HomeMy WebLinkAboutMidtown Apartments TIF Assistance Grant Application Midtown Urban Renewal District
TAX INCREMENT FINANCING APPLICATION
PART 1
Property Information
Property Address: 511 W Peach, Bozeman, MT 59715
Property Owner: Midtown Apartments LLC (Jill Stephens & Luke Welborn)
Legal Description: NORTH 7TH ADD, S01, T02 S, R05 E, BLOCKI, Lot 10 - 11, E 9 1/2' LOT 10
Property Geo-Code: 06-0798-01-4-05-07-0000
County Tax ID#: RGG3097
Applicant Information
® Property Owner
❑ Tenant
❑ Developer
❑ Other
Applicant's primary contact:
Name: Luke Welborn
Business Name:
Midtown Apartments LLC
Business Phone: 303-482-7533 Cell Phone: same
Email: lukewelborn@gmail.com
Project Representative (if not applicant):
Name: same
Business Name:
Business Phone: Cell Phone:
Email:
Property Owner(if not applicant):
Name: Jill C Stephens
Business Name:
Midtown Apartments LLC
Business Phone: 406-220-3934 Cell Phone: same
Email: jcstephens404@gmail.com
Page 6 of 13
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).
(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.
(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).
Applic t s)JPrint Name) Luke Welborn
7/8/2017
Si bature of Applicant. Date
Propert Owners) (Print Name) Jill C Stephens & Luke Welborn
- 7/8/2017
ignature.of.Property Owner Date
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Company Profile
Business Location
m 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: 117 E Main
City:
Bozeman State: MT zip: 59715
❑ Other:
Year Business Established: 2017
Type of Business(Describe):Property Management
Has a business plan been developed in relation to the proposed project?
m No (Development of a business plan may be required as part of the application process.)
❑ Yes (Include a copy with the application.)
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Project Detail
Property Status:
❑ Vacant land
❑ Building on leased land—Describe:
® Land and building(s)—Describe: Single family house with detached shed
Type of TIF Assistance Sought:
m Requesting assistance for public infrastructure costs
m Building demolition
Value of TIF Assistance Sought:
$148,222.00
Will this project proceed if TIF assistance is not granted?
m No
❑ Ina limited fashion (explain): Increased construction costs and impact fees have
rendered this project financially not feasible
❑ 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.
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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:
m Photographs of project site and/or building
® Map showing the location of the site and its immediate surroundings
0 Proposed development plans including site plans, floor plans indicating square
footage and layout, building elevations
10 Description of parking accommodations for residential units and commercial uses
m 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.
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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 /5
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.
Promote Economic Development
2. Tax Generation:The project will increase the taxable value within the District. /4
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
3. Elimination of Blight—The project's direct and indirect impact on the physical /4
and fiscal deterioration within the Tax Increment Financing District and the
community. Submit information showing current conditions of property.
4. Employment Generation—Total employment generated by the project /3
assessed in terms of new permanent and part-time jobs, and construction
jobs. Submit documentation of estimated new jobs to receive points for this
criterion.
Improve Multi-Modal Transportation
5. Facilitates Public Health and Mobility: Project will construct or improve /1
sidewalks, including ADA access to buildings. Provide detailed information
demonstrating that the current condition inhibits public health and mobility.
6. Reduces Resource Demand: Project promotes the use of transit, ride sharing, /1
or car sharing. Provide plans, agreements or other methods to demonstrate
reduction of resource demand.
7. Promotes Active Transportation: Project promotes bicycling as an active /2
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.
Improve, Maintain and Support Innovation in Infrastructure
8. Infrastructure Improvements: Project promotes innovation in infrastructure /2
and/or reduces long term costs of maintenance. Provide plans and
descriptions of innovations proposed.
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Promote Unified Human Scale Urban Design
9. The project improves the street frontage by eliminating parking between the /2
right-of-way and the building. Provide plans to demonstrate improvement in
street frontage.
The project reduces the number of vehicular access points to the property /2
10. and improves the pedestrian experience. Provide plans, agreements or other
methods to demonstrate reduction.
The project enhances the North 7t"Ave. entryway corridor by having /3
11. buildings oriented toward the street and designed to provide interest and
activity.
