HomeMy WebLinkAboutResolution 3740 Create SID 675, North 19th Avenue, tabled indefinitely
TABLED INDEFINITELY
October 11 , 2004
COMMISSION RESOLUTION NO. 3740
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF BOZEMAN,
MONTANA, RELATING TO SPECIAL IMPROVEMENT DISTRICT NO. 675;
CREATING THE DISTRICT FOR THE PURPOSE OF UNDERTAKING CERTAIN
LOCAL IMPROVEMENTS AND FINANCING THE COSTS THEREOF AND
INCIDENTAL THERETO THROUGH THE ISSUANCE OF SPECIAL IMPROVEMENT
DISTRICT BONDS SECURED BY THE CITY'S SPECIAL IMPROVEMENT
DISTRICT REVOLVING FUND AND ESTABLISHING COMPLIANCE WITH
REIMBURSEMENT BOND REGULATIONS UNDER THE INTERNAL REVENUE
CODE.
WHEREAS, on the 19th day of April 2004, the Commission adopted Commission Resolution
No. 3672, stating its intent to create Special Improvement District No. 675 in the amount of $1 ,832,000;
and
WHEREAS, this special improvement district is one of four inter-connected districts for
improvements to the North 19th Avenue/Valley Center Road corridor; and
WHEREAS, on the 10th day of May 2004, the Commission conducted its public hearing on its
intent to create the special improvement district; and
WHEREAS, on the 21 st day of June 2004, the Commission chose not to adopt Commission
Resolution No. 3694, creating Special Improvement District No. 675, based on its decision to not create
Special Improvement District No. 676 due to concerns about the amount of the assessments to be levied
against the properties within the district; and
WHEREAS, the City has met with several large property owners in District Nos. 675, 676, 677
and 678 who are willing to make certain cash contributions toward the costs of the improvements in each
of the Districts so that the Improvements can be constructed at lower assessments to all of the properties
in the Districts; and
WHEREAS, at its meeting held on the 4th day of October, the Commission approved "An
Agreement Regarding Development of and Construction Along East Valley Center Road and North 19th
Avenue" wherein the developers identified therein have agreed to make specified cash contributions to
each of the Districts.
BE IT RESOLVED by the City Commission of the City of Bozeman (the "City"), Montana, as
follows:
-Section 1. Passaae of Resolution of Intention. This Commission, on April 19, 2004, adopted
Commission Resolution No. 3672 (the "Resolution of Intention"), pursuant to which this Commission
declared its intention to create a special improvement district, designated as Special Improvement
District No. 675 of the City, under Montana Code Annotated, Title 7, Chapter 12, Parts 41 and 42, as
amended, for the purpose of financing costs of certain local improvements described generally therein
(the "Improvements") and paying costs incidental thereto, including costs associated with the sale and
the security of special improvement district bonds drawn on the District (the "Bonds"), the creation and
administration of the District, the funding of a deposit to the City's Special Improvement District Revolving
Fund (the "Revolving Fund").
Section 2. Notice and Public Hearina. Notice of passage of the Resolution of Intention was
duly published and mailed in all respects in accordance with law, and on May 10, 2004, this Commission
conducted a public hearing on the creation or extension of the District and the making of the
Improvements. The meeting of this Commission at which this resolution was heard is the first regular
meeting of the Commission following the expiration of the period ended 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 Clerk of the
Commission by eighteen separate property owners and two business owners. Three of these property
owners representing 2.45% of the area of the district had filed waivers of their right to protest the creation
of the Special Improvement District and have not been included in the final protest. Valid protests were
received from the owners of 17.53% of the assessable area in the District.
Section 4. Creation of the District: Insufficiencv of Protests. The District is hereby created on
the terms and conditions set forth in, and otherwise in accordance with, the Resolution of Intention except
as follows: The amount for which the District shall be created is reduced from $1 ,832,000 to $1 ,361 ,000;
the assessable area of the property in the district is reduced from 11,624,269 square feet to 11,469,562
square feet, as a result of easements for public right of way; the estimated cost to be assessed is
reduced from $0.157601 per square foot to $0.118662 per square foot, as shown on the revised Exhibit
C. The protests against the creation or extension of the District or the making of the Improvements filed
during the Protest Period, if any, are hereby found to be insufficient. The findings and determinations
made in the Resolution of Intention are hereby ratified and confirmed.
Section 5. Reimbursement EXDenditures.
