2000/06/19 Resolution 4562 - Authorization to Advance Funds to the Airport Renewal District FundREPORT TO:
FROM:
City of Kalispell
Post Office Box 1997 • Kalispell, Montana 59903-1997 • Telephone (406) 758-7700 • FAX (406) 758-7758
Mayor Boharski and City Council Members
Amy Robertson, Finance Director
Chris Kukulski, City Manager
SUBJECT: Resolution authorizing the Finance Director to advance funds from
the General Fund to the Airport Urban Renewal District Fund to
finance the City's obligation for intersection improvements at the
Rosauers redevelopment site. The Advance necessary is $40,000 and
will be repaid with future increment. The interest rate is 6% .
MEETING DATE: June 19, 2000
BACKGROUND: The redevelopment agreement between Rosauers and the City
required the City to provide certain infrastructure improvements
prior to the opening of the store. Increment in the district has not yet
become available and other obligations were not met regarding
another development agreement in the district causing the shortfall in
cash flow.
FISCAL EFFECTS: The advance 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
Amy H. Robertson
Finance Director
Report compiled: June 14, 2000
Chris A. Kukulski
City Manager
RESOLUTION NO. 4562
A RESOLUTION AUTHORIZING THE FINANCE DIRECTOR TO ADVANCE FUNDS
FROM THE GENERAL FUND TO THE AIRPORT URBAN RENEWAL DISTRICT FUND IN
THE AMOUNT OF $40,000 FOR FINANCING UNTIL URBAN RENEWAL TAX INCREMENT
MONIES BECOME AVAILABLE.
WHEREAS, the City has in its General Fund funds to be invested,
WHEREAS, the Airport Urban Renewal District needs to finance the installation of the
signal light at Rosauers per our development agreement,
WHEREAS, the District anticipates receiving future increment,
WHEREAS, the City is authorized and required to transfer funds from one fund to another
fund only by resolution or ordinance, and
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 afore
mentioned funds from the General Fund to the Airport Urban Renewal District Fund
PASSED BY THE CITY COUNCIL OF THE CITY OF KALISPELL AND APPROVED BY THE
MAYOR THIS 19°i DAY OF June , 2000.
William Boharski, Mayor
ATTEST:
City Clerk