The project enhances the pedestrian experience with elements such as /3
12. facade transparency, building articulation, street furniture and/or
landscaping. Submit plans and details that address this criterion.
13. The quality of development and overall aesthetics (architectural, site design, /2
landscaping, etc.) are beyond that which is minimally required by the UDC.
Submit documentation to demonstrate compliance with this criterion.
Support Compatible Urban Density Mixed Land Uses
14. The project increases housing units within the District. Submit plans /4
demonstrating an increase in the number of housing units.
15. The project has a mix of uses, including residential. Submit plans detailing the /4
proposed mix of uses within the project.
16. The project shares parking among compatible uses. Provide details /2
demonstrating compliance with the UDC and as well as total number of
parking spaces reduced because of a shared arrangement.
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:
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PART 2
FOR PROJECTS REQUESTING OVER$50,000 IN ASSISTANCE
1. Detailed Project Information
Submit the following information regarding the project requesting TIF assistance.
Proiect 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.
m 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.
10 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.
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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.
Midtown Urban Renewal District TIF Assistance Revised
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TIF project evaluation
Overall District Relevance
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.
• This project is the foundation upon which commercial growth in the Midtown District
will be built. The Midtown apartment building will add population to the District
thereby ensuring a strong customer base for businesses in the area. This project also
replaces an old, blighted house with a contemporary building with Urban design
elements and pedestrian based infrastructure.
4/5
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
• The finished Midtown Apartment property value will be in excess of$1,550,000
compared to the current property value of$280,000. This $1,270,000 increase in
property value will increase the taxable value and potentially result in $173,851.68 in
tax revenue over ten years, a net gain of$135,563.512 over the projected tax revenue if
the property were to be left as is.
4/4
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.
• Attached to this application is a picture of the single family home proposed for
replacement. This home has a cracked foundation, deteriorating siding, and is out of
date with the goals for urban revitalization in the District.
4/4
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 criterion.
• This project will indirectly promote employment generation. Employment generation is
caused by the expansion and creation of business and those businesses require
customers. By increasing population density and thereby creating a strong customer
base,the Midtown Apartment building will indirectly spur employment generation in
the District.
3/3
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.
• The current building has 4' sidewalks and is not ADA accessible. The new building will
have 5' sidewalks and feature an at-grade fully ADA accessible residential unit.
1/1
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.
• By providing a substantial increase in centrally located housing, the Midtown Apartment
project directly reduces resource demand by reducing the distance residents will have
to commute to work or other activities.
1/1
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.
• This project provides housing in a location that is "bikeable" to most places of work and
entertainment for residents. Additionally, as you can tell from the attached drawings,
covered bike parking will be provided on site for all residents and a bike share program
2/2 will be encouraged amongst residents.
Improve, Maintain and Support Innovation in Infrastructure
8.lnfrastru Aure Improvements: Project promotes innovation in infrastructure and/or reduces
long term costs of maintenance. Provide plans and descriptions of innovations proposed.
• The design of this building is such that PV (solar panels) can be incorporated on the flat
roof facing peach. This will reduce demand on the grid and move towards sustainability.
2/2
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.
• Parking at this location and much of the N 7t" district involves cars in front of buildings.
This design incorporates all of the parking on-site but in garages hidden from view from
the street frontage. The street frontage view of this building will not involve any parking
and greatly improve the aesthetics of the District.
2/2
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.
• As mentioned above, all of the parking for this building will be in garages hidden from
view. The current property involves a three car wide drive isle often utilized for parking
giving pedestrians a view of parking. The revised plans (attached) show a drive isle
never to be used for parking and street frontage that does not involve parking therefore
greatly improving the pedestrian experience when walking past the Midtown Apartment
building.
2/2
11.The project enhances the North 7th Ave. entryway corridor by having buildings oriented
toward the street and designed to provide interest and activity.
• As explained in the previous two responses,this project orients building design to
showcase urbanization in design and promote aesthetics for the pedestrian experience
creating a welcoming feel to the North 7th Ave district.
