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Home My WebLink AboutTIF Minutes 5-15/ Downtown Tax Increment Finance Board Meeting Minutes May 19, 2015 Attending: Bobby Bear, Vonda Laird, Bob Lashaway, Bill Stoddart, Chris Naumann Absent: Shannon Haish, Bob Hietala Public Comments None Disclosures Bill Stoddart said he spoke with Bill Clem about KERB, a real-time digital sidewalk business director, and that the technology and product has come a long way. He mentioned it may be worth taking a closer look for Downtown Bozeman. Chris said the Big Sky Chamber installed 2 or 3 units and that Clem was giving a presentation at the next DBA meeting. Minutes ACTION: Bob Lashaway moved to approve the April minutes as presented. Vonda Laird seconded the motion. All voted in favor. Financial Report Chris presented the finance report as of May 19, 2015. Chris detailed the updated revenue figures provided by the City Finance Department. The expenses over the last month included a technical assistance grant to the “Lark 2.0” project and a payment to TD&H for the continuing streetscape engineering. The board had no questions regarding the finance report. Executive Director’s Report Technical Assistance Program Update The first chart lists the last remaining FY2014 grant. The second chart lists grants that have been awarded thus far in FY2015. Keep in mind that the committed grant amounts are only tentative since the actual reimbursement amount will be determined as a one to one match upon completion of the grant work. As a reminder, the Planning grants have a $7500 cap and the Façade grants are capped at $3000. Bold listings indicate completed. FY2014 Downtown Technical Assistance Program Project Name Project Address Applicant Professional Grant Type Grand & Main 136 West Main Bzn Redevelopment Thinktank Planning FY2015 Downtown Technical Assistance Program Project Name Project Address Applicant Professional Grant Type 101 E Mendenhall 101 E Mendenhall Liane Johnson Intrinsik Planning Owenhouse Bike Shop 25 South Black Eric Bowman Focus Planning Fechter Rear Façade 128-134 East Main Michael Guglielmino Focus Facade 39 North Rouse 39 North Rouse SC Group Intrinsik Planning 101 North Rouse 101 North Rouse 101 Rouse LLC Intrinsik Planning 22 South Grand 22 South Grand HWW, LLS ThinkTank Planning Garage LED Light Project The project is complete. All 188 new fixtures were installed during the first week of May. McKinstry will now verify proper installation and initial function. They will continue to monitor function and performance, focusing on energy savings, for another year. Natalie Meyer, City of Bozeman Sustainability Coordinator, did an extraordinary amount of work to implement this project and she will produce a series of reports. Downtown Streetscape Project The total estimate for the current scope of work is approximately $5 million. This would result in fairly high annual SID payments which might be too expensive for some property owners. I am working with Anna Rosenberry, COB Finance Director, to look at funding alternatives that would lower the SID amount. Building Project Updates NO CHANGES 5 West Building (northwest corner of Mendenhall and Tracy) 5-story 90,000 square foot mixed use-- one floor of commercial use, two floors of office, and two floors of residential, with underground parking. The developer is projecting to begin construction during the 3rd quarter of 2015. Dutton Building (131 West Main--corner of Grand and Main) is under construction to be completed mid to late June. Several units are available for lease including 5000 square feet of office on the second floor. Block M Residences (on Lamme between Black & Tracy) Construction of Phase 2—8 additional units—has begun and should be completed early Fall of 2015. Element Hotel (at old Kenyon Noble site): Projecting to open in July 2015. Lark Motel (formerly the Imperial Inn): Opened April 2, 2015. Downtown Parking Update The Parking Commission and Western Transportation Institute released the third Downtown Parking Study. The study can be found at: http://www.bozeman.net/Smarty/media/Parking_Media/Reports/2014-BZN-Parking-Report -FINAL.pdf There are no updated monthly statistics for the garage while the Parking Manager position is vacant. Five finalists were interviewed for the position. A conditional offer was made and accepted by the unanimous top candidate. The new Parking Manager should start the first week in June. Also in the absence of a Parking Manager and on behalf of the Parking Commission, I wrote and released a Request for Proposals to conduct a comprehensive downtown parking study. The study will produce a plan that will address the following aspects: Analyzing current inventory, occupancy and useage Identify current shortages and surpluses by block Review existing policies and practices Estimate future parking needs Recommend opportunities to increase efficient use of existing resources Recommend options and location to increase parking inventory Present cost estimates for any new recommended parking infrastructure Provide ten-year financial projections for expenses and revenues Recommend options to achieve revenues necessary to operate and expand The RFP responses are due June 1st and a consultant will be selected and under contract by the end of June. The final plan will be completed by January 2016. Discussion and Decision Items GVLT Burke Park Bridge Proposal Chris presented the board with a proposal from the Gallatin Valley Land Trust for the design and construction of a bridge to replace the culvert at the base of Burke Park (aka Peet’s Hill). Chris said he met with GVLT staff to discuss the project and thinks this would be a great enhancement to the Main Street to Mountains trail system. Lashaway said he feels that the trail network is very important and ties different parts of town together like MSU and downtown. He added that the GVLT bridges are extremely distinctive and add to our unique sense of place. Stoddart said that while it is difficult to assign a return on investment of a bridge—or bike racks, trash cans, street lamps—it would add to the value of the TIF district. Bear and Laird agreed saying they really like what GVLT does for the community and thinks the TIF should contribute to this project. ACTION: Bob Lashaway moved to allocate $25,000 from the FY16 budget to the GVLT Burke Park Bridge project. Bobby Bear seconded the motion. All voted in favor. Final FY2106 Budget Chris presented the final draft of the budget for FY 2016. He projected a year-begin balance of $1,548,036. The COB Interlocal share revenue is projected to be $332,000 due to the pending 19% devaluation of commercial properties by MTDOR. As such, total revenue for the year would be $2,339,585. In terms of expenses, the Partnership Management Fee would remain the same, $100,000. The largest “new” expense is the “Fiber-Broadband Infrastructure” for $600,000. As discussed at several previous board meetings, these funds would pay for the construction of the downtown fiber network. The board discussed the fact that this project would not likely be entirely built out in the first year, thus reduced the budgeted amount to $500,000. The $25,000 for GVLT’s Burke Park Bridge project was added. Chris said that the Residential Assistance budget was probably drafted to high and would not be spent. The board requested that this program’s allocation be reduced from $150,000 to $100,000. Chris also said the budget projections included $100,000 in hotel incentives being paid to the Element in FY2015 which will not happen, so the Hotel Incentive budget for FY2016 must show $200,000 encumbered. ACTION: Bill Stoddart moved to approve the FY2016 Downtown TIF budget with the modification discussed. Vonda Laird seconded the motion. All voted in favor. New/Old Business / / PROPOSED DOWNTOWN TIF FY2016 FINAL DRAFT BUDGET / PROPOSED DOWNTOWN TIF FY2016 FINAL DRAFT BUDGET /