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HomeMy WebLinkAboutPages from Midtown URD Agenda and Packet Materials 20190912 Page 1 of 5 Unapproved minutes from July 11, 2019 board meeting held at the City Hall, Madison Room TO DO List: Everyone attend August 1 board meeting In attendance: Andrew Cetraro, Susan Fraser, Scott Hedglin, David Fine, Nolan Campbell, Valerie Wyman, Carl Solvie, Kevin Cook, Terry Cunningham A. Call to Order – Andrew called to order at 4:30pm. B. Changes to Agenda – Scott wanted to ask about moving September meeting during the FYI section. C. Public Comment – none. D. Approve Minutes Nolan motioned acceptance of May 2019 minutes as presented. Scott seconded the motion. All in favor. F.1. Action Item – Updates to Midtown TIF Assistance Program App Sanderson-Stewart’s Lauren joined the table as most edits reflect her experienced suggestions. David gave overview, including addition of credit for single-family housing (see Attachment A for sections with suggested edits). Scott asked if application could be part of concept review. David responded noting $5500 to process each of this applications as $5K for the return on investment report. Discussion. Lauren suggested not adding this application to an already convoluted process, but suggested a sandwich approach before site plan review stage. Discussion continued. David went through each suggested edit. Some language tweaks discussed, including affordable housing addition. Staff will make edits as suggested and will bring back to board for approval at August 1 meeting. FYI Scott asked to move the September meeting to the second week, making it Thursday, September 12. David will make the date change. David gave an update from Kevin with Morrison Maierle. Kevin says he will hand over the full design for the Mendenhall to Beall project by August 1 so can get MDT final approval and out to bid during the winter months. Adjournment Andrew adjourned the meeting at 5:30pm. Page 2 of 5 Attachment A Page 4 of program description, application process, 2nd paragraph: Prior to submitting the grant application, the Applicant must have obtained and provide to the Board written comments on the proposed development from the Conceptual Review Application through the Community Development Department. The Conceptual Review must provide adequate detail to receive comments from the Engineering Division on required utility connections and off-site infrastructure. Page 5 of application, project narrative:  Proposed use(s) of project o e.g. industrial, commercial, retail, office, mixed use, residential for sale or for rental, etc. o 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.  Project Timeline o 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.  Construction information o size of any existing structure to be demolished or rehabbed; size of any new construction; types of construction materials (structural and finish); delineation of square foot allocation by use  Public Benefits o 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. 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. Examples of public benefits include, but are not limited to the following:  Elimination of blight  Creation of urban density mixed use project that includes new housing options  Increased tax revenue  Job-training opportunities Page 7 of application, site maps and building plans: The Applicant must submit a completed Conceptual Review Application and City responses to the Board. 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 Page 3 of 5  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  Anticipated off-site infrastructure improvements  Copy of Concept Review comments Page 8 of application, criteria matrix: 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, provide a detailed narrative response to each criterion and include documentation demonstrating adherence to the criteria must be submitted with the application. The Board will use this information to evaluate the project. Midtown District Goals Points Promote Economic Development 1. 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 2. 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. Projects that redevelop underutilized properties will be given priority. Submit information showing current conditions of property. /4 3. 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. /3 Improve Multi-Modal Transportation 4. 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 5. 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 that demonstrates the project goes beyond the minimum Bozeman UDC requirements for site development. /2 Improve, Maintain and Support Innovation in Infrastructure 6. Infrastructure Improvements: Project promotes innovation in infrastructure and/or reduces long term costs of maintenance. Examples include low impact /2 Page 4 of 5 development for stormwater or car charging stations. Does the project enable better connectivity or provide critical infrastructure for the community? Provide plans and descriptions of innovations proposed. Promote Unified Human Scale Urban Design 7. 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 8. The project enhances the North 7th Ave. entryway corridor by having buildings oriented toward the street and designed to provide interest and activity. /2 9. The project enhances the pedestrian experience by using a storefront block frontage (BMC 38.510) as a component of the project. Key elements of the frontage would include façade transparency, building articulation, street furniture and/or landscaping. Submit plans and details that address this criterion. /2 10. The quality of development and overall aesthetics (architectural, site design, landscaping, etc.) are beyond that which is minimally required by the UDC. Provide a narrative and submit documentation to demonstrate compliance with this criterion. /1 Support Compatible Urban Density Mixed Land Uses 11. The project increases housing units within the District. Submit plans demonstrating an increase in the number of housing units. /6 12. The project is a mix of residential and commercial. Commercial uses include retail, restaurant, office and services. Hotels would not be supported unless included with a project that included residential development. Submit plans detailing the proposed mix of uses within the project. /6 13. 