HomeMy WebLinkAbout09-17-24 - DURD Agenda and Packet MaterialsA. Call meeting to order - 12:00 p.m.
B. Disclosures
C. Changes to the Agenda
D. Approval of Minutes
D.1 Approve August Meeting Minutes(Staley)
E. Public Comments on Non-agenda Items Falling within the Purview and Jurisdiction of the Board
THE DOWNTOWN AREA URBAN RENEWAL DISTRICT BOARD OF BOZEMAN, MONTANA
DURD AGENDA
Tuesday, September 17, 2024
General information about the Downtown Area Urban Renewal District Board is available in our
Laserfiche repository.
If you are interested in commenting in writing on items on the agenda please send an email to
comments@bozeman.net or visit the Public Comment Page prior to 12:00pm on the day of the
meeting. At the direction of the City Commission, anonymous public comments are not distributed to
the Board or staff.
Public comments will also be accepted in-person and through Video Conference during the appropriate
agenda items.
As always, the meeting will be streamed through the Commission's video page and available in the
City on cable channel 190.
For more information please contact Ellie Staley, ellie@downtownbozeman.org
This meeting will be held both in-person and also using an online video conferencing system. You
can join this meeting:
Via Video Conference:
Click the Register link, enter the required information, and click submit.
Click Join Now to enter the meeting.
Via Phone: This is for listening only if you cannot watch the stream, channel 190, or attend in-
person
United States Toll
+1 346 248 7799
Access code: 956 1935 4304
This is the time to comment on any non-agenda matter falling within the scope of the Downtown
Urban Renewal District Board. There will also be time in conjunction with each agenda item for
public comment relating to that item but you may only speak once per topic.
Please note, the Board cannot take action on any item which does not appear on the agenda. All
persons addressing the Board shall speak in a civil and courteous manner and members of the
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F. Special Presentation
F.1 Downtown URD Cash Flow Analysis Report by Baker Tilly (Staley)
G. FYI/Discussion
G.1 Executive Director's September 2024 Report (Staley)
G.2 Monthly Finance Report (Staley)
H. Adjournment
audience shall be respectful of others. Please state your name, and state whether you are a
resident of the city or a property owner within the city in an audible tone of voice for the record
and limit your comments to three minutes.
For more information please contact Ellie Staley, Downtown Bozeman Partnership,
ellie@downtownbozeman.org
This board generally meets the 3rd Tuesday of the month from 12:00 to 1:30pm
City Board meetings are open to all members of the public. If you have a disability that requires
assistance, please contact our Acting ADA Coordinator, Max Ziegler, at 406.582.2439
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Memorandum
REPORT TO:Downtown Area Urban Renewal District Board
FROM:Ellie Staley, Downtown Bozeman Partnership
SUBJECT:Approve August Meeting Minutes
MEETING DATE:September 17, 2024
AGENDA ITEM TYPE:Minutes
RECOMMENDATION:I move to approve the meeting minutes from the August 2024 board
meeting.
STRATEGIC PLAN:4.4 Vibrant Downtown, Districts & Centers: Promote a healthy, vibrant
Downtown, Midtown, and other commercial districts and neighborhood
centers – including higher densities and intensification of use in these key
areas.
BACKGROUND:Meeting minutes from August 2024.
UNRESOLVED ISSUES:None.
ALTERNATIVES:As suggested by board.
FISCAL EFFECTS:None.
Attachments:
Downtown URD August 2024 Meeting Minutes.pdf
Report compiled on: August 20, 2024
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Downtown Urban Renewal District Board Meeting Minutes, August 20, 2024
Page 1 of 2
THE DOWNTOWN URBAN RENEWAL BOARD MEETING OF BOZEMAN, MONTANA
MINUTES
August 20, 2024
General information about the Community Development Board is available in our Laserfiche repository.
A) 00:00:28 Call meeting to order - 12:00 p.m. Present: Marley McKenna, Jake Van Dusen, Tony Renslow, Amy Horton, Sky Cook, John How,
Nicholas Wickes
Absent: None
Excused: None
B) 00:00:37 Disclosures
C) 00:00:42 Changes to the Agenda
D) 00:00:50 Approval of Minutes
D.1 00:00:53 Approve Meeting Minutes
Downtown URD December 2023 Meeting Minutes.pdf
Downtown URD January 2024 Meeting Minutes.pdf
Downtown URD February 2024 Meeting Minutes.pdf
Downtown URD March 2024 Meeting Minutes.pdf
Downtown URD April 2024 Meeting Minutes.pdf
Downtown URD May 2024 Meeting Minutes.pdf
Downtown URD July 2024 Meeting Minutes.pdf
00:01:50 Motion to approve I move to approve December 2023, January 2024, February 2024, March
2024, April 2024, May 2024, July 2024 meeting minutes as presented.
