HomeMy WebLinkAboutOrdinance 91- 1337, Tax increment financing industrial board
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ORDINANCE NO.
1337
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AN ORDINANCE
OF THE CITY
COMMISSION OF THE CITY
OF
BOZEMAN,
MONTANA, CREATING A
TAX INCREMENT FINANCING
INDUSTRIAL
DISTRICT (TIFID)
BOARD;
ESTABLISHING THE
PURPOSE
AND INTENT FOR
CREATING THE
TIFID BOARD;
PROVIDING FOR A DEFINITION OF TERMS;
PROVIDING FOR THE
POWERS
AND DUTIES OF THE
TIFID BOARD; PROVIDING FOR
APPOINTMENT
AND TERMS OF BOARD MEMBERS;
PROVIDING FOR
REGULAR
MEETINGS AND ELECTION
OF
OFFICERS; AND
PROVIDING FOR ANNUAL REPORTS.
WHEREAS,
the City of Bozeman,
Montana is defined
as a
municipality for the purpose
of an industrial district created
pursuant to 7-15-4297 through 7-15-4299,
M.C.A. ; and
WHEREAS,
the City of Bozeman,
Montana wishes to encourage
the attraction
and retention of
secondary value-adding
industries; and
WHEREAS,
the City of
Bozeman, Montana is
authorized,
pursuant to 7-15-4299,
M.C.A. , to create
tax increment financing
industrial districts (TIFID)s;
and
WHEREAS,
the city of Bozeman, Montana
has adopted Ordinance
1336, creating a
tax increment financing
industrial district
program.
NOW, THEREFORE, BE
IT ORDAINED by
the Bozeman city
commission as follows:
Section 1.--Purpose and Intent
The purpose
and intent of this ordinance is to provide for
an advisory board of citizens
of Bozeman,
Montana to assist in
the attraction
and retention
of secondary,
value-adding
industries including warehousing,
distribution and transportation
industries, and manufacturing that uses Montana
timber, mineral,
oil, gas,
coal, and agricultural resources in the
production of
products in the state of Montana.
More specifically,
this board
of citizens will consult and advise the City Commission regarding
the Bozeman TIFID program.
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Section 2.--Definitions
The following words and phrases used in this ordinance
shall
be defined as follows:
(a)
"ACTUAL TAXABLE VALUE" means
the taxable value of
taxable property at any time,
as calculated from the assessment
role last equalized.
(b)
"BASE TAXABLE VALUE" means the actual taxable value of
all taxable property within
an urban renewal area or industrial
district prior to the effective date of a tax increment financing
provision. This value may be adjusted
as provided in 7-15-4287
or 7-15-4293 M.C.A..
(c)
"INCREMENTAL TAXABLE VALUE" means the amount,
if any,
by which the actual
taxable value at any time exceeds the base
taxable value of all property within a tax increment financing
industrial district.
(d)
"INDUSTRIAL DISTRICT" or "TAX
INCREMENT FINANCING
INDUSTRIAL DISTRICT" or "TIFID" means
a tax increment financing
industrial district created pursuant
to ordinance No. 1336,
and
7-15-4299 M.C.A..
(e)
"INDUSTRIAL INFRASTRUCTURE DEVELOPMENT PROJECT" means a
project undertaken within
or for an
industrial district that
consists of any or all of the activities authorized
by 7-15-4288
M.C.A. .
( f)
"TAX INCREMENT" means the collections
realized from
extending the
tax levies, expressed
in mills, of all taxing
bodies in which
the industrial district or
a part thereof is
located against the incremental taxable value.
(g)
"TAX INCREMENT PROVISION" means a provision
for the
segregation and application of tax increments as authorized by 7-
15-4282 through 7-15-4292 M.C.A..
(h)
"TAXES" means all taxes levied by a taxing body against
property on an ad valorem basis.
section 3.--creation of and Powers and Duties of the TIFID Board
The Bozeman City commission
hereby creates the Bozeman Tax
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Increment Financing
Industrial District
(TIFID) Board
and
authorizes the
TIFID Board to
exercise any of
the following
industrial district powers:
( 1 ) to undertake and carry
out industrial
infrastructure
development projects
as approved by the Bozeman city Commission;
( 2 ) to disseminate industrial development information;
( 3 ) to advise the Commission on
the improving, clearing,
or preparing
for development
or redevelopment
any real
or
personal property in the
industrial district;
( 4 ) to effectuate
industrial infrastructure
development
project plans;
( 5 ) to assist
in conducting appraisals,
title searches,
surveys, studies,
and other preliminary plans and work necessary
to prepare for
the undertaking
of industrial
infrastructure
development projects;
( 6 ) to assist in the
negotiation for the acquisition of
land;
( 7 ) to study the closing, vacating,
planning or replanning
of streets, roads,
sidewalks, ways,
railroad spurs,
sewer lines,
sewer
treatment facilities,
waterlines, waterways,
water
treatment facilities,
or other places and to make recommendations
with respect thereto;
(8 ) to make recommendations concerning
the allocation of
tax increment financing industrial district funds
as appropriated
by the Bozeman City commission and as provided
for in section 7-
15-4288, M.C.A. ;
( 9 ) to perform such
duties as the City
commission may
direct so as to make the necessary arrangements
for
the exercise
of the powers
and performance of
duties and
responsibilities
entrusted to the City Commission.
Section 4.--Appointment and Terms of Board Members
( 1 ) All appointments
to the TIFID Board will be made by the
City Commission.
( 2 ) The TIFID Board shall consist of at least five and
not
more than seven members with
the initial terms
as follows:
one
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member appointed for 1 year,
one for 2
years, two for 3 years,
and the remainder for 4 years.
Each appointment thereafter shall
be for 4 years.
( 3 ) Whenever
possible, at least one Board
member will be
selected from each
of the following disciplines:
real estate,
economic development,
commercial lending,
and civil or
environmental engineering.
The remaining position(s) shall be at
large.
( 4 ) Each
Board member shall hold office until his
or her
successor has been appointed and has qualified.
( 5 ) A Board member shall receive no compensation for his
or
her services but
shall be entitled
to previously authorized
expenses, including
travelling expenses,
incurred in
the
discharge of his or her duties.
( 6 ) Any persons
may be appointed as Board members
if they
are residents or property owners within the City of Bozeman.
( 7 ) A Board member may be removed for inefficiency,
neglect
of duty or misconduct in office.
Section 5.--Meetings and Election of Officers
( 1 ) The
TIFID Board shall
hold meetings as it
deems
necessary to execute
its powers and duties as
provided for in
Section 3 of this Ordinance and ordinance No.1336.
( 2 ) The
TIFID Board shall adopt by-laws
enabling it to
elect officers, set officer
terms and establish regular
meeting
times.
Section 6.--Annual Reports
( 1 ) The TIFID Board shall file with the City Commission,
on
or before March 31st of each year,
a report of its activities for
the preceding calendar year.
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PROVISIONALLY PASSED AND ADOPTED
by the city commission of
the City of Bozeman, Montana,
at its meeting held on the 21st day
of October, 1991.
ROBER
ATTEST:
e1;L~~
Clerk of the Commission
FINALLY
PASSED AND ADOPTED by the city commission
of the
city of Bozeman,
Montana, at its meeting held
on the 4th day
of November
, 1991.
/C<W
ROB/}
L. M.WKS, MAYOR
ATTEST:
~.~~
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Clerk of the Commission
.
APPROVED
AS TO FORM:
~~
,
I,
BRUCE
E. KE
City
Attorney
I
,
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