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 14. The project provides affordable dwelling units. For the purposes of this criterion, an affordable dwelling unit is defined as a unit that requires no more than 33 percent of a household’s income for housing payments based on a designated percentage of area median income (AMI). Eligible rental units shall be affordable at 70% AMI and eligible for sale units shall be affordable at 90% AMI. Condominium units are eligible as for sale units. Eligible rental dwellings to be constructed in the proposed residential development shall be provided by long-term contractual obligation to an affordable housing agency, for a period of not less than 20 years, with a written plan assuring ongoing affordability pricing and eligibility monitoring, and annual re-certification. The city's affordability guidelines and subsequent revisions establish affordability and eligibility. To receive 3 points under this criterion, 10% of all units must meet the affordability criteria. To receive 6 points under this criterion, 20% of all units must meet the affordability criteria. /3 or 6 Page 5 of 5 Overall District Relevance 15. 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 16 The investment of public funds in the project results in a leverage ratio of at least 10:1 for multifamily, 8:1 for commercial, or 5:1 for family wage jobs. /4 Total Points /52 Page 11 of application, for projects requesting over $50K: 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. This information will be used to perform a third-party financial analysis to determine the project’s anticipated return on investment (ROI) and reasonableness of developer profit. The goal of the Midtown TIF Assistance program is to make projects financially feasible. Therefore, projects that demonstrate financial need for public funding will be given priority.     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.      Page 2 of 4    Midtown Urban Renewal District TIF Assistance   Revised August 2019  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 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 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.    Page 3 of 4    Midtown Urban Renewal District TIF Assistance   Revised August 2019  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 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  Page 4 of 4    Midtown Urban Renewal District TIF Assistance   Revised August 2019  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.    Prior to submitting the grant application, the Applicant must have obtained and provide to the Board  written comments on the proposed development from the Conceptual Review Application through the  Community Development Department. The Conceptual Review must provide adequate detail to receive  comments from the Engineering Division on required utility connections and off‐site infrastructure.     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.    Application for TIF assistance are reviewed and analyzed using the information provided by the  application. Criteria are provided in the application materials and the applicant should provided detailed  documentation to demonstration adherence with the goals of the program. In addition, an analysis by a  third‐party economic consultant will be used to evaluate the application for creation of new taxable  value. The analysis will include a return on investment and estimated payback period for public  assistance and proposed metric for the ratio or private investment to public assistance. An additional  assessment will be completed of the development pro forma in order to assess the reasonableness of  the applicant’s incentive request.    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 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   Fee ‐ $3,500.00 for applications requesting funding over $200,000        Midtown TIF Assistance Part 1 Page 1  Midtown Urban Renewal District  TAX INCREMENT FINANCING ASSISTANCE (TIF) 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:         Midtown TIF Assistance Part 1 Page 2  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)      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:                 Midtown TIF Assistance Part 1 Page 3     Midtown TIF Assistance Part 1 Page 4  Additional Information    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) of project   o e.g. industrial, commercial, retail, office, mixed use, residential for sale or for rental, etc.  o 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.      Project Timeline   o 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.      Construction information   o size of any existing structure to be demolished or rehabbed; size of any new  construction; types of construction materials (structural and finish); delineation of  square foot allocation by use     Public Benefits   o Projects with a high degree of public benefits are typically more likely to receive TIF  assistance. The criteria on pages 4‐6 of this application are intended to help the Board  understand and evaluate the public benefits for a project. Provide a detailed narrative  response to each criterion and include supporting documentation.     2. Site Maps and Building Plans  The Applicant must submit a completed Conceptual Review Application and City responses to the  Board. 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   Anticipated off‐site infrastructure improvements, including anticipated costs    Copy of Concept Review comments Midtown TIF Assistance Part 1 Page 5  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. The  following criteria will be used to rate your project. To receive points for any given item, provide a  detailed narrative response to each criterion and include documentation demonstrating adherence to  the criteria must be submitted with the application. The Board will use this information to evaluate the  project.     Midtown District Goals Points       Promote Economic Development   1. 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 criterion.   /4  2. 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.  