Tony Renslow: Motion
Marley McKenna: 2nd
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Downtown Urban Renewal District Board Meeting Minutes, August 20, 2024
Page 2 of 2
00:01:57 Vote on the Motion to approve I move to approve December 2023, January 2024, February 2024,
March 2024, April 2024, May 2024, July 2024 meeting minutes as presented. The Motion carried 5 - 0.
Approve:
Marley McKenna
Jake Van Dusen
Tony Renslow
Sky Cook
Nicholas Wickes
Disapprove:
None
E) 00:02:16 Public Comments on Non-agenda Items Falling within the Purview and
Jurisdiction of the Board
F) 00:02:42 Special Presentation
F.1 #SeeBozemanCreek Update
00:03:39 Jim Madden presented progress updates surrounding SeeBozemanCreek.
G) 00:27:27 FYI/Discussion
G.1 00:27:33 Executive Director's August 2024 Report
DBP Monthly ED Report 8-24 - DBP.pdf
Ellie presented her monthly Executive Director's Report with updates regarding downtown projects and
happenings.
Ellie presented her monthly Executive Director's Report with updates regarding downtown projects and
happenings.
Downtown Tracking Sheet-Dev. Q3.pdf
Downtown Tracking Sheet-Bus. Q3.pdf
G.2 00:37:43 Monthly Finance Report
URD Finance Report 8-24.pdf
H) 00:41:18 Adjournment
For more information please contact Ellie Staley, Downtown Bozeman Partnership,
ellie@downtownbozeman.orgThis board generally meets the 3rd Tuesday of the month from 12:00 to
1:30pm
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Memorandum
REPORT TO:Downtown Area Urban Renewal District Board
FROM:Ellie Staley, Downtown Bozeman Partnership, ellie@downtownbozeman.org
Mikaela Huot, Baker Tilly, Mikaela.Huot@bakertilly.com
SUBJECT:Downtown URD Cash Flow Analysis Report by Baker Tilly
MEETING DATE:September 17, 2024
AGENDA ITEM TYPE:Plan/Report/Study
RECOMMENDATION:Special Presentation, no action needed at this time
STRATEGIC PLAN:1.2 Community Engagement: Broaden and deepen engagement of the
community in city government, innovating methods for inviting input from
the community and stakeholders.
BACKGROUND:
The City of Bozeman established the Downtown Urban Renewal District to
facilitate development and redevelopment in the area and specifically as a
method for financing of certain public improvements, including structured
parking, in the defined downtown area. In 1995, the City Commission of the
City of Bozeman adopted the Urban Renewal Plan for downtown Bozeman
which was subsequently amended in 2015. The District has two outstanding
debt obligations: Series 2007 and Series 2020. Baker Tilly has been working
with the City and Downtown Bozeman Partnership as related to analysis for
potential of financing future public infrastructure and parking improvements
within the District.
We have been asked to prepare an updated financial feasibility and debt
capacity analysis structured solely around available tax increment revenues
as a funding source of the District. The purpose of this memorandum is to
provide a summary of the projected tax increment revenue cash flow
analysis and financial and debt capacity analysis as related to ability of the
district to finance the identified improvements. The details in this analysis
will be presented to the DURD Board by Mikaela Huot with Baker Tilly.
UNRESOLVED ISSUES:None
ALTERNATIVES:N/A
FISCAL EFFECTS:None at this time.
