Loading...
2. Resolution 5424 - Westside TIF Distribution.. _ _ _- _ _-_-_____ ....... _ _. _._ - -__- - _ - --___ _ __ ____ . _._... __.__ _ ____ _ __ __ ........... ....... _ _._..... _ ......_..._.___ -_ _ _ __ __ ._.._.... _. .. . -__ __ - - _...._ - _ .............. ..:...:..........::::::. ......................... __ ._._ . _-___ _ . _ . _ ----- -_ __ ___ _ _ _ _ _-_- - _ W W._ : W .....:.:.... - ...... _____ __ ___ __ -___ . - - _ - - - _ - — - -- _ -- - .._ _ _.. _ - ........:... .......... .. -_ _ ___ ......... - -- _ ._. - — _ _ _ - _ - - -- - _ -_ - .. - --- ..................... ......:..::: 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