HomeMy WebLinkAboutResolution 3861 Approving TechRanch Tax Reduction Application
COMMISSION RESOLUTION NO. 3861
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF BOZEMAN,
MONTANA, APPROVING THE APPLICATION OF VENTURE CENTER, INC.,
(DBA TechRanch) FOR TAX REDUCTION UNDER SECTION 15-24-1801, ET
SEQ, MONTANA CODE ANNOTATED.
WHEREAS, on the 6th day of September 2005, the City Commission did adopt Commission
Resolution No. 3842, setting the public hearing on the application of Venture Center, Inc., dba TechRanch,
Bozeman, Montana, for tax reduction based upon the exemption for business incubators in Section
15-24-1801, et seq, M.C.A.; and
WHEREAS, on the 3rd day of October 2005, following due notice, the City Commission did
conduct the public hearing as set forth in Commission Resolution No. 3842; and
WHEREAS, it appears the applicant's taxes have been paid in full.
NOW, THEREFORE, BE IT RESOLVED by the City Commission of the City of Bozeman,
Montana, that the application of Venture Center, Inc., dba TechRanch, Bozeman, Montana, for tax
reduction based upon the exemption for business incubators in Section 15-24-1801, et seq, M.C.A., is
hereby approved for those qualifying improvements totaling approximately $40,195.00 annually, as
described on Exhibit "A", attached hereto and incorporated by this reference as though fully set forth
-"
herein.
PASSED AND ADOPTED by the City Commission ofthe City of Bozeman, Montana, at a regular
session thereof held on the 3rd day of October 2005.
AN
ATTEST:
~./~
IN L. SULLIVAN
Clerk of the Commission
FISCAL EFFECT of granting Tech Ranch Tax Abatement
Tech Ranch 910 Technology Blvd, Ste A, Bozeman. Mt
-
40,195
40,195
$
$
i
Building & Improvements
Equipment
Total Value of Qualifying Improvements
Tax
Revenue
forgone
(g) - (i)
City
Mills
levied
mill = .001
(f)
Taxable
Value
(c) x (d) = (e)
Tax
Rate
(d)
Value
Subject
to
Taxation
(a) x (b) = (c)
Com stead
Exemption
% Subject
to
Taxation
(b)
Property
Market
Value
(a)
Fiscal
Year
Year
#
175
181
188
195
203
212
220
229
239
249
$
$
$
$
$
$
$
$
$
$
168.26
175.17
182.36
189.84
197.63
205.75
214.19
222.98
232.14
241.67
1,039
1,035
1,030
1,028
1,028
1,028
1,028
1,028
1,028
1,028
$
$
$
$
$
$
$
$
$
$
3.00%
3.00%
3.00%
3.01%
3.01%
3.01%
3.01%
3.01%
3.01%
3.01%
34,648
34,487
34,326
34,166
34,166
34,166
34,166
34,166
34,166
34,166
$
$
$
$
$
$
$
$
$
$
86.2%
85.8%
85.4%
85.0%
85.0%
85.0%
85.0%
85.0%
85.0%
85.0%
40,195
40,195
40,195
40,195
40,195
40,195
40,195
40,195
40,195
40,195
$
$
$
$
$
$
$
$
$
$
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
1
2
3
4
5
6
7
8
9
10
2,092
$
However, a ten
** This tax abatement does not have a maximum number of years that apply.
year projection is provided for informational purposes.
m
x
::;
0"
~
~
ASSUMPTIONS
(1) market I appraised value of property remains constant
(2) 4.1 % annual increase in City Mills levied, which is the average increase over the past 5 years
- this includes all levies, not just those subject to inflationary cap