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Home My WebLink AboutResolution 3738 Create SID 677, 19th & Valley Center Rd signal (tabled indefinitely) TABLED INDEFINITELY October 11, 2004 COMMISSION RESOLUTION NO. 3738 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF BOZEMAN, MONTANA, RELATING TO SPECIAL IMPROVEMENT DISTRICT NO. 677; 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. 3676, stating its intent to create Special Improvement District No. 677 in the amount of $231,000; and WHEREAS, this special improvement district is one of four inter-connected districts for improvements to the North 19th AvenueNalley 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. 3696, creating Special Improvement District No. 677, 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. Passage of Resolution of Intention. This Commission, on April 19, 2004, adopted Commission Resolution No. 3676 (the "Resolution of Intention"), pursuant to which this Commission declared its intention to create a special improvement district, designated as Special Improvement District No. 677 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 Hearinq. 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 19 property owners and two business owners. Two of the property owners, representing 1.27% of the total assessable area, filing protests had signed waivers of their right to protest and were not included in the final protest. Valid protests were received from the owners of 18.25% 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 $231,000 to $114,000; the assessable area of the property in the district is reduced from 14,963,902 square feet to 14,800,944 square feet, as a result of easements for public right of way; the estimated cost to be assessed is reduced from $0.015437 per square foot to $0.007702 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 Expenditures. 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 Expenditures. 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 minimus" 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 $114,000 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. Budaetary 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 - 2 - .-----------.. 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 11 th 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 - 3 - , VALLEY CENTER ROAD AND NORTH 19TH AVENUE SIGNAL SID 677 SID Amount $114,000 1 0/6104 Assessment Rate = 0.007702 $/SQ.FT. cc.....-=. ............. SID 11665 alE or ........... ......... .] Payoff ...... ... Ct. } II..} ......... ... 1rn:1.lnter. ..... /.............. cas 1827A TrA-1 Cape-France 2020 Charlotte St. 23.35 1,017.126 $7,1134.12 80,764 0 1,296 408,324 ~ ~. Enterprises Bozeman. MT 59718 ! cas 1827 TrA-2 Bozeman Country Hotel 21 02 OreQoo Pi ke 10.640 463,478 $3,569.81 35,542 0 590,080 774,292 Undevel. Group, L LC Lancaster, PA 17601-4605 I ~-- , 0904.35 , L__ cas 1827 Tr8-1 Yellowstone 4324 University Ave. 4.240 164,694 $1 ,422.56 14,659 0 424,527 498,4 31 I Undevel. ; j 1-45-10-0000 Manaoement Inc. Grand Forks, NO 58203 : L cas 1827 TrD.2 PO B Gallatin l. P. clo Randy Twist 2.160 94.090 $724.70 16,405 0 30,154 Bord ers/bks , 5550 lBJ Freewav, Ste. 380 , Dallas, TX 75240.2332 Deckerslcrfls , : , cas 1827 TrE-1 Accola Ranch 77 Centennial Trail 4.680 203,861 $1,570,18 15,327 0 77 ,876 158,596 U ndevel. Bozeman, MT 59715 , I Minor Sub. 221 1 Jerald Swenson ! 