Resolution 4942 - TIF Policy AmendmentRESOLUTION NO, 4942
A RESOLUTION TO AMEND THE POLICY AND APPLICATION PROCESS FOR TAX
INCREMENT FINANCING IN ALL URBAN RENEWAL DISTRICTS AS AUTHORIZED
BY ORDINANCE No. 933 ON REDEVELOPMENT PROJECTS IN THE CITY OF
KALISPELL.
WHEREAS, Title 7, Chapter 15, Parts 42 & 43, Montana Code Annotated authorize the City of
Kalispell to develop a workable urban renewal plan to rehabilitate and eliminate
blighted areas utilizing "tax increment finances" in partnership with private
enterprise; and
WHEREAS, the existing policy and application process for tax increment financing in all urban
renewal districts was last modified in February of 2002 and based upon a review of
that policy, it is in the best interests of the City that the existing policy be amended;
and
WHEREAS, the policy should be amended to establish that the interest rate of loans should be
tied to the Prime Rate and subject to change on a regular basis and that loan and
mortgage terms of 15 and 20 years be established based upon the total amount of the
loan: and
WHEREAS, the policy should no longer consider land acquisition as an eligible activity as
previously allowed under Item III of the policy; and
WHEREAS, Item IV of the policy, regarding the utilization of funds involving TIF interest
subsidized loans, should be deleted, as the program no longer exists.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
KALISPELL AS FOLLOWS:
SECTION I. That pursuant to the authority granted to the City of Kalispell by Title 7,
Chapter 15, Parts 42 & 43, Montana Code Annotated, and as a means of
implementing the tax increment assistance provisions applicable to all
Redevelopment Plan areas, the "Policy and Application Process for Tax
Increment Financing in All Urban Renewal Districts", as amended as
Revision 10/4/2004, is hereby adopted and authorized for use by the City of
Kalispell. A copy of said Policy shall be available upon request at the Office
of City Clerk of Kalispell.
PASSED AND APPROVED BY THE CITY COUNCIL AND SIGNED BY THE MAYOR OF
THE CITY OF KALISPELL, THIS 4TH DAY OF OCTOBER, 2004.
Pamela B. Kennedy
Mayor]
ATTEST:
Theresa White
City Clerk