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Attachments:
City of Bozeman Downtown Parking Financial Analysis
Summary Memo update 091324.pdf
Report compiled on: September 10, 2024
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Draft Memo for Review
To: Ellie Staley, Downtown Bozeman Partnership
From: Mikaela Huot, Director
Date: September 13, 2024
Subject: Preliminary Downtown Urban Renewal District, City of Bozeman Review of
Feasibility and Financial Analysis for Financing of Parking
Executive Summary
In 1995, the City Commission of the City of Bozeman adopted the Urban Renewal Plan for downtown Bozeman
which was subsequently amended in 2015.The Downtown Urban Renewal District was established to facilitate
development and redevelopment in the area and specifically as a method for financing of certain public
improvements, including structured parking, in the defined downtown area. The District has two outstanding debt
obligations: Series 2007 and Series 2020, of which a portion of the annual tax increments generated by the tax
increments are used to pay the debt service. The District has an interlocal agreement with the School District and
County so that the respective taxing entities’ increments is not captured by the District. There are also annual
operating expenses of the URD financed by annual tax increments, as well as annual capital expenses, including
parking improvements. Through 2026, approximately $4,700,000 has been reserved as available funds to finance
parking improvements. Additional analysis has been done on potential financing options for pledging of future tax
increments of the District.
Baker Tilly has been working with the City and Downtown Bozeman Partnership as related to analysis for potential
of financing future public infrastructure and parking improvements within the District. We have been asked to
prepare an updated financial feasibility and debt capacity analysis structured solely around available tax
increment revenues as a funding source of the District.
The City and Partnership have provided preliminary cost estimates for certain improvements in the downtown
and surrounding area that would include primarily parking and other enhancements. We anticipate additional
discussion will be had relative to feasibility of financing certain improvements, as well as timing for incurring those
costs. The preliminary costs have been based on estimates for structured parking and other related
improvements in the defined area and do not include acquisition or site control costs for specific locations. We
understand an ultimate goal would be to establish one or more public/private partnerships to facilitate construction
of future improvements to incorporate the public and private elements related to new development.
The purpose of this memorandum is to provide a summary of the projected tax increment revenue cash flow
analysis and financial and debt capacity analysis as related to ability of the District to finance parking
improvements, as well as facilitate discussion for timing and financing of future capital and operating expenses
of the District.
Debt Financing Assumptions
The financing scenarios include a debt capacity matrix with variations to both interest rate and revenue
assumptions. The interest rate variables include 1) tax-exempt and 2) taxable. Borrowing rates would be reflective
of current market in this matrix. The revenue assumptions are that we hold net revenues constant through 2032
(net amount available of approximately $1.1+ million per year after debt service and operating expenses).
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1. Interest rates for both taxable and tax-exempt scenarios updated based on current market rates.
2. A coverage ratio of 1.3x is assumed.
3. Bond analysis assumes a serial issue with its first principal payment in 2025 and maturity date of
07/01/2032.
4. Revenue available for bond payments is net of the projected operational budget for the district and debt
service payment for the existing bonds.
5. Costs of issuance estimates based on size of project financing.
First set of scenarios that incorporate current interest rate assumptions:
First Scenario: Tax-Exempt Bonds
Annual Net
Revenues
pledged to
parking
Estimated Par
Amount of
Bonds
Estimated
Interest
Payments
Total
Estimated
Debt Service
Estimated
True Interest
Cost
Net Project Cost
$1,100,000 $5,525,000 $1,314,250 $6,839,250 5.1078% $5,402,375
Second Scenario: Taxable Bonds
Annual Net
Revenues
pledged to
parking
Estimated Par
Amount of
Bonds
Estimated
Interest
Payments
Total
Estimated
Debt Service
Estimated
True Interest
Cost
Net Project Cost
$1,100,000 $5,250,000 $1,580,313 $6,830,313 6.3524% $5,128,750
Should the City choose to finance future parking improvements through debt issuance, the total projected
available net project proceeds would range between $5.1 and $5.4 million with an estimated $1.1 million annual
pledged towards the debt service payments. Including the $4.7 million as an allocated amount from prior years,
the total available funds for parking would range from $9.8 - $10.1 million. This is estimated to finance between
253 - 224 new parking spaces assuming total cost per stall of $40,000 or $45,000.
However, there are several important overarching assumptions we have to make as they impact the feasibility of
the debt financing analysis (as has been discussed in previous analysis and financing discussions but restating
for reference and additional conversation):
We are assuming that the District can incur additional debt. However, both the Series 2007 and the
Series 2020 indentures did not allow for additional debt. Your bond counsel has confirmed that currently
there is no additional bonds provision and issuing additional debt within the District would require City
Council to take action and would likely require signing off from both the County and the School District.
While not insurmountable, this would present a legal hurdle to clear prior to any additional issuance.
The Series 2020 refunding does not allow for additional debt and the bonds are only callable in 2026.
