2. Resolution 5424 - Westside TIF Distribution.. _ _ _- _ _-_-_____
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Date: April 13, 2010
To: Mayor Fisher & Council. Members
City of Ka
Post ce 13ox ffi 1 Ka s 1� li 11 a Mo n n 9903- o 997 - to a 5 997
Telephone 40 758-7000 Fax w 40 758-7758
ep ( } � }
From: Amy Robertson, Finance Director
Jane Howington, City Manager
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 V of the decision.
A RESOLUTION AUTHORIZING THE DISTRIBUTION OF $1,500,000 FROM THE
CITY 0P KA.LISPEL.L WESTSIDE TAX INCREMENT FINANCING DISTRICT FUND
TO THE ACTED TAXING BODIES PURSUANT TO MCA 7-15-42910
WHEREAS, on the 11 th 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 7-15-4285 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 sure of $1,500,000 to the affected taxing bodies prior to the
end of the 2010 fiscal year.
NOW THEREFORE, BE IT RESOLVED VED BY THE CITY COUNCIL OF THE CITY OF
KALISPELT..., 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 "A"
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 19TH DAY OF APRIL, 2010.
ATTEST:
Theresa white
City Clerk
WEST/DE TIC' distribution
2009 Reals
Consolidated
0.070460
Co. Health
0.005000
Gen Schools
0.101030
Noxious weed
0.000450
911 G. 0. Bond
0.001920
Flathead Nigh
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
I al elem 75
0.141370
City health
0.015200
city
0.154610
Mill levies
0.6794001
less exempt
-0.006000
0.6734001
Tarmni Fisher
Mayor
EXHIBIT "A"
$ 13500,000.00
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 %
$
129451.74
exempt
$
-
5.94%
$
8 9,100.0 8
2.27 %Q
$
34,013.95
0.06%
$
935.55
20.99%n
$
3141N1.94
2.26%
$
33,858,03
22.96%
$
3449394.07
100.00%
$
195009000,00