HomeMy WebLinkAbout06-03-19 City Commission Packet Materials - A3. Midtown URD FY20 Budget and Work Plan - SUPPLEMENTAL MATERIALS i
Midtown Urban Renewal District FY 2020 Work Plan and Budget
Public Infrastructure BOZ E MAN MT
Economic Development
1 . N. 7t" Ave. Lighting and Streetscape Project
• Mendenhall St. to Beall St. Construction: $1 ,059,000
• Mendenhall St. to Beall St. Construction Administration: $50,000
• Beall St. to Durston Rd. Engineering: $15,000
• Administrative Settlements: $30,000
2. 5t" Ave. Multi-Use Path, Oak St. to Tamarack St.
• $191 ,000
3. The Monarch Conduit System Connection
• $20,000
4. 5t" St. Conduit Design
• $10,200
5. Aspen Festival Street Design
• $60,000
2017 Midtown Action Plan
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Bozeman TI,Avenue Development Siuo'y
The intent of this Plan is to attract targeted private investment
by leveraging the market potential of the Midtown District,
and removing barriers to development through strategic
infrastructure investments and incentives.
— Midtown Action Plan, 2017
Incentives BOZ E MAN MT
Economic Development
1 . Technical :assistance Grants: $15,000
2. City Fiber Optic Conduit Connection Incentive Program: $20,000
3. Midtown TIF Assistance Program: $100,000
4. The Monarch TIF Assistance Program Grant: $149,347
5. The Ruh Building Development Agreement: $747,500
6. West Peach Condos Development Agreement: $256,335
7. Midtown Tavern Patio Legacy N7 Rehab Grant: $15,000
District Operations BOZ E MAN MT
Economic Development
1 . Economic Development Staff and Administrative SuEopc,)E-'�= $623470
2. Midtown Marketing and Recruitment: $10,000
3. Outreach and $2,0 0 0
. Profeszosna0 ervocsz.- �; ar� 0n
S. Training: $3,000
PLACETHE MOST LIVABLE
Bonding BOZ E MAN MT
Economic Development
I o outside Legal Counsel
• Bondiru J �-:nd Development Agreements: $60,000
2. Tax Increment Revenue Bonds
• This Work Plan and Budget assumes at least $1,806,500 in tax increment
revenue bond proceeds.
Whittier School Public BOZ E MAN MT
Economic Development
Improvements
20 6t" Avenue MasLra7 P D a n (3,;�3 2 n
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AnnualBudget BOZEMANmT
Economic Development
income
Estimated Cash Balance: $1 ,600,000
Estimated FY 2020 Tax Increment: $651 ,949
Projected Bond Revenue: $1 ,806,500
Total Estimated Income: $4,058,449
Exper cDI'Lu es
Tbt O FY ZSG C., E-Expend itu res,°