Resolution 3529 - Tax Increment Funds for Public Utilities - Mall ProjectRESOLUTION NO. �5
290.
A RFSOLUT10N PLEDGING TAX ?NC1rE%1ENT FUNDS F T,,E CITY OF K "LISPELL
FOR THE DESIGN, CONSTRUCTION AND INSTALLATION OF ALL PUBLIC UTILITIES
NECESSARY AS A RESULT OF THE CONSTRUCTION OF THE KALISPELL CENTER,
LTD.
WHEREAS, the City of Kalispell has undertaken the revitalization of its project
area through the Kalispell Downtown Redevelopment Project; and
WHEREAS, a community development known as the Kalispell Center, Ltd., has
been proposed for, the Kalispell Downtown Redevelopment District; and
WHEREAS, the United States Department of Housing and Urban Development
has awarded the City of. Kalispell a Urban Development Action Grant under §119 of
the Housing and Community Development Act of 1974, to assist in funding the
construction of 17l,000 square feet of shopping mail and 134 room hotel and restaurant
located within the Kalispell Downtown Redevelopment District; and
WHEREAS, the Kalispell Center, Ltd., has agreed to construct the shopping
mail and hotel at an estimated minimum private expense of Fourteen Million, One
Hundred Seventy-three Thousand Three Hundred Eighty-six Dollars ($14,173,386.00);
and
WHEREAS, the Kalispell Center, Ltd. will generate up to Two Hundred Fifty
Thousand Dollars ($250,000.00) in project taxes after the 1986 appraisal; and
WHEREAS, the City can participate in the project for purposes of the UDAG
Grant by contributing a portion of that tax increment to the design, construction
and installation of public utilities necessary as a result of the construction of the
Kalispell Center, Ltd.
that:
NOW, THEREFORE, by it Resolved by the City Council of the City of Kalispell
SECTION 1. The City of Kalispell hereby pledges tax increment
funds of the City . of Kalispell in the amount of Four Hundred Thousand
($400,000.00) for the design, construction and installation of all public
utilities including but not limited to street improvements, upgrading of
sanitary sewer, storm sewer, water improvements, improvements of traffic
circulation, signalization and all other public utilities necessary as a
result of the construction of the Kalispell Center, Ltd.
SECTION 11. In the event the Four Hundred Thousand Dollars
($400,000.00) herein pledged by the City is not sufficient amount for
the design, construction and installation of all public utilities, including
but not limited to street improvements, upgrading of sanitary sewer,
storm sewer, water improvements, improvements of traffic circulation,
signalization and all other public utilities, the City will make available
tax increment monies or such other monies which in the Council's judgment
are necessary to complete the design, construction and installation of all
public utilities, herein designated, necessary as a result of the con-
struction of Kalispell Center, Ltd in an amount not to exceed Eight
Hundred Thousand Dollars ($800,000.00).
SECTION 111. The committment of the City herein made is contin-
gent upon the sale of Industrial Development Revenue Bonds for the
Kalispell Center, Ltd. and the construction of the Kalispell Center,
Ltd.
PASS D BY THE
OF
CITY COUNCIL AND APPROVED BY THE MAYOR THIS .ZS DAY
1984.
�ir1M ��.+ .l � ,►7 ice-
ATTEST:
arjoriV Giermann, City Clerk --Treasurer
I, the undersigned, City Clerk of the City of Kalispell certify that the foregoing is a true
copy of the Resolution passe, by the City Council o the City of Kalispell, Montana at a
At -
regular meeting held (JA-Q
City Clel of the City of Kalispell