2017.06.19 Council Agenda Item 06
Summary
To approve the movement of the FY2017 Route One PACTS Paving Project in the amount of $475,000 from the Route One South and Route One North TIFs to the Ocean View/Natural Gas TIF and to approve a supplemental appropriation from the Streets CIP Fund in the amount of $250,000 for transfer to the OceanView/Natural Gas TIF Fund.
A public comment period will be included with this item (3 minutes).
ACTION: Council action is anticipated.
Description
This Transfer is needed to partially fund the Town match of $448,429.13 for the MaineDOT Highway Preservation Paving Project for Route 1, from 0.33 miles north of the Falmouth-Portland Town Line and extending 1.33 miles to the end of the lane split, and from 0.14 miles north of Bucknam Road and extending 1.51 miles to the Falmouth-Cumberland Town Line, that was completed in 2016.
This project was originally approved as part of the FY2016 Street CIP Budget. During the FY2017 budget process, this project was determined to be a TIF eligible project and was budgeted in the Route One North and South TIFs. It has since been determined that this project is a better fit in the Ocean View/Natural Gas TIF project plan. This Order will remove the Route One Paving projects from the Route One North and Route One South TIFs and add the project to the FY2017 Ocean View/ Natural Gas TIF in the amount of $475,000.
The Ocean View/Natural Gas TIF is a fairly new TIF and does not currently have the fund balance sufficient to cover the entire project cost. This order will temporarily move funds from our existing Streets CIP Fund to the TIF. The Ocean View/Natural Gas TIF will replenish the $250,000 to the Streets CIP Fund over the next 4 years as TIF tax revenues continue to build the TIF Fund balance.