6071 Jackrabbit Lane 6.277 273,405 $2,105.82 0 1,338 I 89,038 Undevel. 0904-26.3.01-87 , Belorade, MT 59714 red uced i Countv pa reel I Galla~n Center 1 Costro 999 lake DrIve 13.731 598,122 $4,606.86 47,469 0 10,099,477 ; 10350.624.48 Whol esale Minor Sub 21 0 Phase 1 Issao uah, WA 98027 , Club 0904-35.1.05-30 ; I Gallatin Center 2 Vallev Center Enterprise 2305 Calron Road 3.578 155,858 $1 ,200.45 12,377 0 5,278,508 5,343,959 Motel .--- -- Minor Sub 21 0 WI ngate I nn Motel Bozeman, MT 59718 ---- j Gallatin Center 1 Galla~n Center 220 W. Lamme St., Ste. 1F 3.046 132,704 $1,022.11 9,612 0 415,991 468,171 Undevel. -~ PUD Phase 1 li mited Partnership i Bozeman, MT 59715 Gallatin Center 2 Gallatin Cenler ; 220 W. Lamme St., Ste. 1F 2.777 120,960 $931.66 10,545 0 385,412 434,757 U ndev~. PUD Phase 1 limited Partnership Bozeman, MT 59715 ! Galla~n Center 3 1 st Interstate Bank ADo/. Corporate Facilities 1.652 71,944 $554.13 6,564 0 1 ,059,632 1,076,709 Bank PUD Phase 1 P.O. Box 30918 ; Billings, MT 59116-0918 ! Galla~n Center 4 Gallatin Carinos 74 E. Fi~dview Cincle 2.193 95,S07 $735.62 8,714 988.53 1 ,295,290 , 1,336,527 Reslaurant , PUD Phase 1 Bozeman, MT 59715 ; 0904.35.1-40-10 i , Gallatin Center 5 Gallati n Center 220 W. Lamme St., Sle. 1 F 1.967 85,667 $659.83 7,816 0 293,674 330,662 Undevel. , PUD Phase 1 Limited Partnership Bozeman, MT 59715 i 1-40-25 Gallati n Center 6 Gana~n Center 220 W. Lamme St., Ste. 1 F 0.758 33,036 $254 .45 3,014 0 156,636 164,477 Undevel. -- PUD Phase 1 ; Limited Partnership Bozeman, MT 59715 1-40-05 ! fT1 Gallati n Center 7 Ga Ila~n Center 220 W. lamme St., Ste. 1 F 2.257 98,322 $757.30 8,971 ; 0 326,520 349,858 Petsmart X PUD ! Phase 1 limited Pa rtnershi p Bozema n, MT 59715 , :r: ........ 1-40-01 ! . ",......,.,...,.1 II II; .................,.. ki s} 'biIIIISq.I. $ /$ Ga Ilatin Center Lot 9.1 POB Gallatin l. P. cia AD Randy Twist 1.700 74,052 $570.36 0 0 263,095 273,916 --- . Phase 2 ' 15851 Dallas Pkwv., Ste. 500 Addison, TX 75001-6016 , Ga Ilaun Center : Lot 10 ---_..~~ POB Gallatin l. P. cia AD Randy Twist 9.620 419,047 $3,2.27.59 0 0 2,304,222 4,117,354 , Phase 3 5550 lBJ Freeway.. STE.380 .- . ; Dallas, TX 75240.2332 , , and , I ! : , Ga Ilatin Centa< l. P. 220 W. Lamme St. Ste.1F. I ! Bozeman, MT 59715 , , i I CDS 331 I I 19th A yen ue Properties, LLC cia Timothy C. Lou is 22.000 i 959,322 $7,361.20 70,288 0 175,904 388,255 AgriclResid. 0904.35-4-01-30 ' 4343 E. Camelback Rd., #21 0 - Phoen;x, AZ 85018 COS 1979 C-1B U.S. Post Office cia City of Bozeman 5.992 261,012 $2,11111.37 0 0 38,140 postal Bozeman, MT 59715 servlC€ , Gardiner Tr 1, Depa rtment of I P.O. Box 201001 3.208 , 139,733 $1,1176.25 0 0 17,657 rest area Simmental Plaza 1 T ransporlation Hel ena, MT 59620 I ; I , Ga rdi ner Tr1 Deoa rtmenl of P.O. Box 201 001 1.466 63,875 $491.98 0 0 8,071 rest area Simmenlal Plaza 2 Trar;sporlation Helena, MT 59620 ! Gardiner Tr 1 Department of P.O. Box 201 001 4.038 175,906 $1,354.86 0 0 22,228 rest area Simmenlal Plaza 3 Transportation Helena, MT 59620 , Gardi ner Tr2 America n Simmenta I 1 Simmental Way 7.406 , 322,600 $2,464.73 24,267 0 EXEMPT 1,553,539 ~Ie_____l , Simmental Plaza 1 , Association Bozema n, MT 59715 1,482,133 - ----. r- 1-09-06 , -- .. -~ -- , Gardi na< Tr2 : AVATAR, LLC 2057 Triple Tree Rd. 11.340 493,970 $3,8114.66 37.097 0 3,900,882 4,043,160 Aula De.ale.r-; i Simmental Plaza 2A Bozeman Ford Bczema n, MT 59715 1-09-02 ! . Gardiner Tr3 Boie & Kindt Partnershio 1925 Dead Man's Gulch 4.138 160,269 $1,388.47 14.313 0 1,392,105 1,432,760 Gontai ner I Simmental Plaza 1 i DBA: MT Conta iner Corp. Bozema n, MT 5971 8 Mfg.