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HomeMy WebLinkAbout09-17-26 - Tax Increment Finance Board - Agendas & Packet MaterialsA. Call meeting to order - 12:00 p.m. B. Disclosures C. Changes to the Agenda D. Approval of Minutes D.1 Approve the August 20, 2026 Tax Increment Finance Board Meeting Minutes (DiTommaso) E. Public Comments on Non-agenda Items Falling within the Purview and Jurisdiction of the Board THE TAX INCREMENT FINANCE ADVISORY BOARD OF BOZEMAN, MONTANA TIF AGENDA Thursday, September 17, 2026 General information about the Downtown Business Improvement 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 David Fine, David.Fine@bozemanmt.gov 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 +1 253 205 0468 Access code: 978 1280 2476 This is the time to comment on any non-agenda matter falling within the scope of the Tax Increment Finance 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 1 F. Special Presentation F.1 Overview of the Montana State University Innovation Campus Project (Fine) G. Action Items G.1 North Park Tax Increment Finance (TIF) Assistance Program Application Criteria (Fine) H. FYI/Discussion I. Adjournment J. This board generally meets the 3rd Thursday of the month from 12:00 to 1:30 persons addressing the Board shall speak in a civil and courteous manner and members of the 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. I move recommend that the Bozeman City Commission approve the North Park Tax Increment Finance (TIF) Assistance Program Application Criteria as submitted. City Board meetings are open to all members of the public. If you have a disability that requires assistance, please contact our ADA Coordinator, David Arnado, at 406.582.3232. 2 Memorandum REPORT TO:Tax Increment Finance Advisory Board FROM:Jesse DiTommaso, Economic Development Specialist David Fine, Urban Renewal Manager SUBJECT:Approve the August 20, 2026 Tax Increment Finance Board Meeting Minutes MEETING DATE:September 17, 2026 AGENDA ITEM TYPE:Minutes RECOMMENDATION:Approve the August 20, 2026 Tax Increment Finance Board Meeting Minutes. 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:In accordance with Commission Resolution 5323 and the City of Bozeman's Citizen Advisory Board Manual, all boards must have minutes taken and approved. Prepared minutes will be provided for approval by the board at the next regularly scheduled meeting. Staff will make any corrections identified to the minutes before submitting to the City Clerk's Office. Please note the video of each meeting are considered the official meeting minutes. UNRESOLVED ISSUES:None. ALTERNATIVES:As recommended by the Board. FISCAL EFFECTS:None. Attachments: 082026 TIF Board Minutes.pdf Report compiled on: June 13, 2025 3 Bozeman Tax Increment Finance Board Minutes, August 20, 2026 Page 1 of 3 THE TAX INCREMENT FINANCE BOARD MEETING OF BOZEMAN, MONTANA MINUTES August 20, 2026 General information about the Downtown Business Improvement District Board is available in our Laserfiche repository. A) 00:00:19 Call meeting to order - 12:00 p.m. B) 00:00:27 Disclosures • There were no disclosures. C) 00:00:37 Changes to the Agenda • There were no changes to the agenda. D) 00:00:43 Approval of Minutes D.1 00:00:46 Approve the June 18, 2026 Tax Increment Finance Board Meeting Minutes 061826 TIF Board Minutes.pdf 00:00:54 Motion to approve the June 18, 2026 Tax Increment Finance Board Meeting Minutes. Susan L Fraser: Motion Nolan Campbell: 2nd 00:01:01 Vote on the Motion to approve the June 18, 2026 Tax Increment Finance Board Meeting Minutes. The Motion carried 6 - 0. Approve: Mike Waterman Susan L Fraser 4 Bozeman Tax Increment Finance Board Minutes, August 20, 2026 Page 2 of 3 Natalie Van Dusen Julien Morice Nolan Campbell Marty Matsen Disapprove: None E) 00:01:07 Public Comments on Non-agenda Items Falling within the Purview and Jurisdiction of the Board • There were no public comments. F) 00:01:26 Action Items F.1 00:01:35 Authorize City Staff to Negotiate a Grant Agreement with the Northeast Neighborhood Association (NENA) for Boulevard Beautification Projects 00:01:48 Program Manager David Fine provided background on the grant request. 00:02:50 Jason Delmue provided background on the neighborhood request. 00:04:52 Chair Van Dusen noted one of the corners in directly in front of her business. 00:05:09 Questions 00:08:45 Motion to Authorize city staff to negotiate a grant agreement with the Northeast Neighborhood Association (NENA) for boulevard beatification projects. Mike Waterman: Motion Julien Morice: 2nd 00:08:53 Vote on the Motion to approve Authorize city staff to negotiate a grant agreement with the Northeast Neighborhood Association (NENA) for boulevard beatification projects. The Motion carried 6 - 0. Approve: Mike Waterman Susan L Fraser Natalie Van Dusen Julien Morice Nolan Campbell 5 Bozeman Tax Increment Finance Board Minutes, August 20, 2026 Page 3 of 3 Marty Matsen Disapprove: None G) 00:09:13 FYI/Discussion G.1 00:09:17 Updates on Midtown Urban Renewal District Construction Projects 00:09:21 Program Manager David Fine provided the update. G.2 00:15:45 Northeast Urban Renewal District Tax Increment Finance District (TIF) Assistance Program Application Update NortheastTIFApplication v2.docx 00:16:00 Program Manager David Fine provided background on the TIF Assistance Application for the Northeast Urban Renewal District. 00:16:40 Questions 00:23:44 Commissioner Sweeney read Amy Hoitsma's public comment. 00:27:09 Discussion 00:31:28 David Fine provided an additional FYI for the board regarding the economic development term contract selection. 00:32:51 Board member Morice asked about the affordable housing section of the application. 