Resolution 5506 - Partial TIF Distribution - Old School Station Lot 719MT17lli I>�i Ci ► ►��i�Ci��i1T
WHEREAS, on the 21 st day of November, 2005 the City of Kalispell established the Old School
Station Technology Tax Increment Financing (TIF) District with Ordinance No. 1558
pursuant to the authority granted the City under MCA Title 7, Chapter 15, Part 42; and
WHEREAS, the city received a request from Glacier Investment Properties (GIP), owner of Lot 7, Old
School Station, for a distribution from the Old School Technology TIF account in the
sum of $277,413.00 for the purpose of land acquisition costs, SID costs, latecomers fees,
and special wiring for Lot 7, Old School Station; and
WHEREAS, on February 7, 2011, the Kalispell City Council passed Resolution No. 5480 which
specifically allowed the use of TIF funds to pay Special Improvement District
assessments; and
WHEREAS, the Urban Renewal Agency met on May 4, 2011 and fully considered the request of
Glacier Investment Properties and determined to recommend to the City Council that it
partially approve the distribution request by recommending that each year the tax
increment payments contributed by Lot 7, Old School Station be applied to the SID bond
obligation share of Lot 7, Old School Station for a period not to exceed 10 years and in
an amount not to exceed 100% of the SID obligation on Lot 7, Old School Station; and
WHEREAS, the Kalispell City Council finds in this case that the application of tax increment
generated by the parcel within the Old School Station Technology TIF District against
the SID obligation assigned to that parcel meets the goals of the district by funding the
public infrastructure within the district and attracting investment to the district.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF KALISPELL
AS FOLLOWS:
SECTION I. The City Manager is authorized to instruct the Finance Director to apply the tax
increment payments contributed by Lot 7, Old School Station to the SID bond
obligation share of Lot 7, Old School Station for a period not to exceed 10 years
or until the tax increment district sunsets, whichever comes first, and in an
amount not to exceed 100% of the SID obligation on Lot 7, Old School Station.
PASSED AND APPROVED BY THE CITY COUNCIL AND SIGNED BY THE MAYOR OF THE
CITY OF KALISPELL, THIS 5TH DAY OF JULY, 2011.
Tammi Fisher
Mayor
ATTE T
Theresa White
City Clerk