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RESOLUTION NO. 08-i 8744 A RESOLUTION AMENDING BILLINGS RESOLUTIONS NO. 07-18636 AND O8-18680 RELATING TO THE DOWNTOWN TAX INCREMENT DISTRICT, TERMINATING THE DISTRICT AND ALLOCATING FI-INDS. WHEREAS, the Billings City Council approved Resolution No.01-18636 on November 26,2007; and WHEREAS, the Biltings City Councii approved Resolution No. 08-18680 on February 25,2008; arñ WHEREAS, Resoiution No. 08-18680 amended Resolution No. 07-18636; and WHEREAS, Resolution No. 07-18636 outlined conditions under which fhe 1976 Downtown Tax Increment District would sunset in March, 2008 and stated the City's intention to retain tax increment funds on hand at the end ofFiscal Year 2008 for projects that are identified in the Resolution; and \ /HEREAS, some of the projects described in the Resolution have changed slightiy and additional funding has been identified that could be used to further enhance downtown redevelopment. THEREFORE, BE IT RESOLVED BY THE BILLINGS CITY COUNCIL AS FOLLOV/S: 1. Resolution No. 07-18636, as amended by Resolution No. 08-18680, Scheduie 1 is herby amended as follows PROJECT GSA land assemblage and County parking Railroad Quiet Zone Downtown light district Artspace market study Large project gap Funding project Cooperative security proSlam COST EST. up to $800,000 $FS0e,e00 up to $1,500,000 $900P00 up to 5100,000 up to $35,000 $æ0P00 up to $1,900,000 $25}00e tp fo 5184,722 EEMPT+HEN SCHEDULE June, 2009 December, 2009 December, 2008 December, 2008 December 200812009* December,2009** *If the large project gap financing eiement is not under contract by December 31, 2008, the funds dedicated to this projectandarryremainingfundswi11bea1locatedtothedowntown iight district. **If the Development agreement is reached by December 31, 2008, the Developers MUST begin conskuction BEFoREDecember3I,2o09orthefundingwil1beallocatedtothe downtown light district. 2. This resolutions shall become effective on the date of adoption hereot PASSED by the City -C...o,UnSi1,g.t,tt" City of Billings Montana, this I I'n day of August, 2008. .s:-ìo-tPIþí:', -J¿tt 'igí;,, cIrY oF BILLINGS ATTEST: Cari Martin, City Clerk BY: