HomeMy WebLinkAbout01-23-17 CC Mtg - A5. Resolution 4770, Midtown TIF Assistance ProgramCommission Memorandum
REPORT TO: Honorable Mayor and City Commission
FROM: David Fine, Economic Development Specialist
SUBJECT: Resolution No. 4770 authorizing the Midtown Urban Renewal
District Tax Increment Finance Assistance Program and authorizing
the Bozeman Midtown Urban Renewal Board to Provide for the
Administration of the Program.
MEETING DATE: January 23, 2017
AGENDA ITEM TYPE: Action
RECOMMENDATION:
Adopt Resolution 4770.
SUGGESTED MOTION:
I move to adopt Resolution 4770.
BACKGROUND:
The existing program incentivizing redevelopment in the Bozeman Midtown Urban
Renewal District (the “District”) was authorized in 2010 pursuant to Commission
Resolution 4289. The program, known as N7Rehab, provides grants focused on
rehabilitation of existing buildings through façade, streetscape, and landscaping
enhancements. The program made smaller grants for demolition activities. Grants under the
program are for 15% of eligible project costs not to exceed a maximum grant amount of
$50,000. The program was a component of several modest successes; the best example of a
recent success being the new façade work converting the vacant Vans IGA building to the
Universal Athletic corporate headquarters.
Façade and landscaping enhancements represent useful tools in an urban renewal
program. Such improvements create the sense of momentum in a district that is necessary
to attract investment. The ongoing streetscape and lighting project serves a similar purpose.
These tools, however, have limits. A long-term objective of the district plan is to facilitate
urban density mixed land uses. Most of the buildings in the district were built at time when
culture and zoning required an auto-oriented pattern of development. Buildings setback 25
feet or more from the street do not match the requirements of the new B-2M (Community
Commercial – Mixed Use) zoning designation. Numerous driveways and parking lots impair
328
the pedestrian user experience. Many of the buildings on the corridor are reaching the end
of their useful life: Perhaps more importantly, façade enhancements are less directly
impactful for increasing taxable value than other incentive programs. Creating long-term
taxable value increases that would not exist without tax increment finance projects to the
City, County, and Schools is a significant purpose of an urban renewal district. Given the
interest in Midtown investment, the Board has determined that it is time to transition to
more impactful tools.
The proposed Midtown Tax Increment Finance Assistance Program (TIFAP)
incentivizes projects creating significant new taxable value that also facilitate the five blight
remediation goals of the Midtown Urban Renewal Plan. The two part incentive program
attempts to strike a balance between welcoming all investors to the District and
participating in projects are unlikely “but for” TIF assistance. Applicants requesting $50,000
or less in assistance would have their project reviewed under program criteria based only
on the urban renewal program goal. Applicants requesting more than $50,000 in assistance
would be required to submit detailed financial data on their project to show how TIF
assistance would make a project feasible that might not be feasible without TIF assistance.
Maximum awards will be capped based on demonstrated need and contingent on the
availability of appropriated incentive funds. Some large projects may require the approval
of mid-year budget amendments by the City Commission to proceed.
The program takes aim at one of the major challenges to redeveloping a corridor. It
is difficult to make an investment case for redevelopment when existing structures produce
modest rents, even when the subject property is obviously underdeveloped. Existing rents,
combined with the cost of demolition and infrastructure upgrades make it tricky to catalyze
redevelopment without the addition of incentives to the business case. The proposed
incentives are tailored to address this dilemma by addressing the costs of demolition and
infrastructure upgrades associated with new development. The program allows TIF
assistance to be used for two eligible components of projects:
1) Demolition and removal of structures
2) Construction and improvement of public improvements or infrastructure, including
streets, curbs, gutters, sidewalks, alleys, parking lots and off-street parking facilities,
sewer lines, storm sewers, waterlines, and impact fees.
Incentive funds will be committed to the project at the time of grant to allow the funds to be
considered as part of the development pro forma, but would be paid on a reimbursement
basis at the time the building receives a certificate of occupancy. This stipulation
significantly reduces risk for the City making sure funds are only awarded after the
activities creating new taxable value are completed.
The Midtown Urban Renewal Board voted unanimously on January 5, 2017 to
recommend the adoption of this program to the City Commission.