This means that the only possible ways to issue additional debt under the indenture as it currently exists
would be to either issue additional debt to defease the Series 2020 Bonds or to subordinate the new
bonds to the Series 2020 Bonds; any additional subordinate debt may face the same current debt
prohibition. Both alternatives would be costly and would require strong consideration. Defeasing the
Series 2020 Bonds would require funding an escrow through the call date, which means that the District
would need to bond for interest payments through 2026, adding a substantial expense to the defeasance.
Subordinating the new bonds to the Series 2020 Bonds would erode the credit quality of the new
borrowing and would substantially decrease investor interest in the offering. While the Series 2020 Bonds
were not rated, the Series 2007 Bonds received a rating of BBB at the time of issuance. Assuming that
this rating carries forward to today, it is likely that the highest rating outcome possible on the new debt
would be BBB- with a junk bond rating outcome possible as well.
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There is a third option in this situation, which is to negotiate with Truist, the current holder of the Series
2020 Bonds, and get them to accept additional parity debt under the indenture. Given that the refunding
was a private placement, this is not out of the realm of possibility. There is a strong likelihood that they
would agree to it on the condition that any additional debt that gets issued is also placed with them. In
any event, selling additional bonds for the District as parity bonds to the Series 2020 Bonds appears to
be the only prudent, cost-effective option in our opinion. If sold as public debt, the additional bonds could
be rated and sold into the public market in a process similar to the sale of the Series 2007 Bonds or,
more recently, the Midtown District’s Series 2020 sale. In the event that Truist requires the debt be placed
with them, the Partnership would need to work to ensure that Truist accepts a fair market rate on the new
borrowing.
For purposes of our analysis, in all scenarios we assumed that the additional borrowing is issued in the
form of rated, parity senior debt of the District.
Along the lines of the credit assumptions outlined above, we assumed that coverage can be calculated
using the gross revenue number (approximately $1.8 million for FY2021) as total revenue available for
debt service. While we would still reduce the gross revenues by the assumed operating expense of
approximately $200k per year and the debt service on the existing bonds of $335k per year to calculate
revenues available for new debt service, using the gross revenue number allows us to essentially ignore
the operating expense for coverage calculations. For purposes of future analysis and potential updates,
additional discussions regarding future value growth and corresponding availability of additional revenues
may be considered.
Cash Flow TIF Revenue Assumptions
The cash flow projections are based on revenue assumptions starting with projected tax increment revenues of
$2,598,000. The projection of net available revenues is based on estimated annual increment less debt service
payments and annual operating expenses of the District of approximately $1,000,000 and an additional
$1,000,000 each year for potential capital expenditures. This results in annual revenues that may be allocated to
future parking needs of approximately $655,900 and less than what has been assumed for debt financing. This
amount may be adjusted, subject to actual annual operating expenditures and other capital improvement priorities
of the District. The projections of available revenues are expected to vary over the remaining term of the District
subject to future values, new growth and mill rates. There is projected to be existing funds of $4.7 million through
2026 allocated towards parking needs. Initial projections indicate that amount is expected to increase to
approximately $8.6 million – $11.8 million by 2032 and are again subject to annual revenues and expenditures of
the District.
