03. Resolution 5424 - Westside TIF Distribution (Tabled April 19)_-______ _______________-=_=___...........................-----_--=__=_ __=-___ _===---=__== _
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Date: May 13, 2010
City Kalispell
Post office Box 1997 - Kalispell, Montana 59903-1997
Telephone4 - - -
4G 758 7��� Fax 4� 7 8 S
� � � �
5 775
To: Mayor Fisher & council Members
From: Amy Robertson, Finance Direct
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.
WESTIDE TIF distribution
2009 Reals
$
115009000.00
Consolidated
0.070460
10.46%
$
1569949.78
Co. Health
0.005000
0.74%
$
115137.51
Gen Schools
0.101030
15.00%
$
225,044.52
Noxious creed
0.000450
0.07%
$
113002.38
911 G. G. Bond
0.001920
0.29%
$
45276.80
Flathead High
0.092380
13.72%
$
205,776.63
Sheriff
0.029200
4.34%
$
655043.06
Kal Mosquito
0.000500
0.07%
$
15113.97
Board of Health
0.005590
0.83%
$
12,3451.74
Univ
0.006000 exempt
$
--
I.]Univ
0.040000
5.94%
$
59,100.08
FVCC
0.015270
2.27%
$
34,3013.95
FVCC Med. Lever
0.000420
0.06%
$
935.55
Kal elem 75
0.141370
20.99%
$
3145901.94
City health
0.015200
2.26%
$
33,858.03
City
0.154610
22.96%
$
3449394.07
Mill levies
0.6794001
100.00%
$
1,500,000.00
less exempt
-0.006000
0.6734001
#64 VA 10 V R1t t`
t I : t
WHEREAS, on the 111h 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 "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 I ALISPELL, THIS 17TH DAY OF MAY, 2010.
Tanuni Fisher
Mayor
ATTEST:
Theresa White
City Clerk
EXHIBIT "A"
ESTIDE TIC' distribution
2009 Reals
$
1,5001000.00
Consolidated
0.070460
10.46%
$
156,949.78
Co. Health
0.005000
0.74%
$
119137.51
Gen Schools
0.101030
15.00%
$
225,044.52
Noxious weed
0.000450
0.07%
$
19002.38
911 G. 0. Bond
0.001920
0.29%
$
49276.80
Flathead High
0.0923 80
13.72%n
$
2051776.63
Sheriff
0.029200
4.34%
$
65,043.06
Kal Mosquito
0.000500
0.07 %
$
19113.97
Board of Health
0.005590
0.83%
$
12451.74
Univ
0.006000 exempt
$
Un.iv
0.040000
5.94%
$
895100.08
FVCC
0.015270
2.27%
$
34,013.95
FVCC Hied. Levy
0.000420
0.06%
$
935.55
Kal elem 75
0.141370
20.99%
$
3145901.94
City health
0.015200
2.26%
$
339858,03
City
0.154610
22.96%
$
344,394,07
Mill levies
0.6794001
100.00%
$
1,5009000*00
less exempt
-0.006000
0.6734001