329
FISCAL EFFECTS:
The approval of this program has no immediate fiscal impact on the District. The
Commission will have the opportunity to approve annual work plan and budgets for the
District that implement this program and its associated appropriations. For example, in FY
2017, the Commission approved $250,000 for existing redevelopment incentive programs.
ATTACHMENTS:
Resolution 4770
Midtown Tax Increment Finance Assistance Program
LINKS:
Midtown Urban Renewal District Work Plan and Budget for FY 2017
Resolution 4289 authorizing N7Rehab Program (2010)
330
Page 1 of 5
COMMISSION RESOLUTION NO. 4770
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF BOZEMAN,
MONTANA AUTHORIZING THE MIDTOWN URBAN RENEWAL DISTRICT TAX
INCREMENT FINANCING ASSISTANCE PROGRAM AND AUTHORIZING THE
BOZEMAN MIDTOWN URBAN RENEWAL BOARD TO PROVIDE FOR THE
ADMINISTRATION OF THE PROGRAM.
WHEREAS, the Bozeman City Commission did, pursuant to law, on the 22nd
day of
August 2005, adopt Resolution Number 3839, declaring that blighted areas exist in the portion of
the North Seventh Avenue Corridor and that rehabilitation, redevelopment, or a combination
thereof of the area is necessary and in the interest of the public health, safety, morals, or welfare
of the residents of Bozeman; and
WHEREAS, the Bozeman City Commission did, pursuant to law, on the 27th day of
November 2006, adopt Ordinance Number 1685 defining the North Seventh Urban Renewal
District boundary, creating a North Seventh Urban Renewal Board and authorizing the Board to
act as the “agency” to exercise urban renewal powers; and
WHEREAS, the Bozeman City Commission did, pursuant to law, on the 16th
day of
December, 2015, adopt Ordinance Number 1925, the Bozeman Midtown Urban Renewal District
Plan (the “Plan”), defining an expanded District boundary, renaming the District the Bozeman
Midtown Urban Renewal District (the “District”), delineating new goals and strategies for
eliminating blight, and authorizing the Bozeman Midtown Urban Renewal Board (“Board”) to act
as the “agency” to exercise urban renewal powers; and
331
Resolution 4770, Authorizing the Midtown Urban Renewal District Tax Increment Finance Assistance Program
Page 2 of 5
WHEREAS, the Plan, “Encourages commercial and residential development or
redevelopment of identified infill areas through the use of and publicizing of incentives, such as,
but not limited to, public infrastructure support”; and
WHEREAS, the Board develops an Annual Work Plan and Budget to implement the Plan
that is presented to the Bozeman City Commission for approval following a public hearing, which
may include the appropriation of funds for an incentive program as authorized by the Plan; and
WHEREAS, the intent of these funds is to offset the cost of redevelopment of substandard
or “blighted” properties within the District; and
WHEREAS, by Ordinance Number 1925 the Board was granted the powers under Section
7-15-4233; and
WHEREAS, Section 7-15-4233(1)(a), MCA, grants the City the power to formulate and
coordinate a workable program as specified in 7-15-4209, 15-MCA; and
WHEREAS, Section 7-15-4209, MCA, states: (1) a municipality may formulate a
workable program for utilizing appropriate private and public resources:
(a) to eliminate and prevent the development or spread of blighted areas;
(b) to encourage needed urban rehabilitation;
(c) to provide for the redevelopment of such areas; or
(d) to undertake such of the aforesaid activities or other feasible municipal activities as
may be suitably employed to achieve the objectives of such workable program.
(2) Such workable program may include, without limitation, provision for:
…
(b) the rehabilitation of blighted areas or portions thereof by re-planning, removing
congestion, providing parks, playgrounds, and other public improvements, by encouraging
voluntary rehabilitation, and by compelling the repair and rehabilitation of deteriorated or
deteriorating structures; and
(c) the clearance and redevelopment of blighted areas of portions thereof.