00:41:47 Public Comment 00:41:52 Jason Delmue commented on the criteria around design, character, and public engagement. H) 00:45:46 Adjournment This board generally meets the 3rd Thursday of the month from 12:00 to 1:30 6 Memorandum REPORT TO:Tax Increment Finance Advisory Board FROM:David Fine, Economic Development Manager SUBJECT:Overview of the Montana State University Innovation Campus Project MEETING DATE:September 17, 2026 AGENDA ITEM TYPE:Citizen Advisory Board/Commission RECOMMENDATION:None. STRATEGIC PLAN:2.2 Infrastructure Investments: Strategically invest in infrastructure as a mechanism to encourage economic development. BACKGROUND:The City of Bozeman Economic Development Department has partnered with Montana State University on its Innovation Campus since the creation of the South Bozeman Technology District in 2012. The lack of adequate infrastructure was a long term issue with the development of the campus. In 2022, the City entered into a development agreement with Innovation Campus Partners, the master developer of the site to reimburse them for eligible infrastructure costs for a shovel ready technology park. The campus is now home to a number of buildings that house innovate companies and that assist with research and commercialization of technology emerging from MSU. Michael Veselik, Assistant Vice President for Economic Development and Federal Relations at Montana State University will provide a brief presentation on the present and future of the MSU Innovation Campus and the partnership with the City that has made it possible. UNRESOLVED ISSUES:None at this time. ALTERNATIVES:As suggested by the Board. FISCAL EFFECTS:None at this time. Report compiled on: September 10, 2026 7 Memorandum REPORT TO:Tax Increment Finance Advisory Board FROM:David Fine, Economic Development Manager SUBJECT:North Park Tax Increment Finance (TIF) Assistance Program Application Criteria MEETING DATE:September 17, 2026 AGENDA ITEM TYPE:Citizen Advisory Board/Commission RECOMMENDATION:I move recommend that the Bozeman City Commission approve the North Park Tax Increment Finance (TIF) Assistance Program Application Criteria as submitted. STRATEGIC PLAN:2.2 Infrastructure Investments: Strategically invest in infrastructure as a mechanism to encourage economic development. BACKGROUND:The Board considered the TIF assistance criteria for the North Park Urban Renewal District and provided feedback to staff. The proposed edits are intended to reflect the board's advice on the criteria. Consider further revisions to the criteria and advice to the City Commission on an update. UNRESOLVED ISSUES:None at this time. ALTERNATIVES:As suggested by the Board. FISCAL EFFECTS:None. Attachments: NorthParkTIFApplication v3 20260911.pdf Report compiled on: June 11, 2026 8 North Park TIF Assistance Application Part 1 Page 1 NORTH PARK URBAN RENEWAL DISTRICT Tax Increment Financing Assistance (TIF) Application PART 1 PROJECT INFORMATION Project Name: Property Address: __ Legal Description: Property Geo-Code: 06- County Tax ID #: Property Status: ☐ Vacant Land ☐ Building on Leased Land ☐ Existing Building APPLICANT INFORMATION 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: Please attach a list of additional owners, business partners, developers and/or investors associated with this project, with the above information provided for each. 9 North Park TIF Assistance Application 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) TIF ASSISTANCE REQUEST DETAIL Type of TIF Assistance Sought: ☐ Assistance for public infrastructure costs ☐ Building demolition Value of TIF Assistance Sought: $ Will this project proceed if TIF assistance is not granted? Explanation for response must be included in the required project narrative. ☐No ☐In a limited fashion ☐Yes, but at a later date ☐Yes, as scheduled ☐Other: 10 North Park TIF Assistance Application Part 1 Page 3 This application must be signed by both the applicant(s) and the property owner(s) (if different). I (we), by signature below, certify that the information supplied in this application is, to the best of my (our) knowledge, true, accurate, and complete, and is provided for the purpose of obtaining approval to participate in the North Park Urban Renewal District TIF assistance program. I (we) understand that failure to comply with the terms of the TIF assistance program may result in revocation of an award. I (we) understand the work to be undertaken must be in accordance with all applicable requirements of the Bozeman Municipal Code and any special conditions established by the approval authority and must receive all required approvals prior to commencing the work. I (we) understand if approved for TIF assistance, the work to be performed must also be in accordance with TIF assistance program procedures and the general design guidelines for the District, as well as the specific plans approved for the project. I (we) acknowledge that the City has an Impact Fee Program and impact fees may be assessed for my project. Further, I (we) agree to grant City personnel and other review agency representative’s access to the subject site during the course of the review process per the Bozeman Municipal Code. Applicant (s) (Print Name) Signature of Applicant Date Property Owner(s) (Print Name) Signature of Property Owner Date 11 North Park TIF Assistance Application Part 1 Page 4 REQUIRED INFORMATION 1. Project Narrative Provide a narrative overview of the project including each of the following elements: a. Public Benefits Projects with a high degree of public benefits are typically more likely to receive TIF assistance. The criteria matrix of this application guides the Economic Development Department and City Commission to understand and evaluate the public benefits for a project. Provide a detailed narrative response to each criterion and include supporting documentation. b. Project Description 1. Describe the status of the property status, including ownership and leases 2. Description of business(es) to benefit from the TIF Assistance 3. Identify all proposed uses: e.g. industrial, commercial, retail, office, mixed use, residential for sale or for rental, etc. 4. 