HomeMy WebLinkAboutResolution 4527 Creation of Special Improvement District 718 on Story Street CO.
COMMISSION RESOLUTION NO. 4527
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF BOZEMAN,
MONTANA,RELATING TO SPECIAL IMPROVEMENT DISTRICT NO. 718;
CREATING THE DISTRICT FOR THE PURPOSE OF UNDERTAKING CERTAIN
LOCAL IMPROVEMENTS IN AND ABOUT STORY STREET B E T W E E N
SOUTH CHURCH AVENUE AND SOUTH TRACY AVENUE,
FINANCING THE COSTS THEREOF AND INCIDENTAL THERETO
THROUGH A LOAN TO THE DISTRICT FROM THE CITY'S SPECIAL
IMPROVEMENT REVOLVING FUND.
WHEREAS, on the 7th day of April, 2014, the City Commission (the "Commission") of the
City of Bozeman, Montana (the "City") adopted Commission Resolution No. 4520 (the
"Resolution of Intention"), stating its intent to create Special Improvement District No. 718
(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 April 13th and 20th, 2014, the City Clerk did publish a Notice of Passage of
the Resolution of Intent to Create SID No.718 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 May 5, 2014 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.
NOW, THEREFORE, BE IT RESOLVED by the City Commission of the City of
Bozeman,Montana,as follows:
Resolution No. 4527, Creating SID 718, Story Street Improvements
Section 1. Passage of Resolution of Intention. This Commission, on April 7, 2014,
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 13 a n d A p r i l 2 0 , 2014, 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 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 City Clerk by the
property owners of twenty parcels, representing 44.4% percent of the total costs of the
Improvements to be assessed against properties in the District,as proposed.
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 borrowing of funds from the City's special improvement
district revolving fund, 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 Loan from the City's special
Resolution No. 4527, Creating SID 718, Story Street Improvements improvement district
revolving loan fund in an estimated maximum aggregate principal amount of $310,188.00
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 Loan, or other
expenditures eligible for reimbursement. 2
The Commission intends to assess the District to reimburse the special improvement district
Resolution No. 4527, Creating SID 718, Story Street Improvements
revolving loan fund in an amount equal to the principal of the Loan of$310,188.00 to
the District plus interest at approximately 1.5% annually. Over the 20- year term of the
Loan from the revolving fund to the District, interest earnings of up to$50,004.00 are
estimated to be paid from the District property owners and deposited to the special
improvement district revolving fund. In addition to reimbursing the revolving fund on
interest the revolving fund would otherwise earn, these interest earnings 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 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 Loan from the
City's special improvement district revolving loan 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 5th day of May, 2014.
JEFF Y USS
Ma r
ATTES'�-Y' B 0,>
STA Ll - 1✓1�1,-C1V1` 3
�83
City
Resolution No. 4527, Creating SID 718, Story Street Improvements
APPROVED AS TO FORM:
GREG LLIVAN
City Attorney
4
EXHIBIT C
E.Story St.SID District-tat Frontage Assessment
Address Owned 0uner2. Owner Address City State2lo Panel Number Assessable Area Lot Frontage Protested
Linear Ft Assessment
502 S Tracy Mark Bosscnbrook S02 S True, Bozeman MT 54715 RC1H5131 167.55 5 17,264.49
4365 Tracy Manion Turrentme Da,rd Willson 436 S Trace 41 Bozeman NIT 54715
RGH2797 167
$ 17,207.92
