HomeMy WebLinkAboutMidtown Board Resolution 2020-01RESOLUTION NO. 2020-01
RESOLUTION APPROVING CERTAIN PUBLIC INFRASTRUCTURE
IMPROVEMENTS IN THE BOZEMAN MIDTOWN URBAN RENEWAL DISTRICT AS
AN URBAN RENEWAL PROJECT AND REQUESTING THAT THE BOZEMAN CITY
COMMISSION FINANCE THE PROJECT THROUGH THE ISSUANCE OF TAX
INCREMENT URBAN RENEWAL BONDS
BE IT RESOLVED by the Bozeman Midtown Urban Renewal District Board (the
“Board”), as follows:
Section 1
Recitals.
1.01. Under the provisions of Montana Code Annotated, Title 7, Chapter 15, Parts 42
and 43, as amended (the “Act”), the City of Bozeman, Montana (the “City”) is authorized to
create urban renewal areas, prepare and adopt an urban renewal plan therefor and amendments
thereto, undertake urban renewal projects therein, provide for the segregation and collection of
tax increment with respect to property taxes collected in such areas, and apply tax increment
revenues derived from projects undertaken within the urban renewal area to pay eligible costs.
1.02. Pursuant to the Act and Ordinance No. 1685 adopted by the City Commission of
the City (the “City Commission”) on November 27, 2006, as amended by Ordinance No. 1925,
adopted by the City Commission on December 16, 2015 (collectively, the “Ordinance”), the City
has created the Bozeman Midtown Urban Renewal District (the “District”) as an urban renewal
district and has approved the Bozeman Midtown Urban Renewal Plan (the “Plan”) as an urban
renewal plan in accordance with the Act, which Plan provides for the segregation and collection
of tax increment revenues with respect to the District.
1.03. As set forth in the Plan, tax increment financing is to be used to further the
implementation goals in the Plan, which include promoting economic development, improving
multi-modal transportation and improving, maintaining and supporting innovation in
infrastructure, which the Plan expects may include installing signage, lighting, landscaping and
sidewalk, curb, gutter and street improvements.
1.04. In addition, the Plan created 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.
The Board has determined that it is in the best interest of the District to undertake the
design, engineering and construction of various public infrastructure improvements within the
District, including (i) development of Aspen Street as a “festival” street, including sidewalk,
street light and curb and gutter improvements, pedestrian crossing, street trees and stormwater
infrastructure improvements to Aspen Street between North 5th Avenue and North 7th Avenue;
(ii) installation of angle parking infrastructure along the western edge of the Westlake BMX
Park; (iii) street, sidewalk, street light and curb and gutter improvements, pedestrian crossing,
street trees and stormwater infrastructure improvements to North 7th Avenue between Durston
Road and Mendenhall Street; and (iv) construction of a multi-use path, allowing pedestrian and
bike connectivity to the Westlake BMX Park, the Aspen Street improvements described above
and a new mixed-use development in the District known as the Aspen Crossing Project (such
public infrastructure improvements, collectively, the “Project”).
The engineering, design and construction of the Project is expected to cost approximately
$5,010,000.
Section 3
Approvals and Requests.
The Board hereby finds that the Project is contemplated by and is within the scope of the
Plan, and is eligible for tax increment financing under the Act. The Board hereby approves the
Project as an urban renewal project under the Act and the Plan.
The Board hereby requests that the Commission approve the Project as an urban renewal
project under the Act and the Plan and issue tax increment revenue bonds, payable from tax
increment revenues of the District, to finance all or a portion of the costs of the Project and, if
necessary or desirable, to pay costs of issuance of the bonds and associated costs of the
financing.
PASSED, ADOPTED, AND APPROVED by the Bozeman Midtown Urban Renewal
Board at a meeting held on the 9th day of January, 2020.
___________________________________ Chair
ATTEST:
___________________________________
Secretary