The Kalispell City Council is meeting at 7 p.m. Monday evening in the council chambers to discuss a conditional use permit for an eight unit multi-family housing project on Appleway Drive, authorizing a maximum of $6 million in tax increment urban renewal revenue bonds for the west side urban renewal district and authorizing a loan for the city from the Montana Board of Investments Intercap Loan Program to purchase equipment for the parks department.
The proposed multi-family housing project would be located on the west end of town just south of U.S. 2 and east of the junction with the U.S. 93 bypass at 25 Appleway Drive. The project would comprise two fourplex buildings that are two stories tall.
The Planning Board previously ruled that the project appeared to be a good fit for that area of town and was compatible with the zoning and growth policy. The planning department has recommended the city council approve the project as well.
The Core Area Plan was adopted by the city council and incorporated as part of the city’s growth policy back in 2012, and the city has identified tax increment financing as a good mechanism to pay to begin work on that plan.
Staff reports for the agenda item say the actual amount of bonds sold will likely be closer to $4 million, but they are authorizing $6 million to allow for market flexibility.
When interest rates from the Montana Board of Investments Intercap Loan Program are advantageous, the city takes the opportunity to invest in new equipment.
Through Feb. 15, the interest rate is at 2.5 percent, and the city bought a new Kubota tractor with a mower deck for the parks department. The mower cost $35,191 and this loan will be used so they can pay it back over the next five years to help stabilize the department’s cash flows. The new mower replaces one that has logged 4,884 hours.