Resolution 4024 - Pledging Tax Increment Cash Flow for Improvements - Tidyman's243
RESOLUTION NO. 4024
A RESOLUTION PLEDGING $300,000.00 OF TAX INCREMENT REVENUE CASH
FLOW FOR PUBLIC INFRASTRUCTURE IMPROVEMENTS NECESSARY UNDER A
DEVELOPMENT AGREEMENT BETWEEN THE CITY OF KALISPELL AND
TIDYMAN'S, INC.
WHEREAS, the City Council of the City of Kalispell by
Ordinance No. 1168, adopted September 16, 1991, authorized a
certain Project as an urban renewal project and further
authorized the negotiation of a Development Agreement with
Tidyman's, Inc. with regard to said Project, and
WHEREAS, the City of Kalispell and Tidyman's, Inc. entered
into a Development Agreement, effective October 17, 1991, in
which the City agrees to undertake certain activities associated
with the Project involving public infrastructure improvements,
and
WHEREAS, Section 3.2 of said Development Agreement provides
for the City to expend up to $600,000.00 of tax increment
revenue, including an Economic Development Administration Grant,
for public infrastructure improvements associated with the
Project, and further, provides for an Economic Development
Administration Grant to off -set a portion of the costs incurred
by the City for the public infrastructure improvements, and
WHEREAS, by the terms of said Section 3.2 the City
covenanted.._ to provide a minimum of $300,000.00 in public
infrastructure improvements to the Project if the Economic
Development Administration Grant was received.
NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
KALISPELL, AS FOLLOWS:
SECTION I. That the City of Kalispell hereby pledges
a minimum sum of $300,000.00, as the City's matching
local share, for public infrastructure improvements
under the Development Agreement between the City of
Kalispell and Tidyman's, in the event the City of
Kalispell is successful in receiving a grant from the
Economic Development Administration for the sum of
$293,244.00.
SECTION II. This Resolution shall take effect
immediately upon passage by the City Council and
approval by the Mayor.
■
244
PASSED AND APPROVED BY THE CITY COUNCIL AND MAYOR OF THE CITY OF
KALISPELL, MONTANA THIS 4TH DAY OF NOVEMBER, 1991.
ATTEST:
FIN CE'DIRECTOR
2
m