5.01. Reaulations. The United States Department of Treasury has
promulgated final regulations governing the use of proceeds of tax-exempt bonds, all
or a portion of which are to be used to reimburse the City for project expenditures
paid by the City prior to the date of issuance of such bonds. Those regulations
(Treasury Regulations, Section 1.150-2) (the "Regulations") require that the City
adopt a statement of official intent to reimburse an original expenditure not later than
60 days after payment of the original expenditure. The Regulations also generally
require that the bonds be issued and the reimbursement allocation made from the
proceeds of the bonds within 18 months (or three years, if the reimbursement bond
issue qualifies for the "small issuer" exception from the arbitrage rebate requirement)
after the later of (i) the date the expenditure is paid or (ii) the date the project is
placed in service or abandoned, but (unless the issue qualifies for the "small issuer"
exception from the arbitrage rebate requirement) in no event more than three years
after the date the expenditure is paid. The Regulations generally permit
reimbursement of capital expenditures and costs of issuance of the bonds.
5.02. Prior EXDenditures. Other than (i) expenditures to be paid or
reimbursed from sources other than the Bonds, (ii) expenditures permitted to be
reimbursed under the transitional provision contained in Section 1.150-20)(2) of the
Regulations, (iii) expenditures constituting preliminary expenditures within the
meaning of Section 1.150-2(f)(2) of the Regulations, or (iv) expenditures in a "de
minim us" amount (as defined in Section 1.150-2(f)(1) of the Regulations), no
expenditures for the Improvements have been paid by the City before the date 60
days before the date of adoption of this resolution.
5.03. Declaration of Intent. The City reasonably expects to reimburse the
expenditures made for costs of the Improvements out of the proceeds of Bonds in an
estimated maximum aggregate principal amount of $1,361,000 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 Bonds or other
expenditures eligible for reimbursement under Section 1.150-2(d)(3) of the
Regulations.
5.04. Budaetarv Matters. As of the date hereof, there are no City funds
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 issuance of the Bonds. 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.
5.05. Reimbursement Allocations. The City's financial officer shall be
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responsible for making the "reimbursement allocations" described in the Regulations,
being generally the transfer of the appropriate amount of proceeds of the Bonds 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 Bonds or the
Improvements and shall specifically identify the actual original expenditure being
reimbursed.
PASSED AND ADOPTED by the City Commission of the City of Bozeman, Montana, this 11th
day of October 2004.
ANDREW L. CETRARO, Mayor
ATTEST:
ROBIN L. SULLIVAN
Clerk of the Commission
APPROVED AS TO FORM:
TIMOTHY A. COOPER
Acting City Attorney
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North 19th Avenue SID
NORTH 19TH AVENUE ROADWAY, LIGHTING & DRAINAGE IMPROVEMENTS SID 675
SID Amount
$1,361,000
10J61D4 Assessment
Rate. 0.118662
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CDS 1827 , TrD-2 POB Gallati n
eJo AD Rancl\l Twist 2.160 I 94,090
11,164.85 16,405 0
30,154 Borclerslbks
; 5550
lBJ Fraewav, Ste 360 I
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Deckarslcrfls
Dall as. TX 75240-2332 I
,
Ga lIalin Cantar 3 1 st Interstate Bank
2600 W. Main St. 1.652 71,944
8,537.01 6,564 0 1,059,632
1 ,076,709 Bank i
Minor Sub 210 Phase 1
Bozeman, MT 59715
; ;
Gallatin Canter 6 Ga lIatin Canter lP
220 W. lamma St., Sta. 1 F 0.756 33,036
3,920.11 , 3,014 0 156,636
164.477 ' Undevel.
Minor Sub 210 Phase 1
Bozeman, MT 59715
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1-40-05
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Gallatin Center 7 Gall alin Center lP
220 W. Lamme SI., Ste. 1 F 2.257 98,322
11,667.07 8,971 0 326.520
349,656 U ndavel.
Minor Sub 210 Phase 1
Bozemen. MT 59715
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1-40-01 ;
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Gallatin Canter 8 Davlon Hudsor\IT arget
P.O. Box 9456 10.848 472,451 56,081.93
43,106 ; 0 7,563,568
7,675,730 Discount
Minor Sub 210 Phase 1 , Discount Stora
Minneapolis. MN 55440-9456 '
Stora
1-37-01
, Gallatin Center lot 9 Bob Ward & Sons, Inc.
3015 Paxson St. 3.300 143,748 17,057.41
12,372 0 3,015.505
3.048,882 Retail Soort.
Minor Sub 210 Phase 2
Missoula. MT 59801
, 0904-35-1~7-15
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Gallatin Center 3 Gallatin Canter lP ! 220
W.lamme St., Ste. 1F 94.048 I 4,096,746
486,127.92 327,959 0
4,584 931,172 Unclevel.
Minor Sub 210
Bozeman, MT 5!J715
0904-35-1-05-01
0904-35-1'{)s"()3 - 03 soli!
