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03. Resolution 5424 - Westside TIF Distribution (Tabled May 17)N.fONTANA Date: May 13, 2010 City of Kalispell Post Office Box 1997 - Kalispell, Montana 59903-1997 Telephone (406) 758-7000 Fax - (406) 758-7758 To: Mayor Fisher & Council. Members From: Amy Robertson, Finance Direct 41 Jane Howington, City Manager i6 Re: Westside Tax Increment District distribution The Westside TIF District fund bond liability ends with the final payment this spring. The District is scheduled to sunset March 11, 2012. The City Council has the authority to disburse available funds not needed for debt service, returning those dollars to the taxing jurisdictions. The TIF fund currently has $1,782,752 cash on hand with another $150,000 in second half tax payments due in June/July. The District will generate approximately $300,000 in increment in fiscal 2011. Those funds will be available for projects or distribution at a later date. The City FY2010 budget appropriated $1,500,000 for a redevelopment contingency. This provides the budget authority to make a distribution. The distribution would be made on the current mill levy; the spreadsheet is attached to the resolution. The District itself will continue to receive incremental revenue until the District sunsets unless Council directs that the District sunset sooner. Department of Revenue would need to be noticed by January I' of the decision. RESOLUTION NO.5424 A RESOLUTION AUTHORIZING THE DISTRIBUTION OF $1,500,000 FROM THE CITY OF KALISPELL WESTSIDE TAX INCREMENT FINANCING DISTRICT FUND TO THE AFFECTED TAXING BODIES PURSUANT TO MCA 7-15-4291. WHEREAS, on the I1`h day of March 1997 the Kalispell City Council passed Ordinance 1259 approving the Westside Urban Renewal Plan for the City of Kalispell, Montana as an urban renewal plan; providing for the segregation and application of tax increment in the Westside Urban Renewal Plan and authorizing the City Manager to implement the Plan with the powers contained in the urban renewal law; and WHEREAS, the Westside Tax Increment Financing District Fund has been utilized, among other things, to finance a bond used for infrastructure improvements within the District and such bond shall be retired before the end of the current fiscal year and there are no other legal demands upon the Fund for costs under MCA 7-15-4288 or for debt service under MCA 7-15-4289; and WHEREAS, there are currently no urban renewal project requests before the Council that meet its criteria for the use of the Westside Tax Increment Financing District Fund; and WHEREAS, there is currently $1,782,752 cash on hand in the Fund and it is anticipated to receive an additional $450,000 in receipts before the end of the 2011 fiscal year; and WHEREAS, the City is authorized, pursuant to MCA 7-15-4291 to remit to the other affected taxing bodies any portion of the tax increment not currently required for the payment of the costs listed in MCA 7-15-4288 or pledged to the payment of the principal of premiums, if any, and interest on the bonds referred to in MCA 7-15- 4289; and WHEREAS, the City fiscal year 2010 budget appropriated $1,500,000 for redevelopment contingency which includes the budget authority to make a distribution to all of the affected taxing bodies; and WHEREAS, the Kalispell City Council finds that it is in the best interests of the City and its citizens to remit the sum of $1,500,000 to the affected taxing bodies prior to the end of the 2010 fiscal year. NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF KALISPELL