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03. Resolution 5424 - Westside TIF Distribution (Tabled April 19)_-______ _______________-=_=___...........................-----_--=__=_ __=-___ _===---=__== _ ..__-_- --_---_- -. __ -_-_ .._......_ -.. _____-_--_- _ - _ ..-..... _-.__ ............... - _-__ -- -___ - -- _ - _ 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