City of Bozeman Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast
Downtown Urban Renewal District 2024/25 2025/26 2026/27 2027/28 2028/29 2029/30 2030/31 2031/32
Projected Tax Increment 2,598,800 2,598,800 2,598,800 2,598,800 2,598,800 2,598,800 2,598,800
Plus: State Entitlement $57,100 $57,100 $57,100 $57,100 $57,100 $57,100 $57,100
Less: URD Annual Operating Expenses $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000
Less: Annual Capital Expenses $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000
Projected Annual Funds for Parking $4,700,000 $655,900 $655,900 $655,900 $655,900 $655,900 $655,900 $655,900
Ending Parking Fund Balance $4,700,000 $4,700,000 $5,355,900 $6,011,800 $6,667,700 $7,323,600 $7,979,500 $8,635,400
Taxable Value Growth Factor 0.00%
Projected Tax Increment 2,598,800 2,676,764 2,757,067 2,839,779 2,924,972 3,012,721 3,103,103
Plus: State Entitlement $57,100 $57,100 $57,100 $57,100 $57,100 $57,100 $57,100
Less: URD Annual Operating Expenses $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000
Less: Annual Capital Expenses $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000
Projected Annual Funds for Parking $4,700,000 $655,900 $733,864 $814,167 $896,879 $982,072 $1,069,821 $1,160,203
Ending Parking Fund Balance $4,700,000 $5,355,900 $6,089,764 $6,903,931 $7,800,810 $8,782,882 $9,852,704 $11,012,907
Taxable Value Growth Factor 3.00%
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Considerations/Next Steps
• Establish public/private parking partnership
o Purchase parking spaces using available cash on hand and projected future revenues through
life of District
▪ Estimate 125-150 parking spaces
o Acquire site and contribute towards private project with public parking spaces
• Preliminary revenue projections provided within cash flow assumptions estimate funds may be available
to support initial parking needs
o Review of cash flow analysis and assess availability of funds to pledge
• What additional projects are being contemplated
o Prioritization of future funds
• Conditions for public participation in parking construction
o If at least 50% of parking garage is for public use, City would assume management of garage
o Operating and other costs would need to be factored into cash flow
• As existing District will be sunsetting, consider establishing new URD district
o is a possibility but not being discussed
• Financing through future debt challenging, at best
• Existing bonds
• Availability of funds –
o Analysis of future capital and operating expenses not including parking
o Allocation of funds for parking
• Discuss how shared parking can work
o Shared use structures that work
• Explore lease to own structure
Financial Feasibility of New Parking Funds Initial Allocation Potential Additional Funds Potential Additional Funds
Estimated Cost Per Parking Stall $40,000 $45,000 $40,000 $45,000 $40,000 $45,000
Projected Available Parking Revenues $4,700,000 $4,700,000 $3,935,400 $3,935,400 $6,312,907 $6,312,907
Estimated Financed Number of Stalls 118 104 98 87 158 140
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Memorandum
REPORT TO:Downtown Area Urban Renewal District Board
FROM:Ellie Staley, Executive Director Downtown Bozeman Partnership
SUBJECT:Executive Director's September 2024 Report
MEETING DATE:September 17, 2024
AGENDA ITEM TYPE:Plan/Report/Study
RECOMMENDATION:Discuss
STRATEGIC PLAN:7.3 Best Practices, Creativity & Foresight: Utilize best practices, innovative
approaches, and constantly anticipate new directions and changes relevant
to the governance of the City. Be also adaptable and flexible with an
outward focus on the customer and an external understanding of the issues
as others may see them.
BACKGROUND:Ellie will present the monthly report of general program updates and
updates to topics relating to downtown. Board will discuss relevant matters.
UNRESOLVED ISSUES:None
ALTERNATIVES:None
FISCAL EFFECTS:None.
Attachments:
DBP Monthly ED Report 9-24 - URD.pdf
I-Ho Peace Park_Final Concept.pdf
Downtown Tracking Sheet-Dev. Q3.pdf
Downtown Tracking Sheet-Bus. Q3.pdf
Report compiled on: September 11, 2024
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Downtown Bozeman Partnership – ED Report
September 2024
General DBP Updates:
• The Alley Beautification Project recently completed the Hyalite Riverway Streetbond installation
in mid-August. Remaining alley enhancements include 3 sculptures, lighting, entrance signage,
historic plaques and more. Visit https://downtownbozeman.org/news/alley2024 for more
information.
• The 2024 Montana Downtown & Main Street Conference Registration is NOW OPEN through
Oct. 1! The Conference is a great resource and networking opportunity for all downtown
supporters! We hope you will join us for all of the conference sessions! If you are interested in
sponsoring this great event, please email me at ellie@downtownbozeman.org. Visit
https://downtownbozeman.org/news/mdmscreg2024.
• LOTS of end of summer construction projects going on in Downtown, specifically the Tracy
Stormwater Improvements Project…visit
https://www.bozeman.net/departments/transportation-engineering/streets/street-reports/road-
construction for the most up to date road closure information. We will continue using our
extensive platforms to announce updates to downtown stakeholders.
