3. Continuing Discussion of Downtown Urban Renewal BudgetMEMO
To: Mayor and City Co it
From: Al Thelen
Date: March 19, 1999
Re: Updated Downtown Urban Renewal Budget for FY2000, 2001
and 2002
Finance Director Amy Robertson's updated spread sheet for this
budget is attached. She has identified the changes suggested by
the Council and projects were moved to different years to be more
in line with the projected cash flow each year. The estimated
revenues and expenditures for fiscal 2000 show a negative balance
of $526,244. Amy suggested that instead of moving some of the
expenditures to another year, we add a projected loan amount of
$526,244 for FY2000 so that you will be able to initiate all of
these projects if they are ready without a budget amendment.
We feel certain that some of the projects shown in FY2000 will
not be complete and will result in being carried over to FY2001.
Since we are nearing the end of this project, it is reasonable to
initiate as many of the projects as possible.
Amy has also made some adjustments for the current year as it
relates to the purchase of the lot from Valley Bank this year and
Post Office Box 1997 • Kalispell, Montana 59903-1997
NEMENESISHENOM Telephone (406) 758-7700 • FAX (406) 758-7758
relates to the purchase of the lot from Valley Bank this year and
some City Hall improvements. The unallocated account has been
increased for FY2000 and 20002 to provide the Council some
flexibility for projects that cannot be identified today.
We are pulling together some data on the sprinklers at the
High School and street lights. We hope to have this information
available for your April 12th meeting when we anticipate you will
approve a preliminary budget for this fund.
DOWNTOWN TAX INCREMENT
REVISED 3/18/99
FY1999
FY2000
FY2001
FY2002
Cash on Hand 7/1/98
$1,716,410
$1,551,573
($526,244)
($641,664)
Bond Reserve
$123,046
Taxes rec. FY99 (Real & Personal)
$2,200,000
$2,200,000
$2,220,000
$2,230,000
Sale of Land (fy99 received)
$296,073
Interest Earnings - est.
$94,000
$85,000
$75,000
$50,000
Loan Repayments
$6,500
$12,732
$9,432
$6,132
Available
$4,312,983
$3,849,305
$1,778,188
$1,767,514
Anticipated Expenditures FY (see detail)
($2,761,410)
($4,375,549)
($2,419,852)
($1,767,514)
Cash Carroyover -July 1, 1999
LJJ I 37
52¢,244)
Expenditure Detail:
Future years expenditures:
Debt Service
$262,025
$258,225
$282,800
Administration
$275,000
$275,000
$275,000
Market Place III ($80,000 moved to unallocated)
Parking (carryover)
$440,000
$200,000
Lots So. of City Hall $275,000
Tele/Sportman lot
Valley Bank lot $160,000 FY99
City Hall /construcion or purchase
$261,776
$500,000
Urban Design contract services (carryover)
$30,000
Parking Lot Improvements(carryover)
$35,000
Studies / Surveys (carryover)
$15,000
Ave. of Arts/Conrad Connection (carryover)
$0
KDC Site (estimated -memo 3/3/99 -utilities-1st Alley E.)
$0
Commercial Loans
$50,000
$50,000
$50,000
Public Works FY99 (carryover)
$765,068
Water projects
$30,000
$490,000
$525,000
Reconstruct 1st Ave. E., 6th to 12th st.
$650,000
Traffic Signal -1st Ave. W & 3rd St. -Post office
$140,000
Overlays/chip seal
$140,000
$140,000
$140,000
Alley Paving-20 blocks per year
$40,000
$40,000
Storm -reconstruct & raise -1st Ave. E. to 5th Ave. W./Center St.
$35,000
Alley -reconstruct concrete -2nd Alley E./1st to 4th st.
$80,000
Sidewalks
$75,000
$75,000
$75,000
Parks Dept. Downtown beautification
$30,500
$27,000
$27,000
Hwy 93 South project
$800,000
BID assessments
$11,180
$11,180
$11,180
BID Downtown Improvements requested
$250,000
Hockaday rehab
$110,947
$110,947
County request -Detention center elevator -50% match
$65,000
County request -Detention 2 cell addition-50% match
$150,000
County request -Youth Court Services addition-50% match
$87,500
Health Dept. new building
$0
Street Lights
H.S. -underground sprinklers
Redevelopment (unallocated)
$100,000
$70,587
Total expenditures requested by year
$4,375,549
$2,419,852
$1,767,514
Spent or Anticipated to be spent FY99:
Hockaday (air conditioning)
$10,200
Library (carpet)
$75,000
Building Improv. (City Hall)
$88,224
Administration -(transfer, audit,FERDO)
$275,543
Redevelopment
$25,128
Changes Made:
Debt Service -current year
$258,765
($150,000) Ave. of the Arts
Housing & Commercial loans
$43,766
($1,000,000) KDC Site
Center St. Plaza
$74,000
($65,000) detention center elevator
Public works infrastructure:
($87,500) Youth Court
Traffic signal
$163,915
($500,000) Health Dept.
Sidewalks
$25,504
$9,500 Corrected Parks requests-$6,500, $2,500, $2,500
Storm Sewer 20%
$18,000
Water -hydrants
$37,921
Projects moved to different years
Sanitary-20%
$126,000
$765,068 Public works infrastructure carried over to FY00 fm FY99
Snowblower
$35,870
$7,500 Custom design grant -moved to unallocated ($2,500 per year)
Overlays
$30,942
$15,000 Historic Preservation -moved to unallocated
Antique light repainting
$6,000
$80,000 moved from Market Place III to unallocated
Parks appropriation
$26,950
$200,000 Parking moved to 3rd year
Valley Bank parking lot
$160,000
$221,894 Hockaday split 2nd & 3rd year
Projects:
$140,000 signal -post office moved to 2nd year
Central school
$1,098,152
KDC site
$181,530
Projects expected to be spent FY99
Market Place III
$0
$160,000 Valley bank FY99
Parking
$0
$88,224 City hall -generator, radio base system, PD improvements
TOTAL fy99
$2,761,410