Projects that redevelop underutilized properties will be given priority. The  characteristics of an underutilized site includes land on which development occupies  only a small amount, and/or land or buildings that are or have been vacant for some  time. Submit information showing current conditions of property.    /4  3. 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.    /3  Improve Multi‐Modal Transportation  4.  Facilitates Public Health and Mobility: Project will construct or improve ADA access  to and within existing structures.   Provide detailed information demonstrating that  the current condition inhibits public health and mobility and the proposed  improvements benefit accessibility.   /1  5. 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  6. 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 that demonstrates the project goes beyond the  minimum Bozeman UDC requirements for site development.     /2  Improve, Maintain and Support Innovation in Infrastructure    7. Infrastructure Improvements: Project promotes innovation in infrastructure and/or  reduces long term costs of maintenance. Examples include low impact development  for stormwater, incorporation of green roof design into building architecture, or car  charging stations. Low impact development (LID) incorporates designs such as  bioretention facilities, rain gardens and permeable pavers. Does the project enable  better connectivity or provide critical infrastructure for the community? Provide  plans and descriptions of innovations proposed.     /2  Midtown TIF Assistance Part 1 Page 6  Promote Unified Human Scale Urban Design          7. 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   8. The project enhances the North 7th Ave. entryway corridor by having buildings  oriented toward the street and designed to provide interest and activity.    /2   9. The project enhances the pedestrian experience by using a storefront block frontage  (BMC 38.510) as a component of the project. Key elements of the frontage would  include façade transparency, building articulation, street furniture and/or  landscaping. Submit plans and details that address this criterion.   /2  10. The quality of development and overall aesthetics (architectural, site design,  landscaping, etc.) are beyond that which is minimally required by the UDC. Provide a  narrative and submit documentation to demonstrate compliance with this criterion.   /1  Support Compatible Urban Density Mixed Land Uses    11. The project increases housing units within the District. Submit plans demonstrating  an increase in the number of housing units.   /6  12. The project is a mix of residential and commercial. Commercial uses include retail,  restaurant, office and services. Hotels would not be supported unless included with  a project that included residential development. Submit plans detailing the proposed  mix of uses within the project.    /6  13. 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  14. The project provides affordable dwelling units. For the purposes of this criterion, an  affordable dwelling unit is defined as a unit that requires no more than 33 percent of  a household’s income for housing payments based on a designated percentage of  area median income (AMI). Eligible rental units shall be affordable at 70% AMI and  eligible for sale units shall be affordable at 90% AMI. Condominium units are eligible  as for sale units. Additional points may be awarded for projects that provide on‐site  housing for the proposed workforce.    Eligible rental dwellings to be constructed in the proposed residential development  shall be provided by long‐term contractual obligation to an affordable housing  agency, for a period of not less than 20 years, with a written plan assuring ongoing  affordability pricing and eligibility monitoring, and annual re‐certification. The city's  affordability guidelines and subsequent revisions establish affordability and  eligibility. To receive 3 points under this criterion, 10% of all units must meet the  affordability criteria. To receive 6 points under this criterion, 20% of all units must  meet the affordability criteria.     /3  or 6 Overall District Relevance    15. 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  16 The investment of public funds in the project results in a leverage ratio of at least  /4  Midtown TIF Assistance Part 1 Page 7  10:1 for multifamily, 8:1 for commercial, or 5:1 for family wage jobs.    Total Points  /52        APPROVAL (For Official Use Only)    Approval Status:    Date Approved:    Date Letter of Award Sent:    Date Certificate of Completion:    Date of Payment Request:   Midtown TIF Assistance Part 2 Page 8  PART 2   FOR PROJECTS REQUESTING OVER $50,000 IN ASSISTANCE    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. This information will be  used to perform a third‐party financial analysis to determine the project’s anticipated return on  investment (ROI) and reasonableness of developer profit. The goal of the Midtown TIF Assistance  program is to make projects financially feasible. Therefore, projects that demonstrate financial need for  public funding will be given priority.    1. Sources & Uses of Funds   a. 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.     b. 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.     c. 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.     2. 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.     3. Budget of TIF Eligible Expenses   Identify which of the development budget costs are eligible for reimbursement as allowed by 7‐15‐ 4288, MCA.    4. 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.    Note: Changes to financial documentation, development budget to timelines after the project has been  submitted and reviewed by the third‐party financial analyst will require a review fee to be paid by the  applicant. The review fee will cover the re‐work required by the analyst. Projects may be charged an  additional $7,500.00 to cover the cost of re‐analysis. All awards are contingent upon staff analysis, board  recommendation and City Commission approval of a projects ability to meet the criteria and an analysis  of the role of public assistance in meeting appropriate fiscal feasibility criteria.