WHEREAS, Section 7-15-4288, MCA, “Costs that may be paid by tax increment
332
Resolution 4770, Authorizing the Midtown Urban Renewal District Tax Increment Finance Assistance Program
Page 3 of 5
financing” allows the municipality to use tax increments to pay the following costs of or incurred
in connection with an urban renewal project. 1) demolition and removal of structures, 2)
improvement of infrastructure, 3) public improvements and 4) costs incurred in connection with
the redevelopment activities allowed under 7-15-4233; and
WHEREAS, to fulfill the above statutory requirements, the Board developed a program
for granting monies appropriated by the City Commission to redevelop and rehabilitate the
District the name of which program is the Midtown Urban Renewal District Tax Increment
Financing Assistance Program (“Midtown TIF Assistance Program”); and
WHEREAS, the purpose of the Midtown TIF Assistance Program is to encourage
investment in development and redevelopment of commercial and mixed use property within the
District.
NOW, THEREFORE, BE IT RESOLVED by the City Commission of the City of
Bozeman, Montana (the “City”), as follows”
Section 1
The primary objective of the Midtown TIF Assistance Program is to encourage investment in
development and redevelopment of commercial and mixed use property within the District in
accordance with the provisions of the Montana Urban Renewal Law (7-15-4209, 7-15-4233, and
7-15-4288, M.C.A.). Additional District objectives are to:
• Encourage private investment in commercial property in the District through the use of
public incentives;
• Expand the property tax base in the District through private investment in income
producing properties;
• Stimulate economic and business development within the District; and
• Reduce blighting influences in the District
Section 2
333
Resolution 4770, Authorizing the Midtown Urban Renewal District Tax Increment Finance Assistance Program
Page 4 of 5
The grants are awarded at the discretion of the Board as authorized by the Bozeman City
Commission, based upon review of the Applicant's compliance with program objectives,
eligibility requirements, and eligible construction activities, as provided in the Midtown TIF
Assistance Program as set forth in Attachment “A”.
Section 3
The Board provides a Work Plan and Budget to the City Commission on an annual basis at
which time the Board requests a portion of the District’s tax increment be allocated for the
Midtown TIF Assistance Program and therefore eligible projects granted awards by the Board.
Section 4
The Board is, hereby, delegated authority to administer the Midtown TIF Assistance Program as
set forth in Attachment “A” and may enter into agreements with Applicants necessary to
accomplish the purposes of the program.
PASSED AND APPROVED by the City Commission of the City of Bozeman, Montana,
at a regular session thereof held on the 23rd
day of January, 2017.
CARSON TAYLOR
Mayor
ATTEST:
ROBIN CROUGH
City Clerk
334
Resolution 4770, Authorizing the Midtown Urban Renewal District Tax Increment Finance Assistance Program
Page 5 of 5
APPROVED AS TO FORM:
GREG SULLIVAN
City Attorney
335
Midtown Urban Renewal District TIF Assistance Page 1
Revised January 2017
MIDTOWN TAX INCREMENT FINANCING ASSISTANCE PROGRAM
INTRODUCTION
The Midtown Urban Renewal Plan (“Plan”), adopted by the Bozeman City Commission on
November 16, 2015, authorized the Midtown Urban Renewal Board (“Board”) to establish
monetary incentives in the Midtown Urban Renewal District (“District”) in support of the Plan’s
goal to promote economic development. The Board established and administers this Tax
Increment Financing (“TIF”) assistance program for the redevelopment and rehabilitation of
properties within the District.
TIF assistance applications are subject to program eligibility criteria and project guidelines listed
below. Applications will be accepted and processed in the order in which they are received and
approved based on the availability of funds for the program.
PURPOSE
The purpose of the TIF assistance program is to encourage desirable
development/redevelopment projects, as well as assist projects that would not otherwise occur
“but for” the assistance provided through tax increment financing. The purpose of this
document is to provide guidelines for the Board to offer monetary incentives for development
activities in the District in the form of TIF assistance funds.
This policy shall be used as a guide in processing and reviewing applications requesting TIF
assistance. The Board shall have the option of amending or waiving sections of this policy when
it determines, in its sole discretion, such an amendment or waiver is necessary or appropriate.
In amending or waiving any sections of this policy, the Board shall document the reason for the
deviation.