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. 5. Value of TIF assistance requested – requests over $50,000 require Part 2 of the application c. Project Timeline 1. Provide anticipated dates for site acquisition, project start, completion, estimated date of occupancy, and other project milestones. Multi-phase projects must include details for each phase. The timeline should also identify any critical or time-sensitive dates or time constraints facing the applicant. 2. Provide detailed explanation on impact on project timeline if TIF assistance is not granted at the requested amount. d. Construction information 1. 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 2. Site Maps and Building Plans The Applicant must submit a completed Conceptual Review Application or Pre-Application. The application must include, at minimum: a. Photographs of project site and/or building b. Map showing the location of the site and its immediate surroundings c. Proposed development plans including site plans, floor plans, and building elevations d. Description of parking accommodations for residential units and commercial uses e. Anticipated off-site infrastructure improvements, including anticipated costs, and City comments on those infrastructure improvements f. Copy of Concept Review comments 3. Completed Criteria Matrix (see next page) The applicant must complete the matrix indicating criteria that apply to this project and points requested. Final determination of point and applicable criteria will be made by the City of Bozeman. 12 North Park TIF Assistance Application Part 1 Page 5 CRITERIA FOR TIF ASSISTANCE The City of Bozeman’s Economic Development Department will review each TIF assistance application using 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 Economic Development Staff will use this information to evaluate the project. North Park District Goals Goal Met (Y/N) Requested Points Promote Economic Development, with a Focus on Value-Adding Commerce 1. Value-Adding Industries: This project will directly and/or indirectly foster secondary, value-adding industries including:  Specific manufacturing industries  Expanded trade/basic sector business  Valuable manufacturing industry  New business that complements the community’s economic development initiatives  Basic industrially zoned uses that serve residents of the city and contribute to diversified commercial and industrial base. /10 2. Job Creation & Training: The project provides new jobs with middle-wage and high-wage jobs and/or workforce training opportunities. Number of permanent living wage jobs provided: _ /5 3. Partnerships: This project involves and/or will encourage public-private partnerships that will add value to the District and/or the larger community economic development initiatives. Public-private partnerships are defined as projects initiated by the developer that implement goals or values of adopted city plans. /5 4. Tax Generation: This project will directly and/or indirectly improve property tax base within the district to help financially support the district’s wellbeing into the future /10 Invest in Efficient Delivery of Public Infrastructure 5. Public Infrastructure: This project will tangibly improve the District’s infrastructure, including:  Projects identified on the capital improvement plan (CIP)  Increased efficiency in delivery of services  Adaptable infrastructure that can respond to changes in technology  Improves fire and life safety, and reduces emergency response time /10 6. Transportation Access: The project will establish transportation infrastructure that will make the development easily accessible from outside of the district. The project incorporates/builds/utilizes infrastructure that facilitates safe, efficient, and convenient access of the district for all modes of transportation (cars, bikes, peds, public transport, rail and commercial freight needs) /10 Support Planned Urban Density and Design 13 North Park TIF Assistance Application Part 1 Page 6 7. Density: This project prioritizes high density for greater efficiency in the delivery of public services. /5 8. Mixed of Uses: This project proposed live-work or other mix of uses that eliminate commute times and lower transportation costs /5 9. Placemaking: This project will establish new open space and pedestrian facilities within the development and/or will establish direct access to previously established open space /5 Overall District Relevance 10. This project is directly relevant to the North Park Urban Renewal Plan goals and objectives /5 11. The investment of public funds in the project results in a leverage ratio of at least 8:1 for commercial and/or 5:1 for family wage jobs* /5 Total Points /75 *Leverage ratio will be verified by an independent economic consulting firm. APPROVAL (For Official Use Only) Approval Status: Date Approved: Date Letter of Award Sent: Date Certificate of Completion: Date of Payment Request: 14 North Park TIF Assistance Part 2 Page 7 PART 2 FOR PROJECTS REQUESTING OVER $50,000 IN ASSISTANCE Project Financial Information In order for the City of Bozeman Economic Development Department Staff 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 North Park TIF Assistance program is to make projects financially feasible. Therefore, projects that demonstrate financial need for public funding will be given priority. Economic Development Department Staff may create an information request to the applicant that will include the following information: 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. 15