Kalispell council to refinance City Hall loan

The Kalispell City Council will consider Tuesday whether to refinance loans through the Montana Board of Investments for the purchase and renovation of City Hall.

The fixed interest rate has been at 4.85 percent since the lease-purchase agreement was made with All Points Public Funding in 2007.

A resolution before the council on Tuesday will drop the interest rate to 1.25 percent. The next payment is due on Feb. 15; the annual debt service will be about $90,000. The loan agreement is for five years.

“It’s one of those things where it’s nice to be able to find a way to lower interest payments and ease a little bit of that loan burden,” City Manager Doug Russell said. “Any time we’re able to make that savings we’re happy to do it.”

In other business Tuesday:

•  The council will vote on the development plan for the Spring Prairie Phase 4 commercial subdivision south of Costco.
•  The council will consider a request by the Kalispell Downtown Association to serve alcohol at its Boulder Project Block Party on Sept. 19.
•  The council also will vote on the developer’s agreement with Treeline Village, a one-lot multifamily development inside the Bloomstone subdivison near the Kidsports complex.

The City Council meeting has been moved to Tuesday because of Labor Day. The council meeting starts at 7 p.m. Tuesday at City Hall.

Reporter Seaborn Larson can be reached at 758-4441 or slarson@dailyinterlake.com.