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Ordinance 1260 - TIF Amendment - Airport AreaV ORDINANCE NO, 12.60 AN ORDINANCE AMENDING ORDINANCE NO. 1242 TO PROVIDE FOR THE SEGREGATION OF AND APPLICATION OF TAX INCREMENT IN THE CITY AIRPORT/ATHLETIC COMPLEX REDEVELOPMENT PLAN AND CONFIRMING JANUARY 111T, 1996 AS THE BASE YEAR FOR CALCULATING THE TAX INCRffiMqT. WHEREAS, on June 17tb, 1996, the City Council of the City of Kalispell adopted Ordinance No. 1242 approving the Kalispell City Airport/Athletic Complex Redevelopment Plan as an urban renewal plan, and WHEREAS, under said Ordinance the City authorized the Manager to implement the Plan with the powers set forth in Title 7, Chapter 15, Parts 42 and 43, which includes a provision for the segregation and application of tax increments accruing to a district, and WHEREAS, under § 7-15-4286, MCA mill rates of taxing bodies for taxes levied after the effective date of the tax increment provision shall be calculated on the basis of the sum of the taxable value, as shown by the last equalized assessment roll, of all taxable property located outside the urban renewal area and the base taxable value of all taxable property located within the urban renewal area. The mill rate so determined shall be levied against the sum of the actual taxable value of all taxable property located within as well as outside the urban renewal area. The tax increment, if any, received in each year from the levy of the combined mill rates of all the effected taxing bodies against the incremental taxable value within the urban renewal area, except for the university system mills levied and assessed against property as defined in 7-15-4292 (6)(a), shall be paid into a special fund held by the treasurer of the municipality and used as provided in'7-15-4282 through 7- 15-4292, MCA, and WHEREAS, the effective date of Ordinance No. 1747 was July 17, 1996. is\wp\amend1242.wpd 504 NOW THEREFORE, BE•IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF KALISPELL, AS FOLLOWS: AROTTON T; That January 18t, 1996 shall be established as the base year for calculating tax increment. SECTION II. That the City shall segregate and apply tax increments accruing to the district, as provided in H 7-15-82 through 7-15-4292, MCA. nRCTION IYI. That this Ordinance shall take effect thirty (30) days, from and after, its passage and adoption by the City Council. FINALLY PASSED AND APPROVED BY THE CITY COUNCIL AND MAYOR OF THE CITY OF KALISPELL, THIS 17*K DAY OF MARCH, 1997. Attest: Debbie GiVoU01 CMC Clerk of is\wp\amend1242.wpd 1 1 1