2016.02.22 Council Agenda Item 14
Summary
Order to schedule a public hearing on Monday, March 28, 2016 at 7:00 p.m. 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 (3 minutes).
ACTION: Council action is anticipated.
Description
On January 25, 2016, the Council was presented with Preliminary Plan recommendations as 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 also 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.
Staff is working to prepare the required materials. The Town Manager is requesting that the Council set a required public hearing date for the Bond Order and Tax Increment Financing District Amendment for March 28, 2016.
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 2030.
MaineDOT has reviewed and approved the Preliminary Plans and has provided a letter pledging $3-4M 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 presentation plans are displayed in the ground floor hallway between the Council Chambers and the Clerk's Office.