3/3
12. The project enhances the pedestrian experience with elements such as fagade
transparency, building articulation, street furniture and/or landscaping. Submit plans and
details that address this criterion.
The attached plans demonstrate how the fagade of this building and orientation relative
to parking will enhance the pedestrian experience. Additionally,the landscaping plans
demonstrate significant investment by the developer in enhancing the pedestrian
experience.
3/3
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.
• So far through the process of DRC and UDC,this building has been well received by the
COB Planning Department with regard to its design and landscaping. The building offers
visible patio space for each unit, a common area open deck space on the front,
contemporary architecture, and a fully landscaped site plan. All of these components
take this project beyond the minimally required design standards and work to improve
the overall aesthetics of the District.
2/2
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.
• At its core, the purpose of this project is to increase housing density in the District. The
current site is home to a single family residence and, once complete, this project will
house up to 9 separate housing units resulting in a 5 fold population increase at this
location.
4/4
15. The project has a mix of uses, including residential. Submit plans detailing the proposed mix
of uses within the project.
This project proposes only residential use at this time. The at grade unit holds the potential
for conversion to small scale commercial use in the future. But the impact if drastically
increasing population density in the District with projects such as this will only increase
feasibility of mixed use projects within the District.
1/4
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.
• This is not relevant to this project.
0/2
Total Points
38/44
MIDTOWN TAX INCREMENT FINANCING (TIF) 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.
BOZEMAN MT
Economic Development
Page 2 of 13
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
I. 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
Midtown Urban Renewal District TIF Assistance Revised
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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 $50,000 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
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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
Midtown Urban Renewal District TIF Assistance Revised
January 2017
Midtown Apartments — Project Narrative
Revitalizing Midtown and removing blight from the north 7ch entryway corridor is
a difficult task for many reasons. The most obvious challenge is getting development and
infill started. Once developers begin to invest in the area,the snowball of improvement
will continue until the aesthetics and"livability" of Bozeman have permeated into our
most central entryway. The Midtown apartment project is the perfect starting point for
inspiring development in the area but will require help from the TIF program. Without
TIF assistance,the Midtown apartment project will not occur. An increase in
construction in other parts of town have driven building costs beyond what is feasible for
this project given that the owner is aiming for rental rates at or close to what can be
considered workforce housing. A close look at this project shows that it is a worthy
candidate of TIF assistance.
Proiect overview:
511 W Peach is home to a single family house approximately 2000 square feet.
This property is central to downtown and adjacent to the Midtown corridor. This project
will replace the single family home with a three story 9-unit apartment building 8100
square feet in size. Each unit will be approximately 600 square feet and maintained as
long term rentals. The new building will house 9 single stall garages on the main floor,
one space for each rental unit. This location faces a busy street and as such is not
appropriate for single family residential development. The application process is
underway with the city and,upon determining financial viability,the 8 month single
phase building process could begin as soon as August.
Why this project helps Midtown:
Once completed,this project will result in a 5-fold increase in population density
for the property. Adding higher density to Midtown provides both customers as well as
employees for businesses along north 71h. Increasing the customer and employee base for
the District is the foundation upon which Midtown development will be built. The
Midtown Apartments project meets all of the Midtown TIF Assistance Program property.
objectives. This project involves substantial private investment in commercial
The property owner is pledging the land valued at$285,000 as well as an additional
$600,000 to finance the construction. The attached property tax increase estimate
indicates that the completion of this project will potentially increase the tax base by
$100,000 over ten years. Finally,by demolishing and removing the failing structure on
the property and replacing it with a contemporary building,this project will help reduce
blight in the area.
Where TIF money will be spent:
• Impact fees: $42,661.00
• Demolition: $41,365.00
• Stormtech Drainage: $33,628.00
• Water and Fire line: $17,704.00
• Cash in Lieu of Parkland: $4,455.61
• Total= $139,813.61
This project meets the project objectives as stated in the Midtown Tax Increment
Financing(TIF)Assistance program as follows:
1. Encourage private investment in co
m�,Prc;al property in the D_ istri,-t
through the use of public incentives: The owner of this
property is
investing the property valued at$285,000 as well as up to $600,000 of
private capital to fund this project if it is financially viable. The financial
viability of this project is contingent on TIF assistance.