The provision of financial assistance is at the sole discretion of the Board. The Board reserves
the right to reject or approve applications on a case-by-case basis, taking into account
established policies, specific project criteria and the demand on District services in relation to
the potential benefits to be received from the proposed project. Meeting policy guidelines or
other criteria does not guarantee the award of TIF assistance. Furthermore, the approval or
denial of one application is not intended to set precedent for approval or denial of another
application.
336
Midtown Urban Renewal District TIF Assistance Page 2
Revised January 2017
PROGRAM OBJECTIVES
The primary objective of the TIF assistance program is to encourage investment in development
and redevelopment of commercial and mixed use property within the District in accordance
with the provisions of the Montana Urban Renewal Law (7-15-4209, 7-15-4233, and 7-15-4288,
M.C.A.). Additional District objectives are to:
• Encourage private investment in commercial property in the District through the use of
public incentives;
• Expand the property tax base in the District through private investment in income
producing properties;
• Stimulate economic and business development within the District; and
• Reduce blighting influences in the District
The grants are awarded at the discretion of the Board as authorized by the Bozeman City
Commission, based upon review of the Applicant's compliance with program objectives,
eligibility requirements, and eligible construction activities.
GENERAL POLICIES
1. TIF assistance priority will be given to projects that do not have the financial feasibility to
proceed without the benefit of the assistance.
2. The applicant shall provide any market and financial feasibility studies, appraisals or other
information provided to private lenders for the project as well as any other information or
data which the Board, or its financial consultants, may require in order to review the need
for TIF assistance.
3. TIF assistance will not be used for projects that place extraordinary demands on District
infrastructure or services.
4. The applicant must be able to demonstrate, to the Board’s satisfaction, an ability to
construct, operate and maintain the proposed project based upon past experience, general
reputation and credit history.
5. The applicant shall provide sufficient market, financial, environmental and other data
relative to the successful operation of the project.
6. The Applicant must retain ownership of the project long enough to complete it, to stabilize
its occupancy, to establish the project management, and to initiate payment of taxes based
on the increased project value. This application must be signed by both the applicant(s) and
the property owner(s) (if different).
7. Project plans and construction must comply with all applicable code and permit
requirements. Applicant is advised to consult with the City of Bozeman planning and
337
Midtown Urban Renewal District TIF Assistance Page 3
Revised January 2017
building departments, licensed architects, engineers, or building contractors before
proceeding with final plans or construction.
8. The Applicant must demonstrate significant leverage of private investment through the use
of public dollars.
ELIGIBLE COSTS
TIF eligible expenses are defined by Montana Code Annotated, 7-15-4288 and further limited
by the Plan. The project seeking TIF assistance must be located within the boundary of the
District.
Costs related to the following are eligible for financial assistance:
1. Demolition and removal of structures
2. Construction and improvement of public improvements or infrastructure, including
streets, curbs, gutters, sidewalks, alleys, parking lots and off-street parking facilities,
sewer lines, storm sewers, waterlines, and impact fees
Requests for funding above $100,000 will require the ratification of the Bozeman City
Commission.
DISBURSEMENT OF ASSISTANCE FUNDS
The TIF assistance program is a reimbursement program. No funds will be disbursed until all
completion criteria have been satisfactorily met as determined by the Board in its sole
discretion. At the end of the project, the recipient will submit a Certificate of Completion and
required supporting documentation to the Board including itemized invoices and other
documentation as the Board may reasonably request.
USE OF ASSISTANCE FUNDS
The award of TIF assistance funds is subject to the Applicant entering into a grant agreement
with the District. The grant agreement will include requirements that the grantee comply with
(i) applicable City of Bozeman procurement regulations related to bidding, hiring, and prevailing
wages; (ii) the City’s nondiscrimination policy; and (iii) State of Montana public records laws.
The grant agreement will include such additional terms as the District in its sole discretion
determines are prudent or necessary to fulfill the goals of the TIF assistance program.
TIF assistance funds must be used within two years of the date of the Letter of Award. Any
funds not disbursed to the Applicant within that time will remain in the District fund. The
Board, in its sole discretion, may provide an extension of up to one year to the original two year
timeframe.
Use of TIF assistance funds must be in compliance with the terms of the grant agreement
338
Midtown Urban Renewal District TIF Assistance Page 4
Revised January 2017
between the Applicant and the District.