Upcoming Public Meetings: https://www.bozeman.net/departments/city-commission/advisory-
boards/calendar
• Downtown URD Board Meeting - Tuesday, September 17 at 12pm in City Hall
• Downtown BID Board Meeting - Wednesday, September 18 at 12pm in City Hall
DURD Project/City of Bozeman Updates:
• Downtown Parking Updates:
o DURD Board Member Update on Parking Working Group – John How, Amy Horton
o DURD Cash Flow Analysis, see agenda item - Special Presentation by Mikaela Huot, Baker
Tilly
• Current DURD/CoB Project Updates:
o 33 South Tracy Fire Line – Since the funding for public infrastructure improvements was
approved by the DURD for this project in August, we discovered a better, less expensive
option by requesting a proposal form CK May, who is under contract for the stormwater
work in South Tracy. Their cost came in at a significantly lower price ($36,600 vs. $64,775)
due to additional work being performed adjacent to property. 33 S. Tracy property owner
agreed to confirm lower bid, change order has been approved by City Commission and
work is set to be completed in this week.
o I-Ho Peace Park – Initial design concepts have been finalized, after a few tweaks, we will
head into next steps of this project to include developing CD drawings and construction
documents, fundraising/community outreach, seeking contractors, etc. See attachment to
view 3D designs.
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o Tree Replacement project (cont.) – PSA approved on Sept. 10 for final trees in 2024. This
will complete the “replacement project” that took place over the past three years. We will
meet with City Forestry to develop a maintenance plan moving forward.
o Bozeman Creek - The City was awarded the grant for the Montana Coal Endowment
Program for a Bozeman Creek engineering analysis and PSA with Allied Engineering was
approved by the city commission and contract has been awarded. More to come…
o Alley Project – Work continues through fall, visit
https://downtownbozeman.org/news/alley2024 for the current schedule and more info.
o Downtown Streetscape Standard – Slated to be complete by fall, 2024.
o 5th & Main & Lighting Project – In progress, Mendenhall CLOSED for sewer project and
redevelopment.
Business/Development Updates:
• Q3 Downtown Development Update: See attachment
• Q3 Business Opening/Closing/Membership Updates: See attachment
Upcoming Events
• Art Walks – Friday, September 13, 6-8pm
• Montana Downtown & Main Street Conference - October 23-25 hosted by Downtown Bozeman |
Downtown Livingston
o REGISTER NOW! https://downtownbozeman.org/event/15th-annual-montana-downtown-
main-street-conference
• MSU/Downtown Homecoming Pep Rally – Friday, Oct. 5-8pm
• Downtown Trick or Treating – Thursday, October 31 from 4-6pm
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August 23, 2024
I-Ho Pomeroy Peace Park
EXISTING POCKET PARK
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August 23, 2024
I-Ho Pomeroy Peace Park
PRECEDENT IMAGES
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August 23, 2024
I-Ho Pomeroy Peace Park
OVERALL CONCEPT PLAN
Legend
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Existing Pocket Park w/ Red Chair
Concrete Seat Walls
New Cherry Tree (Purple Leaf Sand Cherry)
New Wood Screening
Decorative Boulders + Rock Garden
New Street Tree
I-Ho Pomeroy Peace Park - See Next Page
New Drought Tolerant Plantings
New Bioretention Bump Outs
Existing ADA Parking & Access Aisle
Remove 2 Parking Stalls for Park
Existing Street Parking
Not to Scale N Black Ave.E Mendenhall St.
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August 23, 2024
I-Ho Pomeroy Peace Park
POCKET PARK CONCEPT PLAN
Not to Scale
Legend
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Concrete Seat Wall (18” height)
Concrete Seat Wall Sign w/ wall mounted bike racks
New Cherry Tree (Purple Leaf Sand Cherry)
Arch
Planter Pot
New Bench
New Pavers to expand existing park paver area
New Garden Planting
Peace Pole
Existing Trees
Existing Boulders
Bioretention Plants (~24” height or less)
New Safer Pedestrian Crossing
Curb Cuts for Stormwater
Existing Curb Line
Existing Storm Drains
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August 23, 2024
I-Ho Pomeroy Peace Park
POCKET PARK ISO VIEW
Not to Scale
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August 23, 2024
I-Ho Pomeroy Peace Park
POCKET PARK CORNER PERSPECTIVE
Not to Scale
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August 23, 2024
I-Ho Pomeroy Peace Park
POCKET PARK ENTRANCE PERSPECTIVE
Not to Scale
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August 23, 2024
I-Ho Pomeroy Peace Park
POCKET PARK INTERIOR PERSPECTIVE
Not to Scale
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Q3 2024
JULY - SEPT.
