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RESOLUTION NO. 08.I 8680 A RESOLUTION AMENDING BILLINGS RESOLUTION NO. O7-18636 RELATING TO THE DOWNTOWN TAX INCREMENT DISTRICT. TERMINATING THE DISTRICT AND ALLOCATING FLINDS WHEREAS, the Billings City Council approved Resolution No. 07'18636 on November 26,2007; and, WHEREAS, Resolution No. 07'18636 outlined the conditions undçr which the 1976 Downtown Tax Increment District will sunset in March, 2008 and stated the City's intention to retain tax inorement funds on hand at the end of Fiscal Year 2008 for projects that are identified in the Resolution; and WHEREAS, some of the projects described in the Resolution have changed and additional funding has been identified that could be used to fr¡rther enhance downtown redevelopment, THEREFORE, BE IT RESOLVED BY THE BILLINGS CITY COLTNCIL AS FOLLOWS; L Resolution No 07-18636, Schedule 1 is hereby amended as follows; PROJECT GSA land assemblage and County parking Railroad quiet zone eÊg¡#rð¡s+r€et-€'9fi¡r€r+ign Downtown light district ArtSpace market study Large project gap funding project Cooperative security program SCHEDULE 1 COST EST. $800,000 $ 1,000,000 $Se+Beg¡interseefi€n $900,000 $35,000 $1,700,000 $252,000 COMPLETION SCHEDULE Ðeeem,ber June, 2009 December,2009 Ðee€mber-+L;4009 December,2008 December,2008 December 2008/2009* December 2009'k* *If the large project gap financing element is not under contract by December 31; 2008, the fi,rnds dedicated to this project and any remaining funds will be allocated first to the cooperative security program a¡rd then to the downtown líght district. **If the Development agreement is reached by Decernber 31, 2008, the Developers MUST begin construotion BEFORE December 3l, 2009 or the funding will be allocated to the cooperative security program and then to the downtown light district, 2. This resolution shall become effective on the date of adoption hereof, PASSED by th.e City Cowrcil.pf the City of Billings, Montana, this 25"' day of Februæy, 2008, CITY OF BILLINGS ATTEST; BY: l'n n*a)t Cari Martin, City Clerk t"t