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HomeMy WebLinkAbout06-16-09 TIF Minutes Downtown Tax Increment Finance Board Meeting Minutes 6/16/09 Attending: Bobby Bear, Peter Bertelsen, Bob Lashaway, Bill Stoddart Ellie Staley, Chris Naumann Absent: Thail Davis, Vonda Laird Public Comments Brian Caldwell discussed the concept of entering into perpetual leases at the downtown parking garage as an option of developments to meet parking requirements. Minutes ACTION:Bob Lashaway motioned to accept the minutes from May 2009. Peter Bertelsen seconded the motion. All voted in favor. Financial Report Chris indicated that there had been no financial activity since the last report. He indicated that they would take a closer look at finances as part of the budget discussion to follow. Program Director’s Report Upcoming DBA/DBP Events: thnd - Art Walks – Next one is July 10 from 6-8pm. Then, every 2 Friday through September. The first one was a BIG success and had 3 young music groups Located at Soroptimist, Ellen and Emerson, great turnout… nd - Music on Main – First one on July 2, same location as last year from Rouse to Bozeman Avenue then th every Thursday through August 20. Great sponsor support, kid’s activities, non-profit booths, etc… thth - Crazy Days – July 17 and 18 9am to 6pm th - Cruisin on Main Car Show – Sunday, August 16 9am-3pm on Main Street from Rouse to Willson Other Items: - Membership Drive and Directory Re-print in August…Erin, our intern is taking an inventory of ALL downtown located business which will help with the membership drive targeting downtown and other uses? - Recent website updates with video clips of downtown business owners, Music on Main schedule and music samples, lots of current news updates…visit www.downtownbozeman.org Executive Director’s Report Tax Increment Finance District Board June 16, 2009 Downtown Disaster Update Recent “activity” includes: ? Montana Ready Mix will be performing the site clean-up and has prepped the site by preparing the alley and installing the black fabric barrier along the Main Street fence. ? Stabilization work at RMRG building and Pope’s building has been completed. ? Clean-up work is scheduled to begin this week. ? The loan fund has been completely funded by all parties and will be administered by Prospera Business Network. ? The American Legion reconstruction plans are receiving the third and final review by the DRC this week and then will proceed to the DRB process. Downtown Improvement Plan Several members of the LMN Team will be in town this week to present the Downtown Improvement Plan Draft. The schedule of presentations is below. The Draft Plan will be available to the public on thth Friday, June 19. The public has been invited to review and comment on the plan until June 30. The th LMN Team will deliver the final version of the plan by July 27. The City of Bozeman review and adoption process should be completed by end of September. Wednesday, June 17th 4:00 pm COB Leadership in the Madison Room at City Hall Chris Kukulski, Chuck Winn, Anna Rosenberry, and City Commissioners Thursday, June 18th 8:00 am Citizen Advisory Boards in Bozeman Public Library Meeting Room Planning Board, Parking Commission, Park Board, DBIP Committee 10:00 am COB and MDT Staff in Bozeman Public Library Meeting Room COB Planning, Engineering, Public Service plus MDT 12:00 pm Downtown Boards in Bozeman Public Library Meeting Room BID, DBA, TIF Boards 6:00 pm Public Presentation in the Commission Room at City Hall Will be televised on Bresnan Channel 20 Parking Garage Update Recent “activity” includes: ? The exterior signs on the garage will be installed by the end of June. ? Qwest is still completing their utility work in the alley behind the facility ? The alley will not be paved until mid to late July. Parking Commission th On June 15, I was appointed to the Bozeman Parking Commission. I will be completing the term vacated by Paul Burn’s resignation. My term will expire on June 30, 2010. Discussion and Decision Items FY2010 Budget continued from Board Meeting on 5/19/09 Chris provided an updated FY2010 Draft TIF Budget. Chris indicated that the actual increment revenues--$678,505--considerably exceeded the anticipated amount of $552,891. Chris confirmed that the entire $34,620 of the State Entitlement Share had been received for FY2009. Chris provided an updated interest income figure for FY2009 of $9,510. The $120,000 in additional revenue from the increment would carry over into the FY2010 starting cash balance. The board asked what contributed to the dramatic increase in the increment revenues. Chris answered that he did not have a specific explanation, but acknowledged that property values increased despite the recession and the Montana Department of Revenue adds redeveloped properties to the tax rolls as they are completed but not until they can be verified; often there is a delay in this process. Chris reminded the board that at May’s meeting they deferred final determination of funding for two new TIF programs: the Streetscape Assistance Program and the Redevelopment Assistance Grant Program. The originally proposed funding for each was $25,000. The boards discussed the two programs and while they thought both were important uses of TIF funds; they ultimately felt that the Redevelopment program would yield better returns on the investment. The group requested that more funds be dedicated to the Redevelopment program, as it would directly facilitate new projects in downtown and corresponding increases to the tax base. The board indicated it would like to allocate $25,000 to the Streetscape Assistance Program and $50,000 to the Redevelopment Assistance Grant Program. Chris introduced a new potential line item to provide funds for the implementation one or more recommendations pending from the Downtown Improvement Plan. The board agreed that having funds immediately available to take action on a high-priority project stipulated by the Plan would be crucial. The board recommended adding $50,000 to the FY2010 budget for implementation of the Downtown Improvement Plan. Chris then reminded the board that on several occasions they had discussed establishing a capital reserve and/or an operating reserve in preparation for the fiscal impacts of the TIF Interlocal Agreement that would see a significant portion of the increment returned to some of the taxing entities. Members discussed the intent of a capital reserve versus an operating reserve. The board agreed that neither designation accurately fit the intent of setting money aside. Therefore, Bobby Bear suggested using the term “non-designated reserve”. The board agreed to allocate $250,000 as a “non-allocated reserve” in the FY2010 budget. With no further consideration pertaining to the proposed FY2010 TIF Budget, Chris indicated that he would entertain a motion to accept the budget. ACTION:Bob Lashaway motioned to approve the FY2010 TIF Budget as proposed to include the 4 revised and added line items as discussed. Peter Bertelsen seconded the motion. All voted in favor. Chris thanked the board for the unanimous approval of the FY2010 budget. Chris informed the board that he was continuing to revise and finalize both the Streetscape Assistance Program and the Redevelopment Assistance Grant Program. He relayed that he would also consult with the proper departments at the City to ensure that the programs were compatible with City policies. With no future or old business to discuss, Bobby adjourned the meeting.