REVOCATION OF AWARD
The grant agreement will include terms providing that an award of TIF assistance may be
revoked by the Board if the Board finds, in its sole discretion, that Applicant has failed to
comply with any of the terms of the assistance program or grant agreement, or has failed to
provide information or provided inaccurate information on the application. Upon such a
finding, the Board will provide Applicant with notice of the default and a 30-day opportunity to
cure before the award is revoked. The grantee will be required to return TIF assistance funds
already disbursed pursuant to the terms of the grant agreement.
DISCLAIMER: Neither the Board nor the City of Bozeman will be responsible for the planning,
design, or construction proposed by any work conducted as part of the TIF assistance
program. No warrantees or guarantees are expressed or implied by the description of,
application for, award of or participation in the TIF assistance program.
APPLICATION PROCESS AND PROCEDURE
Application for TIF assistance shall be made on the forms provided by the Board and submitted
to the Economic Development Department for review and comment. Deadlines for submittals
shall be as published and posted by the Board. Incomplete forms will be returned to the
applicant with an explanation on additional information as may be required.
For projects seeking TIF assistance for demolition or payment of impact fees, the City of
Bozeman Economic Development Department will review the application and provide a
recommendation to the Board and, if applicable, the Bozeman City Commission.
If approved by the Board, or City Commission, a “letter of intent” outlining the specific terms
and conditions of the TIF assistance will be provided to the applicant.
SUBMITTAL INFORMATION
There are two parts to the attached application. All applicants must complete Part 1. Applicants
requesting TIF assistance above $50,000 must complete and include information identified in
Part 2.
Part 1 – All Applications
Part 2 – Applications requesting funding over $50,000
339
Revised 1/6/2017
Midtown Urban Renewal District
TAX INCREMENT FINANCING APPLICATION
PART 1
Property Information
Property Address: ____________________________________________________________
Property Owner: _____________________________________________________________
Legal Description: ____________________________________________________________
Property Geo-Code: __________________________________________________________
County Tax ID #: ____________________________________________________________
Applicant Information
Property Owner
Tenant
Developer
Other
Applicant’s primary contact:
Name: ________________________________________________________________________
Business Name:
_________________________________________________________________
Business Phone: _______________________________Cell Phone: _______________________
Email: ________________________________________
Project Representative (if not applicant):
Name: ________________________________________________________________________
Business Name:
_________________________________________________________________
Business Phone: _______________________________Cell Phone: _______________________
Email: ________________________________________
Property Owner (if not applicant):
Name: ________________________________________________________________________
Business Name:
_________________________________________________________________
Business Phone: _______________________________Cell Phone: _______________________
Email: ________________________________________
340
Midtown Urban Renewal District TIF Assistance Page 6
Revised January 2017
Please attach a list of all other property owners, business partners, developers and/or investors
associated with this project, with the above information provided for each.
This application must be signed by both the applicant(s) and the property owner(s) (if
different).
I (we), by signature below, certify that the information supplied in this application is, to the best
of my (our) knowledge, true, accurate, and complete, and is provided for the purpose of
obtaining approval to participate in the Midtown Urban Renewal District TIF assistance
program. I (we) understand that failure to comply with the terms of the TIF assistance program
may result in revocation of an award.
I (we) understand the work to be undertaken must be in accordance with all applicable
requirements of the Bozeman Municipal Code and any special conditions established by the
approval authority, and must receive all required approvals prior to commencing the work. I
(we) understand if approved for TIF assistance, the work to be performed must also be in
accordance with TIF assistance program procedures and the general design guidelines for the
District, as well as the specific plans approved for the project. I (we) acknowledge that the City
has an Impact Fee Program and impact fees may be assessed for my project. Further, I (we)
agree to grant City personnel and other review agency representative’s access to the subject
site during the course of the review process (Section 38.34.050, BMC).
Applicant (s) (Print Name)
Signature of Applicant Date
Property Owner(s) (Print Name)
Signature of Property Owner Date
341
Midtown Urban Renewal District TIF Assistance Page 7
Revised January 2017
Company Profile
Business Location
New business establishing itself in Bozeman
Existing business
Expanding/remodeling at same location
Expanding to an additional location
Existing business relocating from (identify location):
Street Address:
City: State: Zip:
Other:
Year Business Established:
Type of Business (Describe):
Has a business plan been developed in relation to the proposed project?
