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Home My WebLink AboutResolution 5029 Intent to Designate Cottonwood and Ida as an Urban Renewal Project BOZO, trq� 1$83 otiy`S`�� RESOLUTION NO. 5029 A RESOLUTION CALLING A PUBLIC HEARING ON APPROVING A PROJECT IN THE NORTHEAST URBAN RENEWAL DISTRICT AS AN URBAN RENEWAL PROJECT AND USING TAX INCREMENT REVENUES OR TAX INCREMENT REVENUE BONDS TO PAY, REIMBURSE OR FINANCE ELIGIBLE COSTS OF SUCH PROJECT, KNOWN AS COTTONWOOD AND IDA BE IT RESOLVED by the City Commission (the "Commission") of the City of Bozeman(the "City"),Montana, as follows: Section 1 Recitals. 1.01. Under the provisions of Montana Code Annotated, Title 7, Chapter 15, Parts 42 and 43 (the "Act"),the City is authorized to create an urban renewal area, prepare and adopt a redevelopment plan therefor and amendments thereto, undertake urban renewal projects therein, provide for the segregation and collection of tax increment with respect to taxes collected in such area, issue its bonds to pay the costs of such projects and to refund bonds previously issued under the Act and pledge to the repayment of the bonds the tax increment and other revenues derived from projects undertaken within the urban renewal area. 1.02. Pursuant to the Act and Ordinance No. 1655, adopted on November 28, 2005 (the "Ordinance"),the Commission created the Northeast Urban Renewal District (the "District") and approved the Northeast Urban Renewal District Plan(the "Plan") as an urban renewal plan, which Plan contains a tax increment financing provision in accordance with the Act. Resolution 5029, Calling a Public Hearing for a Project in the NE Urban Renewal District,Known as Cottonwood and Ida 1.03. Pursuant to the Plan, tax increment financing is to be used to further the implementation goals in the Plan, which include encouraging investment in development and redevelopment of commercial and mixed use property within the District in accordance with the provisions of the Act. 1.04. In addition,the Plan created the Northeast Urban Renewal Board(the "Board")to exercise the powers of an urban renewal agency under the Act with respect to the District and to implement the Plan. Among other things,the Board is required to prepare an annual work program and budget for projects in the District,which program and budget are subject to review and approval by the Commission. Section 2 The Project. Cottonwood and Ida, LLC (the"Developer")proposes to undertake the construction of a mixed- use development consisting of residential housing; office, retail and artist/maker spaces; parking; public plaza spaces, greenways and/or pavilions; and related public infrastructure improvements, including sidewalks,bike lanes, street improvements and utility improvements (collectively,the "Project") on land located in the District. The Developer has submitted an application to the Board requesting tax increment assistance with respect to certain eligible costs of the Project, including the public infrastructure improvements and impact fees (the "Eligible Costs"). On March 5, 2019,the Board adopted a resolution granting preliminary approval to the use of tax increment assistance to pay Eligible Costs. The Project, including the Eligible Costs, is contemplated by and within the scope of the Plan, and the Eligible Costs are eligible for tax increment financing under the Act. The Board has, by its Resolution No. 2019-01,requested that the Commission approve the Project as an urban renewal project under the Act and approve using tax increment revenues or issuing tax increment revenue bonds payable from tax increment revenues of the District, as the bonding capacity of the District allows,to pay,reimburse or finance all or a portion of the Eligible Costs. Page 2 of 6 Resolution 5029, Calling a Public Hearing for a Project in the NE Urban Renewal District,Known as Cottonwood and Ida Section 3 Preliminary Findings. The Commission hereby finds, as a preliminary matter, with respect to the Project, including the Eligible Costs, as follows: a. no persons will be displaced from their housing by the Project; b. the Plan and the Project conform to the comprehensive plan or parts thereof for the City as a whole; C. the Plan and the Project will afford maximum opportunity, consistent with the needs of the City as a whole, for the rehabilitation or redevelopment of the District by private enterprise; d. taking into account the use of tax increment revenues or the proceeds of tax increment