Resolution 3507 - Resolution of Intent - $10,000,000 Industrial Development Revenue Bonds (Mall)231.
RESOLUTION NO. 3507
A RESOLUTION PROVIDING FOR THE GIVING OF NOTICE OF
A PUBLIC HEARING ON THE PROPOSED ISSUANCE BY THE
CITY OF KALISPELL, MONTANA, OF INDUSTRIAL
DEVELOPMENT REVENUE BONDS IN THE MAXIMUM AGGREGATE
PRINCIPAL AMOUNT OF $10,000,000 FOR KALISPELL
CENTER, LTD., A WASHINGTON LIMITED PARTNERSHIP.,
FOR THE CONSTRUCTION OF A COMMERCIAL SHOPPING
CENTER FACILITY AND CONFIRMING THE PROVISIONS OF
PREVIOUS CITY COUNCIL RESOLUTIONS RELATING THERETO
BE IT RESOLVED by the City Council of the City of
Kalispell, Montana, as follows:
Section 1. Recitals.
1.01. The City is authorized by Title 90, Chapter
5, Part 1, Montana Code Annotated (hereinafter, the "Act"),
to acquire, whether by construction, purchase, devise, gift
or lease, or any one or more of such methods, projects
consisting of any building or other improvements, and all
real and personal properties deemed necessary in connection
therewith, whether or not now in existence, or to loan funds
for the purpose of such projects, which projects shall be
suitable for commercial and medical facilities. The City is
also authorized by the Act to loan funds to defray the cost
of acquiring and improving any such project or to provide
funds for such loans, bonds or notes at public or private
sale in such manner and at such time as may be determined by
this Commission to be most advantageous. Such bonds or
notes are to be secured by such security devices as may be
deemed advantageous by the City.
1.02. On September 12, 1983, the Kalispell City
Council held a public hearing on the issuance of industrial
development revenue bonds in an amount not to exceed Ten
Million Dollars ($10,000,000) (the Bonds) for the purpose of
financing the cost of the acquisition of land and the
acquisition and construction of a 200,000 square foot
commercial shopping center facility and related and
incidental improvements, fixtures, and personal property
(the Project) for.the Glacier Park Company or a related
entity (the Borrower). On .September 19, 1983 the Council
adopted Resolution Number 3497 giving preliminary approval
to the Project and authorizing the issuance of the Bonds for
the Project in the specified amount.
1.03. It is now proposed that the Borrower be
Kalispell Center, Ltd., a Washington limited partnership, in
which Barbieri Hospitality, Inc. will be the general
partner and the Glacier Park Company will be a limited
partner. The proposed Project shall remain the same.
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1.04. The City Council ratifies and confirms all
findings, authorizations and approvals contained in the
previous resolutions regarding the Project and the issuance
of industrial_ development revenue bonds therefor. The
purpose of this resolution is to schedule a public hearing
on the issuance of the Bonds for Kalispell Center, .Ltd., the
proposed new Borrower, in an effort to assure compliance
with the pertinent codes.
Section 2. Public Hearin .
Section 90-5-104, Montana Code Annotated, and
Section 103 of the Code require that prior to the issuance
of any bonds under the authority of the Act, the City shall
give notice and hold a public hearing on the proposed
project. Pursuant to such authority, a public hearing on
the proposed project is called and shall be held on January
9, 1984 at 7:30 o'clock p.m. at the City Council Chambers,
City Hall, Kalispell, Montana.
Section 3. Form of Notice.
The notice of the public hearing shall be in
substantially the form as set forth in Exhibit A hereto_
Section 4. Publication of Notice.
The City shall cause the notice to be published in
a newspaper of general circulation in the City at leas` once
a week for three, consecutive weeks prior to the date set for
the hearing, the last such publication being at least seven
days before the date of the hearing, excluding the day of
publication.
Section 5. Costs and Commitment.
The Borrower will make payment either directly or
through the City of any and all costs incurred by the City
in connection with the Project whether or not the Project is
finally approved, whether or not the Project is carried to
completion and whether or not the Bonds are issued.'
The adoption of this resolution does not
constitute a guarantee or a firm commitment that the City
will issue the Bonds as.requested by the Borrower. The City
retains the right in its sole discretion to withdraw from
participation and accordingly not issue the'Bonds should the
City at any time prior to the issuance thereof determine
that it is in the best interests of the City to not issue
the Bonds or should the parties to the transaction be unable
to reach agreement as to the terms and conditions of any of
the documents required for the transaction.
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PASSED A14D APPROVED BY THE CITY COUNCIL OF
KALISPELL, MONTANA.
This day of lgg;
Attest J�l�.,ti.��•�,s_�,� �.._
C y Clerk
(SEAL OF CITY)
the undersigned, City Clerk of the City of Kalispell certify that the foregoing is a true
,opy of the Resolution passe by the City Council of the City of Kalispell, Montana at a
regular meeting held
City Cle3yof the City of Sad-ispell
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