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HomeMy WebLinkAboutResolution 4772 Creation of SID 740, Improvements to North Ferguson and West Oak (Megabuild) no • r CV CO. COMMISSION RESOLUTION NO. 4772 i A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF BOZEMAN, MONTANA, RELATING TO SPECIAL IMPROVEMENT DISTRICT NO. 740; CREATING THE DISTRICT FOR THE PURPOSE OF UNDERTAKING CERTAIN r q LOCAL IMPROVEMENTS IN AND ABOUT NORTH FERGUSON AVENUE BETWEEN WEST OAK STREET AND BAXTER LANE AND WEST OAK STREET BETWEEN DAVIS LANE AND NORTH FERGUSON AVENUE, FINANCING THE COSTS THEREOF AND INCIDENTAL THERETO THROUGH A LOAN TO THE DISTRICT FROM THE CITY'S ARTERIAL& COLLECTOR DISTRICT FUND. i WHEREAS, on the 20th day of March, 2017, the City Commission(the "Commission") of the City of Bozeman, Montana (the "City") adopted Commission Resolution No. 4771 (the "Resolution of Intention"), stating its intent to create Special Improvement District No. 740 (the "District") to finance the costs of various improvements within the District as described therein (the "Improvements"); and WHEREAS, as set forth in the Resolution of Intention, the Commission committed other revenue sources from street impact fees to the costs of the project; and i WHEREAS, on March 26th and April 2nd, 2017, the City Clerk did publish a Notice of i Passage of the Resolution of Intent to Create SID No. 740 in accordance with Sect. 7-12-4106, MCA, and mailed said notice to each person, firm,or corporation or the agent of the person, firm or corporation having real property within the proposed District; and WHEREAS, the Bozeman City Commission conducted a public hearing on protests submitted to the creation of the District on April 17,2017 and did pass on all such protests having found the written protests not sufficient to bar the Commission from proceeding with creation of the District. Page 1 of 5 p. IE Resolution 4772,Creation Of Sid 740-North Ferguson Ave between West Oak Street and Batter Lane and West Oak Street betvveen Davis Lane and North Ferguson Ave NOW, THEREFORE, BE IT RESOLVED by the City Commission of the City of Bozeman,Montana, as follows: Section 1 Passage of Resolution of Intention. This Commission,on March 20,2017,adopted the Resolution of Intention,pursuant to which this Commission declared its intention to create the District,under Montana Code Annotated, Title 7, Chapter 12, Parts 41 and 42, as amended, for the purpose of financing costs of certain local improvements within the District described generally therein (the "Improvements"),and paying costs incidental thereto,including costs associated with the creation and administration of the District,and the funding of a Loan from the City's Special Improvement District Revolving Fund(the "Loan"). Section 2 Notice of Passage of the Resolution of Intent and Public Hearing on Protests. Notice of passage of the Resolution of Intention was duly published and mailed in all respects in accordance with law, and on April 17, 2017, this Commission conducted a public hearing on written protests submitted by property owners against the creation of the District and the making of the Improvements. The public hearing occurred on the date of the first regular meeting of the Commission following the expiration of the period ending 15 days after the first date of publication of the notice of passage of the Resolution of Intention(the"Protest Period"). Section 3 Protests. Within the Protest Period, protests were filed with the City Clerk by the only property owner within the district,representing 100%percent of the total costs of the Improvements to be assessed against properties in the District, as proposed. The Commission hereby finds that the protest is invalid on the basis that a waiver of right to protest creation of a special improvement district was executed by the property owner in consideration of receiving approval for annexation of the property on October 19, 2001. The property owner specifically waived for itself, and its successors and assigns, the right to protest the creation of one or more special improvement districts for street improvements including paving, curb/gutter, signals, sidewalk, and storin drainage facilities to Baxter Lane, Davis Lane/Fowler Road, Deadman's Gulch Road, Ferguson Page 2 of 5 Resolution 4772,Creation Of Sid 740-North Ferguson Ave between West Oak Street and Baxter Lane and West Oak Street between Davis Lane and North Ferguson Ave Road and Oak Street;trunk water main and appurtenances to serve the property;trunk sewer mains and sewage lift stations to serve the property; or to make any written protest against the size or area or creation of the district to be assessed in response to a duly passed resolution of intention to create one or more special improvement districts which would include the property. Section 4 Creation of the District; Insufficiency of Protests. The Commission hereby creates the District on the terns and conditions set forth herein and otherwise in accordance with the Resolution of a Intention, as modified hereby. The protests against the creation of the District or the making of the Improvements filed during the Protest Period are hereby found to be insufficient. The findings and determinations made in the Resolution of Intention, including, without limitation, those relating to benefits conferred,costs associated with the borrowing of funds from the City's special a improvement district revolving fund, and for the creation and administration of the District, are s hereby ratified and confirmed. The Commission finds the Improvements preserve public safety and provide public benefit by expanding the transportation system, improving transportation system connectivity and traffic flow,providing pedestrian ramps and traffic control signage, and providing through lanes and drive approaches for those who reside along these streets or use these streets to access their residences, businesses, places of work and recreation, and benefits the property in the District by providing for the construction of all arterial street facilities required by i the Bozeman Municipal Code. Section 5 Reimbursement Expenditures. 5.01. Declaration of Intent. The City reasonably expects to reimburse the expenditures made for costs of the Improvements out of the proceeds of the Loan from the City's Arterial & Collector R District Fund in an estimated maximum aggregate principal amount of$1,063,138.50 after the date of payment of all or a portion of the costs of the Improvements.All reimbursed expenditures shall be capital expenditures, a cost of issuance of the Loan, or other expenditures eligible for reimbursement. j. Page 3 of 5 z S r> F Resolution 4772,Creation Of Sid 740-North Ferguson Ave between West Oak Street and Barter Lane and West Oak Street betiveen Davis Lane and North Ferguson Ave The Commission intends to assess the District to reimburse the Arterial & Collector District fund in an amount equal, to the principal of the Loan of$1,063,138.50 to the District plus interest at 2.5% annually. Over the 3-year teen of the Loan fiom the revolving fund to the District, interest earnings of up to $46,993.76 are estimated to be paid from the District property owners and deposited to the Arterial & Collector District find. The City's Special Improvement District Revolving fund currently has money in excess of the statutory required minimum. The excess amounts are intended to satisfy any revolving fund contribution from the District that may be required under 7-12-4222(1)(b), MCA. 5.02. Budgetary Matters. As of the date hereof, there are no City hands reserved, allocated on a long-term basis or otherwise set aside(or reasonably expected to be reserved, allocated on a long- term basis or otherwise set aside) to provide permanent financing for the expenditures related to the Improvements, other than pursuant to the Loan from the City's Arterial & Collector District fund. The statement of intent contained in this resolution,therefore,is determined to be consistent with the City's budgetary and financial circumstances as they exist or are reasonably foreseeable on the date hereof. 5.03.Reimbursement Allocations. The City's financial officer shall be responsible for making the "reimbursement allocations" described in the Resolution of Intention being generally the transfer of the appropriate amount of proceeds of the Loan to reimburse the source of temporary financing used by the City to make prior payment of the costs of the Improvements. Each allocation shall be evidenced by an entry on the official books and records of the City maintained for the Loan or the Improvements and shall specifically identify the actual original expenditure being reimbursed. PASSED AND APPROVED by the City Commission of the City of Bozeman, Montana, at a regular session thereof held on the 17''day of April, 2017. CARSON TAYLOR Mayor Page 4 of 5 Resolution 4772,Creation Of Sid 740-Nortb Ferguson Ave beriveen West Oak Street and Barter Lane and West Oak Street betiveen Davis Lane and North Ferguson Ave ATTEST: so2��• :AV . • • ROBIN CROM$` City Clerk APPROVED AS TO FORM: KAREN STAMIUUGH Assistant City Attorney Page 5 of 5 I� 1 ii