CURRENT PROJECTS ADDRESS STATUS PROPERTY TYPE UNIT TYPE(S)
NOTES
(design
professional,
stories, etc)
GRANT
REIMBURSE
MENTS
The National Building 104 E Main St COMPLETED Commercial Office Intrinsik, 4 stories Streetscape
Cooper Black (Dtn Antiques)122 E Main St In Progress Mixed 2 commercial, 3
residential
Closure 6/3-6/8,
Walkway through
2025
N/A
MacKenzie River Pizza 232 E Main St COMPLETED Commerical N/A COMPLETE N/A
Freestone on Main 421 W Main In Progress Residential 120, added
Midtown and
Downtown URD collab
lghting project TBD
Residential
Incentive,
Sewer Imp.
Argreement,
Streetscape
126 East Main (MT Scene)126 E Main COMPLETED Commercial N/A
Bloom 25 N. Willson COMPLETED Commercial N/A Not yet
Abby Hetherington Interiors 33 S Tracy In Progress Retail/Commerc
ial 1 GL, 1 UG Langlas & Graphic
Haus, 2 stories
Streetscape,
Façade,
Utility, Fire-
Safety?
108 W Babcock 108 W Babcock Plans
submitted Mixed
Pearson Design
Group, 4 stories,
proposed
office/residential
Bonton Building 218 S Willson COMPLETED Commercial N/A Outside building
restoration
Rotating Horse 137 E Main In Progress Commercial M/A Restoring Horse
Mendenhall Flats 240 E Mendenhall Plans
submitted Mixed
Commercial, Office,
15 two and three
bedroom condos
Intrinsik, break
ground in 2025
23
FUTURE PROJECTS ADDRESS STATUS PROPERTY TYPE UNIT TYPE(S)
NOTES
(design
professional,
stories, etc)
GRANT
REIMBURSE
MENTS
The Scully-Old US Bank Location 112 E Main St 2025 Mixed 7-9, 4 stories Residential,
streetscape
Fire Station One 30 N Rouse N/A Mixed 50 units at 120% AMI
1.6M Workforce
Housing Agreement -
2027
Block B (Salvation Army)32 S Rouse 2025/26 Hotel/Hiton Co.
191 keys, 6 stories,
137 UG parking
spaces
Block A 503-519 E Babcock 2025/26 Mixed 44 units, 7 stories 75 parking spaces,
high-end
Empire Site 606 E Main N/A Hotel
Hotel Project 302 E Mendenhall 2027 Hotel
Ag Depot 620-714 E
Mendenhall Mixed
Downtowner Building S Willson to W Main N/A Mixed
Roof, brick and
suppression
restoration, applied
for MHPG 2/29
BG Mill 714 E Mendenhall 18 condos, 5 stories
NOT IN DURD
Hampton Inn 507 W Main In Progress Hotel + retail 113 rooms, 3 retail, 4
stories *not in URD Sanderson
Stewart
Hotel Bozeman and Residences 1 W Lamme St In Progress Hotel/ Marriott
120 guest rooms, 29-
two-bedroom, 5-3-
bedroom, 71 keys
6 stories, Autograph
Collection. *not in
URD
SMA
Architecture
24
NEW DBA MEMBERS
BUSINESS ADDRESS DATE OF
MEMBERSHIP
LeeAnn Ramey Art 27 N Tracy Ave July
Raison D’être Dance Project Outside Downtown July
TRiPP Studios 27 N Tracy Ave July
CycleBar Bozeman Outside Downtown August
Bozeman Art Museum Outside Downtown August
NEW BUSINESSES
BUSINESS ADDRESS DATE OF OPENING
Tracy Anderson Wellness + Movement 223 E Main July
Bloom Montana 25 N Willson July
Belle Shops 233 E Main July
TRIPP Studios N Tracy Ave August
Airstream Ice Cream (Genuine)122 W Main August
A Banks Gallery 25 S Tracy August
Melt House S Grand TBA
Cousins Pub 211 E Main, #101 TBA
IV Element, Dr. Jana Hilber 140 East Main, Suite E TBA
Spitz Bozeman 1101 E Main St. Unit 101 TBA
CLOSED BUSINESS
BUSINESS ADDRESS DATE OF CLOSURE
Indikoi (relocated outside downtown)25 S Tracy Ave July
Red Sugar Dim Sum 33 W Main St July
VACANT LOCATIONS
BUSINESS ADDRESS DATE OF CLOSURE
Shredmonk 121 W Main 2023
Cooper Black (frmly DTN Antiques)122 E Main 2023
Thrive 400 E Babcock 2023
Glove Beauty Shop 140 E Main St Suite E 2024
Wild West Foods 326 E Mendenhall 2023
Rare Bird (Relocated)131 W Babcock Apr-23
Red Sugar Dim Sum 33 W Main 2024
DBA DROPPED MEMBERS
BUSINESS NOTES DROP DATE
Peak Potential Academy Closed 1-Jul
Halcyon House Closed 1-Jul
Holmes & Turner Outside Downtown; decided
against renewal 2-Jul
Alliance Nationalwide Exposition Outside Downtown; Declined
renewal 10-Jul
Backcountry Burger Bar Declined renewal 10-Jul
The Artist’s Proof | Steve Cannon Photo Outside Downtown; Declined
renewal 10-Jul
Haymaker Outside Downtown; Declined
renewal 29-Jul
Cannery Flats Outside Downtown; Declined
renewal 29-Jul
25
Memorandum
REPORT TO:Downtown Area Urban Renewal District Board
FROM:Ellie Staley, Downtown Bozeman Partnership
SUBJECT:Monthly Finance Report
MEETING DATE:September 17, 2024
AGENDA ITEM TYPE:Finance
RECOMMENDATION:Discuss.