2. Expand the property tax base in the District through private investment in
income producing properties: The increase value of this property
increase the tax base in the district by up to$100,000 over the next 10
years.
3. Stimulate economic and business development within the District: This
project will provide a 5-fold increase in population density for the
property. That increase in population density will increase the customer
base for businesses in the area in turn stimulating economic and business
development in the district.
4. Reduce blighting influences in the District: The property is currently
home to a 1950's single family home with a failing foundation,
deteriorating siding, and design standard that detracts from the district.
The replacement building will be of contemporary design promoting urban
style development thus reducing blight within the District.
The owners and developer of this project intend to be transparent with their intentions
and financial projections. Please do not hesitate to reach out for clarification regarding
any part of this project.
Sincerely
Luke Welborn
Owner
Midtown Apartments LLC
P.O. Box 6507
Bozeman,MT 59771
303-482-7533
lukewelborn(a-)gmail com
Sources and uses of funds
The primary source of funding for this project will be private equity. The owner of this project
is pledging the land which was purchased for$285,000 and carries a $100,000 note. The owner
will also be leveraging three other properties in Bozeman to bring up to$650,000 in capital to
the project. This will be considered a down payment on a loan through First Security Bank for
the remaining project costs. The owner will work with the bank to ensure TIF eligible expenses
are paid upfront so they can be reimbursed. TIF eligible expenses (outlined in the attached
budget) include:
• Teardown:$41,365.00
• Impact Fees: $42,661.00
• Storm water system: $33,628.00
• Park Land (cash-in-lieu): $12,864.00
• Water/Fire line: $17,704.00
0 "�%
First Security Bank
July 10, 2017
Luke Welborn
PO Box 6507
Bozeman, MT 59771-6507
Dear Luke:
I am writing to confirm that First Security Bank has approved your loan request to construct the
Midtown apartments at 511 W Peach Street in Bozeman MT.
Terms:
1) 12 month construction loan with interest billed monthly then termed out for 240 months with
principal and interest payments.
2) Priced at WSJP+ 1.24= 5.49%adjusted every 5 years.
3) 1%loan origination fee (may be financed).
4) Loan amount currently approved is$686,212 but final amount to be determined after final bids
are received. I will have to get credit committee approval for a higher amount if needed.
5) Must establish a$25,000 interest reserve.
6) FSB will secure your Babcock property during construction and until project is fully occupied.
7) There must not be any material change in your 2016 tax returns.
Please contact me if you have any questions.
Sincer
Russell C. Nelson
Senior Vice President
www.ourbank.com
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PROJECT NAPE: MIDTOWN APPARTMENTS
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511 West Peach Street
Bozeman, Montana
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TIF Financing
511 W Peach
Current Taxes No Development
2007 $ 1,572.61 2018 $ 2,549.39
2008 $ 1,177.58 -25% 2019 $ 2,772.66 9%
2009 $ 1,702.52 45% 2020 $ 3,015.49 9%
2010 $ 1,953.97 15% 2021 $ 3,279.59 9%
2011 $ 2,051.06 5% 2022 $ 3,566.82 9%
2012 $ 1,911.64 -7% 2023 $ 3,879.20 9%
2013 $ 2,348.97 23% 2024 $ 4,218.94 9%
2014 $ 1,489.08 -37% 2025 $ 4,588.44 9%
2015 $ 1,108.20 -26% 2026 $ 4,990.30 9%
2016 $ 2,155.33 94% 2027 $ 5,427.35 9%
10 year total 1 $ 17,470.96 9% $38,288.18
2017 $ 2,344.09
Projected taxes Tax over 10 years without development $ 38,288.18
Tax over 10 years with development $ 173,851.68
2018 $ 11,383.00 Tax increase with development $ 135,563.51
2019 $ 12,419.99 9%
2020 $ 13,551.45 9%
2021 $ 14,785.99 9%
2022 $ 16,132.99 9%
2023 $ 17,602.71 9%
2024 $ 19,206.32 9%
2025 $ 20,956.01 9%
2026 $ 22,865.10 9%
2027 $ 24,948.12 9%
Total