12. Resolution 4722 - Hockaday Museum of Art Loan40 City of Kalispell
Post Office Box 1997 - Kalispell, Montana 59903-1997 - Telephone (406)758-7700 Fax(406)758-7758
REPORT TO:
SUBJECT:
The Honorable Mayor Pamela B. Kennedy and City Council
Susan Moyer, Community Development Director
Chris A. Kukulski, City Manager
Program Income Loan to the Hockaday Museum of Art
MEETING DATE: July 1, 2002
BACKGROUND: The city of Kalispell has granted $40,000 in FY 2003 to the Hockaday Museum of Art
for renovation activities and roof repair. Unfortunately, the Hockaday was not
successful in its attempt to receive a matching grant for roof repair from the State
Historic Preservation Office. As a result, they need a $10,000 3% loan with an
amortization over 5 years loan from the City.
RECOMMENDATION: Staff is recommending the City Council pass a resolution to authorize the loan
to be made this fiscal year from the Community Development Revolving Loan
Fund. Terms of the loan are to be as stated above.
FISCAL IMPACT: The limited interest rate charged over a five-year term will result in $781
interest earned.
ALTERNATIVES: As suggested by Council.
Respectfully submitted,
Susan Moyer, Director Chris Kukulski,
Community Developmei City Manager
Memo generated: June 27, 2002
RESOLUTION NO. 4722
A RESOLUTION AUTHORIZING THE FINANCE DIRECTOR TO LOAN FUNDS FROM
THE COMMUNITY DEVELOPMENT LOAN REVOLVING FUND TO THE HOCKADAY
MUSEUM OF ART IN THE AMOUNT OF $10,000 FOR CAPITAL FINANCING TO BE
USED FOR ROOF REPAIR.
WHEREAS, the City has in its Loan Revolving Fund money available
to be loaned, and
WHEREAS, the Hockaday Museum of Art improvements will be made to
a city owned structure, and
WHEREAS, the City is authorized to loan funds only by resolution
or ordinance.
NOW, THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
KALISPELL AS FOLLOWS:
SECTION I. That the Finance Director is hereby
authorized and directed to advance the
aforementioned funds from the Community
Development Loan Revolving Fund to the
Hockaday Museum of Art to be repaid over
5 years at a rate of 3W.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF KALISPELL
AND SIGNED BY THE MAYOR THIS 1ST DAY OF DULY, 2002.
Pamela B. Kennedy
Mayor
ATTEST:
Theresa White
City Clerk