503S Black Walicr Wagner Joan Wagner 1701 Parktrcu PI Borcman MT 51)711 1113112199 1I0 $ 11,334,49
433 S Black Bob Chasc Mar)ode Chase 433 S Black Bozenum NIT 99715 RGT16I4$ 101 5 10,407.13 201
434SBlack Martha Hopkins POBox 0,69 Bonnum MT 59771 RGIUIIS3 126
$ 12,983.15 126
428S Bozeman Charles En in Gnocla Mann 41,SWlincomb Ft Collins CO Rlt521 RGH2822 118.8 $ 12,241.25
17 E Story Bob Chase \Iarinnc Chase 43,3 S Black Bozeman MT 59715 RG146146 66 5 6,800.70 66
18 E Story Grc wa ncr Sandra Gereheu IRE Ston Boorman NIT 59715 RGH2201 57 S 5,873.33
104 E Story Kalam Cou lcs W4 E Sloss Bozeman NW11715 RG11I`w)2 70 5 7.212.86 70
108 E Story Sic,en BracLen Artisan WooduorLs I(IN E Sloss Boorman MT 59715 RGHSUIS 48 S 4,945.96
112 E Story Jura Lemon Sharon Lemon 112 E Sloss Bonnum MT 59715 RGI 14074 So $ 5,152.04
113 E Story Christine McDermott I V E Sloss Borcman MT 19715 RGI 1,5584 45 5 4,636.84
116 E StoryTrcxcr WS dden Mari MeS adder 116 E Ston Bozeman MT 59715 RGH3161 50 S 5,152.04
117 E Story Sic%c&Susan Foumicr Ammbcrl,Ma PO Box 6745 Trm erse Citc NO 4906 RGH61& 45 $ 4,636.84
120 E Star Rudolf Drtnch Carol Dietrich 120 F Sion Borcman MT 59715 57.04 $ 5,877AS 57.04
121 E Story Robert Hull Stephanie Hull 121 E Ston Bweman MT 59715 RGH 1893 43.5 43.5
$ 4,482.28
130EStory Craig Edsall Vicki Dnanucr 149 Tcakuood Bozeman NTr WIN RGH25013 43.05 $ 4,435.91 43.05
232 E Story John Mulls Sandra Barn 1234 Bear Camon Rd Bozeman Nrr 59715 RG115125 43.05 $ 4.435.92
202 E StoryMark Pence Jill Pence 2112 E Sion' Be,...NIT i9713 RGH11 93 60 S 6,182.45 60
208E Story Ls leH I 4700 Gooch Hill Bozeman NIT 59715 RGH322. 50 S 5,IS204 50
211E Story Matinee Jones Life Estate Willene t oskic/CO LRD PO(lox 107., Bowan MT59771 RGI13707 75
CO 9 7,728.06
214 E Story Mania Co,,k MJC Sloss LLC 32M)E Frontage Rd Butcman\IT 59715 116112146 94,93 5 9,781.67
219E Story Am,Aldrich 219 E Stun Bozeman NIT 59715 RGH51J32 76.8
$ 7,913.54
223 E Story Jcfrfc,Yemon Susan Anderson 3411 Wlnle PI Boulder CO 80303 RG111595 60 $ 6,182.45
301 E Story Brit Fomcnol Ansnna Allison 3111 E Sim Bowman MT 59715 ROH(di67 541 S 5,646.64
305 E Story Andrea Hogan Jenna Hogan .105 E Ston Bozeman MT 59715
RCiH24 la $4.6
$ 5,646-64 54.8
306 E Story Ross Famile Trust PO Box 663 I laws MT 59501 RGH5260 100 5 10,304.09
313 E Story I Ionics 4 Rent Rand,&Jo,Wlnle 25 Rodeo Ct Bozeman MT$47IR
RGH51R2 92,45
5 9,526.13
314 E Story I I P Hall.JR .114 E Sion 4I Bwcmmn MT 59715 RGH I IQ 74.57
$ 7,683.76 74.57
315 E Story Cite of Bonmau PO Box 1230 Bweman MT 59771 30 5 3,091.23
318 E Story Ca,of Bomman PO Be,1239 Bozeman NIT 5'm771 30 $ 3,091,23
404 E Story Eduard Steinhauer 410 E Sion Bowman MT 59715 RGH4187 52.5 S 5,409.64 52.5
40S E Story Afar aret Ririxc 405 E Ston Bozeman\I r 59715 RGH3956 56.5 $ 5,821.81 56.5
409 E Story Nellie McCallum Li,m Trust Bruce it Man McCallum 412 Bogen PI Bozeman NIT 59711 RGH5545 54 $ 5,564.21 54
410 E Story F.duard Steinhauer 410 E Sion Borcman MT 59715 RGH5S91 73 $ 7,521.98 73
413 E Story Robert Burton 413 E Ston Bozeman MT 59713 RGH IR59 54 $ 5,564.21 54
416 E Story Man Vaut Hull 416 E Ston Bomman MT 59715 RGH6235 74 $ 7,625.02 74
417 E Story Robert Amcni 417 E Ston Bomman MT 59715 RGH2279 54 5 5.564.21
420 E Story Stephen Van Stckc ('i0 Hillan Robinson 420 E Sin Bozeman MIT 597I5 RGH 1362 74 $ 7,625.02 74
421 E Story I larold McRc,nolds 2270 Axtell Anccn,Rd Bozeman MIT 59717 RG114056 54 $ 5,564.21
425 E Story Neal Ron 425 E Sion Bw.aman MT 59715 RGH5259 54 S 5,564.21 1 54
428 E Story Thomas Ashur, CVcnde Roberts 428 E Sion Bozeman 1,11 i9715 RGH.651 99 5 10,20104 99
429 E StoryFamih Promise of Gallatin Valle. PO B.,475 Bozeman NIT 59771 RGH 13. 50 5 5,152.04
TOTALS 3010.34 S 310.189.00 1336.96