STRATEGIC PLAN:4.4 Vibrant Downtown, Districts & Centers: Promote a healthy, vibrant
Downtown, Midtown, and other commercial districts and neighborhood
centers – including higher densities and intensification of use in these key
areas.
BACKGROUND:Ellie will present the monthly finance report.
UNRESOLVED ISSUES:None.
ALTERNATIVES:None.
FISCAL EFFECTS:None.
Attachments:
URD Finance Report 9-24.pdf
Report compiled on: September 10, 2024
26
DURD - September 2024 Finance Report
Category FY25 Budget FY25 YTD Recent Activity
Income
Starting Cash Balance $6,061,900 $6,061,900 ** not finalized
Income from TIF
COB Interlocal Share $2,362,500
Entitlement Share State of Montana $57,100
Interest Income $2,100
Other Income
Total Income $8,483,600 $6,061,900
Expenses
Operations
DBP Management Fee $236,000 $118,000
City Administrative Costs/Support $61,100
Total Operations $297,100 $118,000
Infrastructure Improvements
Park Improvements (Soroptimist/NBPP) $10,000
Alley Improvements $50,000 $76,558 alley signs
Utility Infrastructure Improvements $350,000
Wayfinding & Parking Signage $15,000 $3,605 walkway wrap $3605
Bozeman Creek Improvements $0
Alternative Transportation Projects $40,000
Tree Replacement Project (Streetscape Imp. in FY24) $50,000
Street Furniture/Streetscape Improvements & Furniture $25,000 $3,750
Intersection Cable Anchor Repairs $10,000
Parklet Infrastructure $20,000
Streetlamp Power Reconfiguration Project (SILD) $100,000
Streetscape Assistance Grant Program $50,000
Life-Safety Grant Program $30,000
Fiber-Broadband Infrastructure Grants $10,000
Art Enhancement/CPTED Grant Program $20,000
Housing Assistance
Residential Incentive Grant Program $200,000
Workforce Housing Project - Fire Station One $1,600,000
Total Improvements $2,580,000 $83,913
Planning
Park Improvement Planning (Soroptimist/NBPP) $50,000 $2,422 pomeroy peace park
Alley Planning $25,000 $4,130 $450 groundprint. $1880 design 5
Utility Infrastructure Improvement Planning $50,000 $1,800
Wayfinding Plan Development $35,000
Bozeman Creek Planning $20,000
Alternative Transportation Planning $10,000
Downtown Streetscape Design Standards $10,000
Side-Streetscape Preliminary Engineering $25,000
Parklet Planning/Program $10,000
DBIP General Implementation $50,000
Professional Services Term Contract $75,000
Code Amendments $0
Downtown Infrastructure & Public Realm Plan $0
Technical Assistance Grant Program $50,000
Parking - Designated Funds
Parking Supply, Management Planning, and Data Collection $4,770,000
Parking Supply, Site Plans and Data Collection
Parking Supply - Designated Funds
Total Planning/Parking $5,180,000 $8,352
Parking Structure
Garage Bond Payment $335,000
Total Parking Garage Payments $335,000 $0
Total Expenses $8,392,100 $210,265
Balance $91,500 $5,851,635
27