HomeMy WebLinkAboutResolution No. R17-07 RESOLUTION NO. R17-07
RESOLUTION AUTHORIZING THE USE OF TAX INCREMENT FINANCE
DISTRICT FUNDS TO PAY OFF THE BALANCE OWED ON SPECIAL
IMPROVEMENT DISTRICT NO. 111 CITY OF LAUREL, MONTANA.
WHEREAS, the City of Laurel previously created Special Improvement District No. 111
("SID No. 111) by and through Resolution No. R05-10 authorizing infrastructure improvements
within the district to include the removal of damaged sidewalks and installation of new
sidewalks as well as the installation of certain sidewalks resulting from the construction of the
new roadway, and paving alley approaches; and
WHEREAS, the City of Laurel created a Tax Increment Financing District ("TIFD") to
be used for the installation and replacement of deficient public infrastructure and facilities
located within the renewal area; and
WHEREAS, the properties constituting the boundaries of SID No. 111 are located
entirely within the renewal area as defined by the City of Laurel's Urban Renewal Plan and City
Ordinance; and
WHEREAS, the improvements planned and constructed within SID No. 111 constitute
infrastructure repair and replacement that are eligible for the utilization of TIFD Funding to
offset the costs incurred for such improvements within SID No. 111; and
WHEREAS, when SID No. 111 was created an error in the fmal cost was made by the
City and as a result the calculated payments are not enough to pay for the entire cost of SID No.
111, and as a result a deficiency currently exists; and
WHEREAS, the City Administration and Staff determined that it is inequitable and
nearly impossible to retroactively seek the unpaid balance resulting from the City's error from
the property owners within SID No. 111 since property ownership changes and a number of
owners paid their properties' share in advance; and
WHEREAS, the City Administration and Staff have recommended the use of TIFD
Funds to pay off the balance of SID No. 111 since it was the City's error that created this
situation and no fault of the previous and current district property owners; and
WHEREAS, the Laurel Urban Renewal Agency was advised of the situation and has
voted to recommend the City's use of TIFD Funds to pay the principal balance of$66,000 that
remains on the SID No. 111 Bond.
NOW, THEREFORE, BE IT RESOLVED the City Council of the City of Laurel,
Montana, resolves and authorizes the following:
1. Pursuant to the recommendations from the City's Administration, Staff and the Laurel
Urban Renewal Agency, the City Council hereby authorizes and approves the City's use
R17-07 SID No. 111 Payoff
of TIFD Funds to pay the $66,000.00 remaining principal balance owed on the SID No.
111 Bond; and
2. The Mayor, Chief Administrative Officer and City Clerk are authorized to execute any
documents required to effectuate the payment of the principal balance owed on SID No.
111.
Introduced at a regular meeting of the City Council on March 21, 2017, by Council
Member Dickerson
PASSED and APPROVED by the City Council of the City of Laurel this 21st day of
March, 2017.
APPROVED by the Mayor this 21'day of March, 2017.
CITY OF L i REr'
ow'�,r
Mark A. ace, Mayor
ATTEST:
Bethany- -.ler, Clerk/Treasurer
Ap. as to rm:
Sam S. Painter, City Civil Attorney
R17-07 SID No. 111 Payoff