No (Development of a business plan may be required as part of the application process.)
Yes (Include a copy with the application.)
342
Midtown Urban Renewal District TIF Assistance Page 8
Revised January 2017
Project Detail
Property Status:
Vacant land
Building on leased land – Describe:
Land and building(s) – Describe:
Type of TIF Assistance Sought:
Requesting assistance for public infrastructure costs
Building demolition
Value of TIF Assistance Sought:
$
Will this project proceed if TIF assistance is not granted?
No
In a limited fashion (explain):
Yes, but at a later date (explain):
Yes, as scheduled
Other:
1. Project Narrative
Provide an overview of the project in narrative format. The narrative must include a
description of the following aspects of the project:
Proposed use(s) or project (e.g. industrial, commercial, retail, office, mixed use,
residential for sale or for rental, etc.)
Construction information about the project including size of any existing structure to be
demolished or rehabbed; sized of any new construction; types of construction materials
(structural and finish); delineation of square foot allocation by use;
Total number and individual square footage of residential units; type of residential units
(e.g. for-sale, rental, condominium, single-family, etc.); number and type of parking
spaces provided; and construction phasing.
343
Midtown Urban Renewal District TIF Assistance Page 9
Revised January 2017
2. Site Maps and Building Plans
The Applicant must submit a completed Conceptual Review Application to the Board and
concurrently to the Community Development Department. The Conceptual Review
application must include, at minimum:
Photographs of project site and/or building
Map showing the location of the site and its immediate surroundings
Proposed development plans including site plans, floor plans indicating square
footage and layout, building elevations
Description of parking accommodations for residential units and commercial uses
Estimated date of occupancy
Prior to Board action on the grant application, the Applicant must have obtained and provide
to the Board the Community Development Director’s written comments on the proposed
development from the Conceptual Review Application.
344
Midtown Urban Renewal District TIF Assistance Page 10
Revised January 2017
CRITERIA FOR TIF ASSISTANCE
In reviewing the TIF assistance application the Board will evaluate each project utilizing the
following criteria and point system. Points can range from 0 to the maximum shown below in
each category. Please rate your project according to the following criteria. To receive points for
any given item, documentation demonstrating adherence to the criteria must be submitted
with the application. The Board will use this information to evaluate the project.
Overall District Relevance Points
1. Relevance to the Midtown Urban Renewal Plan – Documentation of the
project’s impact in relation to the goals and objectives of the Midtown Urban
Renewal Plan, particularly mixed-use development. Urban design elements
will also be considered, including pedestrian emphasis and quality of design.
/5
Promote Economic Development
2. Tax Generation: The project will increase the taxable value within the District.
The increase in taxable value due to new construction & rehabilitation is
estimated by the County Assessor’s office or State Department of Revenue to
determine tax increment generation. Submit documentation of estimated
tax projections to receive points for this criteria
/4
3. Elimination of Blight – The project’s direct and indirect impact on the physical
and fiscal deterioration within the Tax Increment Financing District and the
community. Submit information showing current conditions of property.
/4
4. Employment Generation – Total employment generated by the project
assessed in terms of new permanent and part-time jobs, and construction
jobs. Submit documentation of estimated new jobs to receive points for this
criteria.
/3
Improve Multi-Modal Transportation
5. Facilitates Public Health and Mobility: Project will construct or improve
sidewalks, including ADA access to buildings. Provide detailed information
demonstrating that the current condition inhibits public health and mobility.
/1
6. Reduces Resource Demand: Project promotes the use of transit, ride sharing,
or car sharing. Provide plans, agreements or other methods to demonstrate
reduction of resource demand.
/1
7. Promotes Active Transportation: Project promotes bicycling as an active
transportation option by constructing or improving bike lanes, providing
covered bike parking, and/or participating in a bike share program. Provide
plans, agreements or other methods to demonstrate reduction of resource
demand.
