF development program amendment, financial worksheet, project list (Exhibit B of the program amendment), and development program by year.