Resolution 5843 - Husky Street TIF ReimbursementRESOLUTION NO.5843
A RESOLUTION APPROVING THE KALISPELL URBAN RENEWAL AGENCY
RECOMMENDATION TO GRANT REIMBURSEMENT OF CERTAIN TAX INCREMENT
ELIGIBLE COSTS TO HUSKY PARTNERS, LLC IN THE AMOUNT OF UP TO $76,862.60
FROM WEST SIDE — CORE AREA TAX INCREMENT FUNDS TO ASSIST THE
REDEVELOPMENT OF BLIGHTED PROPERTY AT 1110 HUSKY STREET, KALISPELL,
MONTANA.
WHEREAS, the Kalispell Urban Renewal Agency (URA) is recommending, based upon the
application of Husky Partners, LLC, owner of the subject property located at 1110
Husky Street, Kalispell, Montana, that up to $76,862.60 of West Side — Core Area tax
increment funds be considered to assist in this redevelopment project consisting of a
three-story, 24-unit apartment project; and
WHEREAS, the property development is a $2.2 Million project located within the West Side
Urban Renewal District boundary that consists of multi -family housing that
addresses a need for rental housing in the area and otherwise meets multiple Tax
Increment Financing eligibility criteria; and
WHEREAS, the Kalispell City Council finds that the subject property is blighted, is located within
the West Side — Core Area Urban Renewal TIF District and is eligible for assistance
from the increment funds.
NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
KALISPELL, MONTANA, AS FOLLOWS:
SECTION 1. The City Manager is hereby authorized to commit the use of up to $76,862.60
of West Side — Core Area tax increment funds for reimbursing Husky
Partners, LLC for tax increment eligible costs expended by them on the
development project described in the application that is currently before the
Council.
SECTION 2. The City Manager shall make annual reimbursement payments to Husky
Partners, LLC only from tax increment revenues generated by the project at
1110 Husky Street, Kalispell Montana and shall only make such payments
from the West Side — Core Area increment funds remaining after the City has
covered debt service for bonds related to previously approved projects and
bonds associated with obligations of any TIGER grant funded project.
PASSED AND APPROVED BY THE CITY COUNCIL AND SIGNED BY THE MAYOR OF THE
CITY OF KALISPELL, THIS 16TH DAY OF OCTOBER, 2017.
y,ReRRts!lurr! Mark Johns
�CAL1.3k �`Mayor
ATTEST:��
Ai ee Brunckhorst, CMC ��92
City Clerk, *QN-i�'e