/2
Improve, Maintain and Support Innovation in Infrastructure
8. Infrastructure Improvements: Project promotes innovation in infrastructure
and/or reduces long term costs of maintenance. Provide plans and
descriptions of innovations proposed.
/2
Promote Unified Human Scale Urban Design
345
Midtown Urban Renewal District TIF Assistance Page 11
Revised January 2017
9. The project improves the street frontage by eliminating parking between the
right-of-way and the building. Provide plans to demonstrate improvement in
street frontage.
/2
10.
The project reduces the number of vehicular access points to the property
and improves the pedestrian experience. Provide plans, agreements or other
methods to demonstrate reduction.
/2
11.
The project enhances the North 7th
Ave. entryway corridor by having
buildings oriented toward the street and designed to provide interest and
activity.
/3
12.
The project enhances the pedestrian experience with elements such as
façade transparency, building articulation, street furniture and/or
landscaping. Submit plans and details that address this criterion.
/3
13. The quality of development and overall aesthetics (architectural, site design,
landscaping, etc.) are beyond that which is minimally required by the UDC.
Submit documentation to demonstrate compliance with this criterion.
/2
Support Compatible Urban Density Mixed Land Uses
14. The project increases housing units within the District. Submit plans
demonstrating an increase in the number of housing units.
/4
15. The project has a mix of uses, including residential. Submit plans detailing the
proposed mix of uses within the project.
/4
16. The project shares parking among compatible uses. Provide details
demonstrating compliance with the UDC and as well as total number of
parking spaces reduced because of a shared arrangement.
/2
Total Points /44
APPROVAL (For Official Use Only)
Approval Status:
Date Approved:
Date Letter of Award Sent:
Date Certificate of Completion:
Date of Payment Request:
346
Midtown Urban Renewal District TIF Assistance Page 12
Revised January 2017
PART 2
FOR PROJECTS REQUESTING OVER $50,000 IN ASSISTANCE
1. Detailed Project Information
Submit the following information regarding the project requesting TIF assistance.
Project Timeline
A project timeline is required. Include anticipated dates for site acquisition, project start
and completion, as well as other project milestones. Multi-phase projects must include
details for each phase. The timeline should also identify any critical or time-sensitive dates
as well as any time constraints facing the applicant.
Public Benefits
Fully describe the public benefits that can be realized by the completion of this project.
Projects with a high degree of public benefits are typically more likely to receive TIF
assistance. Examples of public benefits include, but are not limited to the following:
Re-occupancy of a vacant building
Elimination of blight
Creation of new retail choices
Increased tax revenue
Job-training opportunities
This statement should include qualitative examples of public benefits as well as quantifiable
and measurable outcomes of the short-term and long-term benefits to the District. Include
documentation in support of estimates of public benefits.
2. Project Financial Information
In order for the Midtown Urban Renewal District Board to adequately review applications
seeking TIF assistance, the following information must be submitted with the application.
Sources & Uses of Funds
Identify the sources of funds used to finance the project. Typical sources include
equity, lender financing, mezzanine financing, other anticipated types of public
assistance, and any other types or methods of financing. Describe the sources of
equity and include a term sheet for lender financing, if available.
TIF assistance is available as a reimbursement after the project is complete. Thus,
the project budget must identify the up-front sources intended to finance the
development costs of the project. If determined, specify the specific line items of the
project budget that each source will finance.
347
Midtown Urban Renewal District TIF Assistance Page 13
Revised January 2017
Summarize the uses of funds. General categories to be identified include: acquisition
and related site costs, hard construction costs, and a breakdown of soft costs.
Development Budget
Provide an accurate and detailed development budget for the project that includes a
detailed breakdown of significant line item costs consistent with the sample
included in the application packet. The budget should be arranged to identify
acquisition and site related costs, hard costs, and soft costs. Also, identify all line
items that are performed by the developer, owner, or related entities.
Budget of TIF Eligible Expenses
Identify which of the development budget costs are eligible for reimbursement as
allowed by 7-15-4288, MCA.
Financial Commitments
Submit commitment letters and/or term sheets from all lenders for proposed debt
(such as construction, mezzanine, permanent, and government financing) and all
other financial sources of the project (such as grants, and tax credits). Commitment
letters must clearly specify the nature and terms of the obligations.
348