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Gallatin Canter Lo!9.1 ; POB Gallatin LP
eJo AD Randv Twist 1.700 74,052
8,787.15 0 ; 0 ; 263,095
273,916
'Subdivision PU 0 Phase 2
15651 Dallas Pkwv., Ste. 500;
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Addison, TX 75001-<<116
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Gallatin Center Lot 10 PDB Galla!in lP
do NJ Randy Twist 9.620 419,047
49,724.94 0 0 4,056,122
4,117,354 .
Subdivision P U 0 Phase 3
5550 lBJ Fraewav, Ste.380 ,
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Dallas, TX 75240-2332 I
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I Gallatin Center LP
220 W. Lamme St, Ste. 1 F. ;
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Bozeman, MT 59715
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CDS 331 19th Avenue Properties, LLCI do Timothv C. Lou is
, 22.000 958,322 113,716.28 i
70,288 ; 0 177,934
388,255 . AorieJRasid.
0904-35-4-01~ . 4343
E. Camelback Rd., #21 0 I , I
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Phoenix, AZ. 85016
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I CDS 1979 , C-1B I U. S. Post Office
eJo City of Bozeman i 5.992 261,012
30,972.12 0 0
! 38,140 , Postel ,
Bozeman, MT 59715 I I
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Service I
Gardiner Tr1 Department of
P.O. Box 201001 3.208 139,733
16,580.99 0 0
i 17,657 'Rest Araa
Simmental Plaza 1 Transoortation
Helena, MT 59620 I
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Gard insr Tr1 , Department of
P.O. Box 201001 ; 1.466 63,675
7,579.50 0 : 0
I 8,071 Rest Area :J:
S immental Plaza 2 Trensoortalion
Helena, MT 59620
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Gardinar Tr1 Department of
P.O. Box 201001 I 4.036 175,906
20,873.31 0 0
22,226 Rest Araa ......
Simmental Plaza 3 Transportation
Helena, MT 59620
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Gardiner Tr 2 American Simmental 1 Simmef1tal Way 7.4D6 322,600 38,280.28 24,267 . 0 EXEMPT 1,553,539 Cattle
S immental Plaza 1 Association Bozeman, MT 59715 i ;. 1 ,482,133 !
1-09-06 ; I !
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Gardiner Tr 2 AVATAR, LLC 2057 Tripla Tree Rd. 11.340 493.970 58,615.47! 37,097 0 3,933,682 4,043,160 Auto Dealer
Simmental Plaza 2A Bozeman Ford Bozeman, MT 59715 '
1-<J9-02
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, Gerdiner ; Tr3 Boie&KindtPartnershio; 1925 Dead Man's Gulch 4.138 180,269 21,391.01 14,313 0 1,392,105 1,432,760 Container ,
S immental Plaza 1 DBA: MT Container Com. Bozeman, MT 59718 Mfg. &0 ist. !
1-09.{)1 I MCC '
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Gardiner , Tr 3 Machinery Power & Equip. P.O. Box 3562 4.069 177.261 21,034.10 i 14,1 D6 0 1,065,997 1,1 D6,005 Retail Rental
Simmental Plaza 2 CAT Rantal Seattle, WA 98124-3562 . Store
4-30~ ~35 T
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Gardiner Tr 4 Gibson Guitar 'MCPA, Mass (TN) Assoc. 2.007 87,431 10,374.78 7,358 7,401 274,287 294.421 Mfg.&Ois!.
Simmental Plaza 1 Gibson Guitar Corp. ;
4-30-07 309 Plus Park Blvd. ,
Nashvi lie. TN 37217-1 005 I
Gaminer Tr4 Gibson Guitar '" 2.167; 94,384 11,199.80 I 7,905 28,832 1,206,687 1,228,383 Mfg.&Dist.
Simmental Plaza 2 .. .
4-30-08 I
Gardiner I Tr 4 Gibson Guitar "" " 2.007 87.431 10,374.78 7,358 7,401 274,287 294,421 Undev.
Simmental Plaza 3 i
4-30-06 !
Gardiner Tr4 Timot.hv Horton P.O Box20J5 2.167 94,384 11,199.80 I 7,107 0 1,145,832 1,166,730' Produce Dis!.