&Dist. I 1-09-01 ! MCC , ; I Gardiner Tr3 Machinerv Power & Eoui a. P.O. Box 3562 4.069 177,261 $1,365.30 14.106 0 1,065,997 1,106,005 Retail Renta I ' Simmenta i Plaza 2 CAT Rental Seame. WA 98124-3562 , StOfe : 4-30-09 0904-35 , , Gardiner Tr4 Gibson Guitar MCPA, Mass N)Assoc. 2.007 87,431 $673.42 7,358 7,401 274,287 294,421 Mfg.&Dist. I Simmenta I Plaza 1 Gi bson Guitar Corp. I 4.30.07 309 Plus Parik Blvd. Nashville, TN 37217.1 005 , Gardiner Tr4 Gi bson Guitar ... 2.167 94,384 $726.97 7,905 28,632 1,206,667 , 1,228,383 Mfg.&Dist. ! Si mmental Plaza 2 I i 4-30-08 I ! , i I Gard iner Tr4 Gi bson Guitar . . . 2.007 87,431 $67 3.42 7,358 7,401 274,287 294,421 Undey. ! Simmental Piaza 3 Gard iner Tr4 Timothy Horton P.O. Box 2035 2.167 94,384 $726.97 7,107 0 ; 1.145,832 1.166,730 Produce Dist. Simmental Plaza 4 Intermounta in Produce Bozeman, MT 59771-2035 & Warehouse Gardiller Tr5 ~ _I Lot .....................=-SID& ss "'IpaY9.liI Sq. Incl. li'iIII':'T Gardiner . Tr Anthony Wayne Oil Co. ."" 2.140 93,212 7'848m' 0 799,523 820,992 Mfg.: Simmental Plaza 4 Pierrv Mfa. 4-30-04 Gardiner Tr 6 Garv HolkuD P.O. Box 104 1.544 67,273 $518,15 0 0, 247,916 257,746 Undev. , Simmental Plaza; 1 Bozeman, MT 59771-01 04 4-08-12 I i , . Gardiner Tf 6 Garv HolkuD P.O. Box 104 ! 2.161 94,153 $725.18 0 0 339,205 352,963 Undev. - &mmental Plaza 2 Bozeman, MT 59771-0104 ' 4-08-11 i i Gardiner Tr 6 Frank & Lois Armknecht i 9748 Couaar Dr. 2.140 93,220 $718.00 7,434; 0 987,709 1,006,765 Wholesale Simmental Plaza' 3 Va Iley Glass & Window Bozeman, MT 59718 Glass Su pply 4-08-10 I i! ! Gardiner Tf 6 Thomas & Sharon Reiner ; 1711 Willow Way 2.187 95,262 $733.73 7,848' 0 611,523 633,291 ShipDing &mmental Plaza 4 Lux Transfer Bozeman, MT 59718 4-08-09 I i Gardiner Tr 7 TFP Enterprises LLC 1891 Boot Hill Ct. 1.980 86,244 $664.27 0 2,485 296,393 307,291 Undev. Simmental Plaza 1 Bozeman 59718 i , 4-08-07 I I Gardiner Tr 7 Thomas Reiner 1711 Willow Way 2.167 94,384 $726.97 7,503 0 690,418 709,847 -- Shipping Simmental Plaza 2 Lux Transfer Bozeman, MT 59718 4-08-08 ' , I Gardin er Tr 7 Montbill CorD. P .0. Box 28606 1.980 86,250 $664.32 0, 0 296,393 307,290 Parkino Simmenta I Plaza 3 U PS A~anta, GA 30358-CI606 I 4-08.06 I , .--. .- - .. Gardin er T r 7 Montbill Corp. P.O. Box 28606 2.167 94,384 $726,97 0 518 649,964 664,911 ParC:el shiP:-- Simmental Plaza 4 UPS AUanta, GA 30358-0606 Service 4-08-05 Gardiner Tr 8 SKA, Inc.l 5851 E. Baxter Ln. 1.301 56,669 $436.47 5,601 0 1,070,863 1,083,625 Mla.&Oist. "5i mmenta I Piaza 1 Anderson Pnacast Bozeman, MT 59715 4-08-01 i Gardiner Tr 8 SKA, Inc.l 5851 E. Baxter Ln. 2.131 92,813 $714.87 8,436; 0 346,787 366,951 StOfage Si mmental Plaza 2 Anderson Pnacast Bozeman, MT 59715 ' Yard Gardiner Tr 8 SKA, Inc. ; 5851 E. Baxter Ln. 2.132 92,857 $715.21 8,436 0 348,898 367,068 Undev. Simmental Plaza 3 Bozeman, MT 59715 4-08-03 Gardiner T r 8 0 R Fisher Co. 22519 Marina View Dr. S. 2.133 I 92,906 $715,58 0 0 312,368' 324,1 08 U ndev. Simmental Plaza 4 Des Moines, WA 98198 I : 4-08-04 I : i i : Lewis & Clark MT. FWP P.O. Box 200701 32.894 1,432,863 $11,036.21 109,641 0 12,206 i 303,109 Undev. State Lan ds Helena, MT 59620-0701 89-76 Rem. I . I , : ! ror ALS .J 339.783 14,800,944 114,000 1,035,467: 47,603 54,214,781 49,403,033 : Page 3