revenue bonds to pay or reimburse the Developer for all or a portion of the Eligible Costs,there is expected to.be a sound and adequate financial program for the financing,of the Project; and e. the Project constitutes an urban renewal project within the meaning of the Act and the Plan. Section 4 Public`Hearing. A public hearing is hereby called and shall be held on April 15, 2019 at 6:00 p.m. in the City Commission Room at City Hall, 121 N. Rouse Avenue, Bozeman, Montana, on the approval of the Project as an urban renewal project under the Plan and the proposed use of tax increment revenues or the proceeds of tax increment bonds to pay, reimburse or finance all or a portion of the Eligible Costs. Page 3 of 6 Resolution 5029, Calling a Public Hearing for a Project in the NE Urban Renewal District,Known as Cottonwood and 1da Section 5 Notice. Notice of the public hearing shall be published in the Bozeman Daily Chronicle on March 31, 2019 and April 7, 2019, in substantially the form attached as Exhibit A hereto (which is incorporated by reference and made a part hereof). PASSED, ADOPTED, AND APPROVED by the City Commission of the City of Bozeman, Montana, at a regular session thereof held on the 251h day'o March, 2019. rNTMAL. "R S Mr ' ATTEST: >,,< $OZE ROBIN CROUGH City Clerk c9��Tiri�� tia APPROVED AS TO FORM: YAg M STAt�PaPd�b!-E A46lGL'itit- City Attorney Page 4 of 6 Resolution 5029, Calling a Public Hearing for a Project in the NE Urban Renewal District,Known as Cottonwood and Ida CERTIFICATE AS TO RESOLUTION AND ADOPTING VOTE I, the undersigned, being the duly qualified and acting recording officer of the City of Bozeman, Montana (the "City"), hereby certify that the attached resolution is a true copy of a Resolution No. 41 entitled: "RESOLUTION CALLING A PUBLIC HEARING ON APPROVING A PROJECT IN THE NORTHEAST URBAN RENEWAL DISTRICT AS AN URBAN RENEWAL PROJECT AND USING TAX INCREMENT REVENUES OR TAX INCREMENT REVENUE BONDS TO PAY, REIMBURSE OR FINANCE ELIGIBLE COSTS OF SUCH PROJECT, KNOWN AS COTTONWOOD AND IDA" (the "Resolution"), on file in the original records of the City in my legal custody; that the Resolution was duly adopted by the City Commission of the City at a regular meeting on March 25,2019, and that the meeting was duly held by the City Commission and was attended throughout by a quorum, pursuant to call and notice of such meeting given as required by law; and that the Resolution has not as of the date hereof been amended or repealed. I further certify that,upon vote being taken on the Resolution at said meeting,the following Commission members voted in favor thereof: MQLAar V AS , 10.rx Ah4 k PCWl�,ln�. 1Lir�As5 . PalnG� . ' ; voted a mst the same: abstained from voting thereon: or were absent: 0 WITNESS my hand and seal officially this 25th day of March, 2019. ZE ROBIN CROUGH City Clerk v ? J �� 0 _ C'�LLATY�G Page 5 of 6 Resohition 5029, Calling a Public Hearing for a Project in the NE Urban Renewal District,Known as Cottonwood and Ida EXHIBIT A NOTICE OF PUBLIC HEARING ON APPROVING A PROJECT IN THE NORTHEAST URBAN RENEWAL DISTRICT AS AN URBAN RENEWAL PROJECT AND USING TAX INCREMENT REVENUES OR TAX INCREMENT REVENUE BONDS TO PAY, REIMBURSE OR FINANCE ELIGIBLE COSTS OF SUCH PROJECT, KNOWN AS COTTONWOOD AND IDA NOTICE IS HEREBY GIVEN that the City Commission(the"Commission")of the City of Bozeman, Montana (the "City") will hold a public hearing on April 15, 2019, at 6:00 p.m. in the City Commission Room at City Hall, 121 N. Rouse Avenue, Bozeman, Montana on the approval of the following project in the Northeast Urban Renewal District as an urban renewal project under state law and the Northeast Urban Renewal District Plan: a mixed-use development consisting of residential housing; office, retail and artist/maker spaces; parking; public plaza spaces, greenways and/or pavilions; and related public infrastructure improvements, including sidewalks, bike lanes, street improvements and utility improvements (collectively,the "Project"). It is proposed that the City pay or reimburse the developer of the Project for certain eligible costs of the Project,either from tax increment revenues or the proceeds of tax increment revenue bonds. Any interested persons may appear and will be heard or may file written comments with the City Clerk prior to such hearing. DATED this 27th day of March, 2019. ,o0 ZE ��'8 �� . �, ROBIN CROUGH =�,; �' �j • * ^- City Clerk '—'' • so IN Co' Publication Dates: March 31, 2019 April 7, 2019 A-1