6. Resolution 4551 - Authorizing Loan to the West Side Urban Renewal District FundCity of Kalispell
Post Office Box 1997 • Kalispell, Montana 59903-1997 • Telephone (406) 758-7700 • FAX (406) 758-7758
REPORT TO:
FROM:
SUBJECT:
MEETING DATE:
BACKGROUND:
FISCAL EFFECTS:
Mayor Boharski and City Council Members
Amy Robertson, Finance Director
Chris Kukulski, City Manager
Resolution authorizing the Finance Director to advance funds from
the UDAG account to the Westside Urban Renewal District Fund to
Finance startup costs for the district including legal fees and other
administrative costs. The Advance necessary is $75,000 and will be
repaid with future increment The interest rate is 6% interest.
April 17, 2000
Legal fees and startup management costs have been incurred. The
Westside Urban Renewal District anticipates growth as a result of
the Westgate Mall improvements and the Stream, International move
to the property.
Loan between funds will be repaid at 6%. Timing of the repayment
is uncertain. Funds will be spent on existing claims.
RECOMMENDATION: Adopt resolution.
ALTERNATIVES: None
Finance Director
Report compiled: April 10, 2000
C "X�-
Chris A. Kukulsk'
City Manager
RESOLUTION NO. 4551
A RESOLUTION AUTHORIZING THE FINANCE DIRECTOR TO ADVANCE FUNDS FROM
THE UDAG FUND TO THE WESTSIDE URBAN RENEWAL DISTRICT FUND IN THE
AMOUNT OF $75,000.00 FOR THE PURPOSE OF FINANCING THE START UP
COSTS FOR THE DISTRICT, INCLUDING LEGAL FEES AND OTHER
ADMINISTRATIVE COSTS.
WHEREAS, the City has in its UDAG account funds to be invested on
a long-term basis,
WHEREAS, the Westside Urban Renewal District needs to finance a
portion of the costs to be paid from future increment of
the District for cash flow purposes,
WHEREAS, the District is willing to pay interest at 6% per annum,
WHEREAS, the District anticipates future increment upon completion
of the Westgate improvements,
WHEREAS, the City is authorized and required to transfer funds
from one fund to another fund only by resolution or
ordinance.
NOW, THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
KALISPELL AS FOLLOWS:
That the Finance Director is hereby authorized and
directed to advance the aforementioned funds from the
UDAG account to the Westside Urban Renewal District.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF KALISPELL
AND SIGNED BY THE MAYOR THIS 17TH DAY OF APRIL, 2000.
Wm. E. Boharski
Mayor
ATTEST:
Theresa White
City Clerk