AS FOLLOWS: SECTION I. That prior to the end of the 2010 fiscal year, the City of Kalispell shall remit from its Westside Tax Increment Financing District Fund the sum of $1,500,000 to the affected taxing bodies as set forth in Exhibit attached hereto and incorporated fully herein by this reference. PASSED AND APPROVED BY THE CITY COUNCIL AND SIGNED BY THE MAYOR OF THE CITY OF KALISPELL, THIS 16TH DAY OF AUGUST, 2010. Tammi Fisher Mayor ATTEST: Theresa White City Clerk EXHIBIT "A" WESTIDE TIF distribution 2009 Reals $ 1,000,000.00 Consolidated 0.070460 10.46% $ 104,633.19 Co. Health 0.005000 0.74% $ 7,425.01 Gen Schools 0.101030 15.00% $ 150,029.68 Noxious weed 0.000450 0.07% $ 668.25 911 G. O. Bond 0.001920 0.29% $ 2,851.20 Flathead High 0.092380 13.72% $ 137,184.42 Sheriff 0.029200 4.34% $ 43,362.04 Kal Mosquito 0.000500 0.07% $ 742.65 Board of Health 0.005590 0.83% $ 8,301.16 Univ 0.006000 exempt $ - Univ 0.040000 5.94% $ 59,400.05 FVCC 0.015270 2.27% $ 22,675.97 FVCC Med. Levy 0.000420 0.06% $ 623.70 Kal elem 75 0.141370 20.99% $ 209,934.63 City health 0.015200 2.26% $ 22,572.02 City 0.154610 22.96% $ 229,596.05 Mill levies 0.6794001 100.00% $ 1,000,000.00 less exempt -0.006000 0.6734001 WESTIDE TIF distribution 2009 Reals Consolidated 0.070460 Co. Health 0.005000 Gen Schools 0.101030 Noxious weed 0.000450 911 G. O. Bond 0.001920 Flathead High 0.092380 Sheriff 0.029200 Kal Mosquito 0.000500 Board of Health 0.005590 Unit/ 0.006000 univ 0.040000 FVCC 0.015270 FVCC Med. Levy 0.000420 Kai elem 75 0.141370 City health 0.015200 City 0.154610 Mill levies 0.6794001 less exempt -0.006000 0.6734001 I . 11: i U $ 1,500,000.00 10.46% $ 156,949.78 0.74% $ 11,137.51 15.00% $ 225,044.52 0.07% $ 1,002.38 0.29% $ 4,276.80 13.72% $ 205,776.63 4.34% $ 65,043.06 0.07% $ 1,113.97 0.83 % $ 12,451.74 exempt $ - 5.94% $ 89,100.08 2.27% $ 34,013.95 0.06% $ 935.55 20.99% $ 314,901.94 2.26% $ 33,858.03 22.96% $ 344,394.07 100.00% $ 1,500,000.00 WESTIDE TIF distribution 2009 Reals Consolidated 0.070460 Co. Health 0.005000 Gen Schools 0.101030 Noxious weed 0.000450 911 G. O. Bond 0.001920 Flathead High 0.092380 Sheriff 0.029200 Kal Mosquito 0.000500 Board of Health 0.005590 Univ 0.006000 Univ 0.040000 FVCC 0.015270 FVCC Med. Levy 0.000420 Kal elem 75 0.141370 City health 0.015200 City 0.154610 Mill levies 0.6794001 less exempt-0.006000 0.6734001 EXHIBIT "A-2" $ 1,800,000.00 10.46% $ 188,339.74 0.74% $ 13,365.01 15.00% $ 270,053.42 0.07% $ 1,202.85 0.29% $ 5,132.16 13.72%a $ 246,931.95 4.34% $ 78,051.67 0.07% $ 1,336.77 0.83% $ 14,942.08 exempt $ - 5.94% $ 106,920.09 2.27% $ 40,816.74 0.06% $ 1,122.66 20.99% $ 377,882.33 2.26% $ 409629.63 22.96% $ 413,272.88 100.00% $ 1,800,000.00 O �t N vl �o Vn t` t- 00 ON "t �c M M = Q N O [� O d• DD � O� �D [� O O t• tiD M �O op O �I'i O Ot vy M N N N N C+ N C N O M M M Wn M CN N 00 N h O O� 00 -- 00 O W M O -+ Ln \0 00 ID O th O M 0 M 0 00 — n v t- o v t- ' d vi 'T 00 qer n wy 69 64 fig 64 69 64 64 69 69 64 64 64 fi9 fii9 69 6R 6R N4 6R OQ - N 00 O M �o t� rr t- Wn M oo I O C\ tr Oti r- �o M M t M d l+ l 8 - kn O1, - O O N t- - t uc N 0 WO rq It � O Obi Vkn1 © O O O N O a1 at 00 en O N O\ 4 'Izf:, f.� 0C 00 M .-i M t- en M Vn M 164 64 69 69 69 6A 64 6s 69 64 64 69 fi9 69 6R fiR 6/9 69 ON 00 to O N 'eh to %0 M V'1 ON 00 'IT N N -• M N N %O ul 00 \O I O lI�rO t-- CD N en tn � 00 O r- Q m NO G Q C ,�f 11C �c ON tn wi 0 01 N 01 N * O N W'l cV O N N P N N N O N rl fi4164 69 64 64 io4 64 61. 64 64 64 64 69 64 64 6R 6R 6R 6R 1* [- Cl O N [- M O 00 O\ NC! 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