Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Special Improvement District topic
No spam. Unsubscribe anytime.
Council creates Green Acres special improvement district and authorizes SID bonds to fund sewer work
Summary
The council adopted a resolution creating Special Improvement District (SID) No. 348 (Green Acres Community Improvement) and authorized issuance of two SID bond series — a subordinated taxable series and a tax-exempt series — to finance sewer improvements benefiting the district; staff said the bonds are obligations of the SID propert
The Kalispell City Council on Aug. 4 created Special Improvement District No. 348 (Green Acres Community Improvement) and authorized issuance of special improvement district bonds to finance a portion of sewer improvements benefiting the district. City staff said the bonds are obligations of the SID properties rather than general city debt.
Why it matters: Establishing the SID and authorizing bond issuance allows construction of sewer improvements paid by benefiting property owners through SID assessments and bond repayment rather than by general city revenues.
City staff described the structure as two bond series: a subordinated taxable Series 2025A (amounts stated in staff remarks as $268,300 and $168,386) and a tax-exempt Series 2025B of up to $175,000. The council approved Resolution No. 62-74 creating the SID and authorizing the bond issuances; Councilor Dowd moved the resolution and it passed by roll call with all councilors voting aye. Staff noted prior council resolutions and the SID formation process are complete and that the bonds are secured by SID assessments on the benefitted properties.
Ending: The resolution authorizes staff to proceed with the SID bond issuance and related steps; affected property owners in the Green Acres district will receive assessment and repayment details as the SID financing is finalized.
