HomeMy WebLinkAboutResolution 4984 Creating SID 750 for the North Tracy Avenue Reconstruction Project ag BOZ�
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RESOLUTION NO. 4984
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF BOZEMAN,
RELATING TO SPECIAL IMPROVEMENT DISTRICT NO. 750 FOR LOCAL
IMPROVEMENTS TO NORTH TRACY AVENUE; CREATING THE DISTRICT FOR
THE PURPOSE OF UNDERTAKING CERTAIN LOCAL IMPROVEMENTS AND
FINANCING THE COSTS THEREOF AND INCIDENTAL THERETO THROUGH THE
ISSUANCE OF MUNICIPAL WARRANTS.
WHEREAS, on the 4th day of February, 2019, the City Commission (the "Commission")
of the City of Bozeman, Montana (the "City") adopted Commission Resolution No. 4983 (the
"Resolution of Intention"), stating its intent to create Special Improvement District No. 750 (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 reconstruction fees to the costs of the project; and
WHEREAS,on February 1 Oth and February 17th,2019,the City Clerk did publish a Notice
of Passage of the Resolution of Intent to Create SID No. 750 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 March 4, 2019 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.
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Resolution 4984, Creating SID 750 for North Tract Avenue.
NOW, THEREFORE, BE IT RESOLVED by the City Commission (the
"Commission") of the City of Bozeman, Montana(the "City"), as follows:
Section I
Passage of Resolution of Intention. This Commission,on February 4,2019,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 an administrative charge to the
General Fund for costs associated with financing of the Improvements(collectively the "Incidental
Costs").
Section 2
Notice of Passage of the Resolution of Intention 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 March 4, 2019, 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 "Protest Period" as defined in the Resolution of
Intention and the Notice of Passage.
Section 3
Protests. Within the Protest Period, two protests were filed with the City Clerk by the property
owners of two parcels, representing 5.75 percent of the total costs of the Improvements to be
assessed against properties in the District, as proposed.
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Resolution 4984, Creating SID 750 for North Tracy Avenue
Section 4
Creation of the District; Insufficiency of Protests. The Commission determines the District is
hereby created on the terms and conditions set forth herein and otherwise in accordance with the
Resolution of 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 issuance of
Warrants (as defined in the Resolution of Intention) by the District, and for the creation and
administration of the District,are hereby ratified and confirmed.
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 Warrants in an estimated maximum
aggregate principal amount of$224,500.00 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 Warrants, or other expenditures eligible for reimbursement.
The Commission intends to assess property owners in the District to reimburse the General
Fund in an amount equal to the principal amount of$224,500.00 plus interest at approximately
2.5% annually. Over the 20-year term of the special assessments, interest earnings of up to
$62,154.30 are estimated to be paid from the District property owners and deposited to the General
Fund.
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Resolution 4984, Creating SID 750,for North Tracv Avenue
PASSED, ADOPTED, AND APPROVED by the City Commission of the City of
Bozeman, Montana, at a regular session thereof held on the 4th day of March, 2019.
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ATTEST: CIO
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ROBIN CROUGH • * • - •��
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City Clerk c•• aa3 •' �'
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APPROVED AS TO FORM:
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G ULLIVAN
City Attorney
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Resolution 4981, Creating STD 750 for North Traci,Avenue
CERTIFICATE AS TO RESOLUTION AND ADOPTING VOTE
I, the undersigned, being the duly qualified and acting recording officer of the City of
Bozeman, Montana (the "City") hereby certify that the attached resolution is a true copy of
Resolution No. 4984, entitled: "A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF BOZEMAN, RELATING TO SPECIAL IMPROVEMENT DISTRICT NO. 750
FOR LOCAL IMPROVEMENTS TO NORTH TRACY AVENUE; CREATING THE
DISTRICT FOR THE PURPOSE OF UNDERTAKING CERTAIN LOCAL
IMPROVEMENTS AND FINANCING THE COSTS THEREOF AND INCIDENTAL
THERETO THROUGH THE ISSUANCE OF MUNICIPAL WARRANTS" (the
"Resolution"), on file in the original records of the City in my legal custody; that the Resolution
was duly adopted by the City Commission of the City at a meeting on March 4,2019, and that the
meeting was duly held by the City Commission and was attended throughout by a quorum,
pursuant to call and notice of such meeting given as required by law; and that the Resolution has
not as of the date hereof been amended or repealed.
I further certify that,upon vote being taken on the Resolution at said meeting,the following
Commissioners voted in favor thereof- 1/:.! S_ppch A jWVVy-k1 i
f�nnniu�nvs 1�r��sS�Pt�v�.,�,� �('�U►�n►n�v�� ;
voted against the same: (16 ;
abstained from voting thereon: (� ;
or were absent: 0
WITNESS my hand officially this 5th day of March, 2019.
L
Robin Crough �'�;,ti q
U. 4,�
City Clerk •
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