. S immental Plaza 4 Intemnountai n Produce . Bozeman, MT 59771-2035 I & Warehouse
4-30-05 ,;
Gardiner Tr 5 Double S Hoklinas 145 RawI1ide Ridoe Road 1.553 67,634 8,025.55 5,463 0 691,202 706,547 Restaurant
Simmentel Plaza 1 Mackenzie Riller Pizza 8ozeman, MT 59718
4-30-<J1 · , I
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Gardiner 'Tr5 KellerSupplv 320917thAve. W. 2.161 94,147 11,171.64 8.194 I 0 1,003,505 1,025,456 Wholesaie
Simmental Plaza 2 Seattle, WA 98119 ! I , Plba. Suoply
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Gardiner I Tr5 Anthonv Wavne Oil Coro.: AD % Diana Stewart 2.187 95.276 11,305.85 7,848 0 1,036,523 1,058,293 Vacant i
Simmental Plaza 3 8302 Startina Or. I Commercial I
4-30-<J3 , Bozeman, MT 59718 I '
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Gardiner Tr5. Anthonv Wavna Oil Co. I ,,"" 2.140 93,212 11,060.69 I 7,848 0 799,523 820,992 Mfa.
S immantal Plaza ' 4 I Pienv Mfa.
4-30~ I I
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Gardinar Tr6 Gary Hoikuo P.O. Box 104 1.544 67,273 7,982.76 0 0 247,916 257,746 Undev.
Simmental Plaza 1 i Bozeman, MT 59771-<J1 04 I
4-08-12 I ; I
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Gardiner Tr 6 Gary Holkup P.O. Box 104 2.161 94,153 11,172.35 0 0 339,205 352,963 Undav. I
Simmantal Plaza 2 Bozeman, MT 59771-<J104 I
4-<J8-11 ' ;
Gardiner Tr6 Frank&LoisArmknechl 9748 Couoar Dr. 2.140; 93,220 11,061.64 i 7,434 0 987,709 1,008,765 Wholasale
S immantal Plaza 3 Valley Glass & Window Bozeman, MT 59718 i ; Glass S upplv
4-08-10; 'I
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Gard iner Tr6 Thomas & Sharon Reiner
1711 Willow Way 2.167
95,262 11,303.99 7,648 0
; 760.623 762,391 Shipping
Simmantal Plaza 4 Lux Transfer
Bozaman, MT 59718
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Gardiner Tr7 TfP E n\erprises LLC
1 as1 Boot Hill Ct 1.980
86,244 10,233.86 T 0 ; 2,465
296,393 307,291 UnOOv.
, Simmenta I Plaza . 1 I
Bozeman, MT 59715
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4-08-07 I I
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I Gardiner Tr7 Thomas Reiner
1711 WmcwWay 2.167
94,384 11,199.80 7,503 0
690,418 709,847 . Shipping
1 S immental Plaza 2 Lux Transfer
Bozeman, MY 59718 i
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Gardiner , Tr7 I Mootbill Corp.
P.O. Box 28606 1.980
86,250 10,234.62 0 0
296,391 T 307,290 -I Parking
1 Simmental Plaza : 3 UPS
Atlanta, GA 30358-Q606
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4-06-06
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Gardiner i Tr7 Montbill Corp.
1 P.O. Box 28606 1 2.167
94,384 11,199.80 1 0 ! 518
722,384 I 734,311 - i Parcel Ship.
Simmental Plaza 4 ! UPS
, Atlanta, GA 3Q358-0606
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! Service I
4-06-05 I
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1 Gard iner Tr8 1 SKA, Inc.l
i 5851 E. Baxter Ln. 1 1.301
56,669 8,724.41 -r 5,601 1 0
1,070,863 , 1 ,083,625 Mfo.&Dlst
, Slmmental Plaza . 1 Andersen Precast
i Bozeman, MT 59715
1
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4-08-01 , 1
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1 Gardi ner Tr8 S KA. Inc.1
5851 E. Baxter Ln. 2.131
92.813 1 11,013.37 6,436 0
346,787 366,951 , Storage
i Simmental Plaza 2 I Andersen Pracest
, Bozeman, MT 59715
1
, Yard
! 4-08-02 1
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I Gardi ner Tr8 ; S KA, Inc.
5851 E. Baxter Ln. 2.132 ,
92,857 11,018.64 8,436 0
346,898 I 367,068 Undev. ;
I Slmmental Plaza 3
Bozeman, MY 59715
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1 4-<18-00
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Gardiner I Tr8 D R Fisher Co.
I 22519 Marine View Dr. S. \ 2.133 92,906
11,024.41 0 0 312,368
I 324, 1 06 'Undev.
Simrnental Plaza 4
1 Des Moines, WA 98196
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Lewis & Cieri< MT. FWP
P.O. Box 200701 32.894
1,432,863 170,026.21 109,641 0
12,206 303, 109 ' UnOOv.
Stale Lands I
i Helena, MY 59620-0701
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89-76 Remainder
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TOTALS
263.305 I 11,469,562
$1 ,361,000 $792,642 $46,637
, $37,369,740 , 39,778,776 I
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