Resolution 4965 - TIF Financing - Financial DriveRESOLUTION NO, 4965
A RESOLUTION TO AUTHORIZE THE USE OF $42,500 OF WEST SIDE URBAN RENEWAL
TAX INCREMENT FINANCING FUNDS TO CONTRIBUTE TO THE UPGRADE OF
FINANCIAL DRIVE TO CITY STANDARDS.
WHEREAS, the West Side Urban Renewal Plan was adopted by Council by Ordinance No. 1259 on
March 17, 1997, which plan includes tax increment financing for the benefit of the
district; and
WHEREAS, included within the stated primary goals of the TIF District are assisting the
redevelopment of the acreage encompassing the Gateway West Mall and the former Crop
Hale Building and the construction of additional access roads to better serve this
underutilized acreage; and
"WHEREAS, Cascade Properties acquired the former Crop Hale Building and adjacent five sites in the
year 2000 and have since then rehabilitated the existing building, which is now fully
utilized and substantially increased its value; and
WHEREAS, Cascade Properties submitted a Preliminary Plat for the Cascade Business Park which
develops the sites adjacent to the Crop Hale Building and contemplates significant
improvements to Financial Drive, currently a private road, to City standards and requests
a 50150 cost sharing with the City for these costs; and
WHEREAS, it is the agreement of Cascade Properties to dedicate Financial Drive to the City upon the
completion of the upgrades; and
WHEREAS, Financial Drive is heavily used by residents of the area for access to the businesses within
this acreage as well as access to Highway 2 which diverts traffic off of the overly used
Two Mile Drive and the planned improvements to this road to City standards will benefit
the district as well as the community at large; and
WHEREAS, the costs for the City's share of the upgrades will be no more than. $42,500; and
WHEREAS, it is an appropriate use of the tax increment funds to be used to contribute to the costs of
the upgrades to Financial Drive,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF KALISPELL
AS FOLLOWS:
SECTION I. The Financial Director is authorized to expend up to $42,500 from the West Side
Urban Renewal District TIF funds for the upgrades to Financial Drive to City
standards with said funds to be paid to Cascade Partners upon completion of such
upgrades to the satisfaction of the Kalispell Public Works Department and
dedication of Financial Drive to the City of Kalispell.
PASSED AND APPROVED BY THE CITY COUNCIL AND SIGNED BY THE MAYOR OF THE
CITY OF KALISPELL, THIS 20" DAY OF DECEMB.ER, 200
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Pamela B. Kennedy
ATTEST- Mayor
Theresa White
City Clerk