Resolution 3484 - Tax Increment Funds for Mall Project191.
RESOLUTION NO. 3484
i
A RESOLUTION OF INTENTION To C . ONSIDER"Pt2DGING UP TO FOUR HUNDRED
THOUSAND DOLLARS �5400,000-00) IN CITY OF KALISPELL TAX INCREMENT
FUNDS TO THE KALISPELL MALL -PROJECT, FOR THE PURPOSE OF INSTALLING
PUBLIC IMPROVEMENTS IN THE MALL AREA, WITH SAID PLEDGE BEING CON-
TINGENT UPON THE AWARD OF AN URBAN DEVELOPMENT ACTION GRANT AND THE
SALE OF INDUSTRIAL DEVELOPMENT..BONDS.
WHEREAS, the City of Kalispell has undertaken the revitalization
of its project area through the Kalispell Downtown Redevelopment
Plan; and
WHEREAS, a commercial development known as the Ka lispell Mall
is being proposed for the Kalispell Downtown Redevelopment District;
and
WHEREAS, the viability and success of this project is dependent
upon the use of Industrial Development Revenue Bonds and the award
of an Urban Development Action Grant by the Department of Housing and
Urban Development; and
WHEREAS, the award of an urban Development Action Grant is de-
pendent upon the City's financial participation in the project; and
WHEREAS, the Kalispell mall will generate up to Two Hundred and
Fifty Thousand Dollars ($250,000-00) in projected taxes after the
1986 appraisal; and
WHEREAS, the City can participate in this project for purposes
of the -grant by contributing a portion of that tax increment to the
Kalispell Mall.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL THAT:
it is the intention of the City of Kalis pell to pledge up to
Four Hundred Thousand Dollars ($400,000-00) of the taxes generated
in the Tax Increment District of the City of Kalispell (Kalispell
Downtown Redevelopment Area) for street improvements, upgrading of
public'utilities, improvement of traffic circulation and signali-
zation and other publicpses necessary for the, zuccessful comple-
tion of the Kalispell Mall Project.
BE IT FURTHER RESOLVED THAT:
This committment, if made, is contingent upon the award of an
Urban Development Action Grant and the sale of Industrial Development
Revenue Bonds for the Kalispell mall Project. it is also contingent
upon the execution of legally binding agreements committing the de-
veloper to complete the project according to the plans.submitted to
the City Council.
PASSED BY THE CITY COUNCILAND APPROVED BY THE MAYOR THIS 15Th
DAY OF August _, 1983.
0—
McDo�ie—il-,--t7rayor
ATTEST:
1W
Marjo e Giermann
ActineCity Clerk -Treasurer
I, the undersigned, City Clerk of the City of Kalispell certify that the foregoing is a true
copy of the Resolution passed by the City Council of the City of Kalispell" Montana at a
regular meeting held 1/1�,
t ok
City C
of the City of Kalispell