HomeMy WebLinkAbout10- Bozeman Downtown Economic Development Participation Agreement with Northwestern Energy BOZEMAN DOWNTOWN ECONOMIC DEVELOPMENT
PARTICIPATION AGREEMENT
The City of Bozeman, Montana (the "City entered into an agreement with Northwestern
Energy "NWE in May, 2009, wherein NWE contributed $50,000 to the Bozeman Downtown
Recovery Fund (the "Original Fund to assist in the recovery of businesses affected by the
explosion and fire that occurred in downtown on March 5, 2009. Said contribution currently
remains unspent and unencumbered, however, and the City and NWE now desire to enter into a
new agreement regarding the use of the original $50,000 that will allow the City to transfer the
$50,000 to the Downtown Bozeman Partnership for reinvestment within the downtown area.
The Downtown Bozeman Partnership (the "Partnership is a member managed limited
liability company comprised of three organizations involved in furthering the economic vitality
of the downtown Bozeman area: the Downtown Bozeman Association (DBA), the Downtown
Business Improvement District (BID), and the Downtown Tax Increment Fund (TIF). The
Downtown Bozeman Partnership provides combined operational support in the form of offices
and employees for its three member organizations.
NWE hereby specifically agrees the City may transfer the $50,000 previously paid into
the Original Fund (the "Funding Amount to the Partnership. NWE agrees the Partnership is
authorized to use this money as determined by an oversight committee that will include a
representative from the Partnership, NWE, and First Security Bank. The oversight committee
will consider investing the funds in a project or projects identified in the 2009 Downtown
Improvement Plan. NWE agrees this money will not be returned to the Original Fund or NWE.
NWE may treat the grant as a donation to the Partnership or otherwise as NorthWestern
Energy may deem appropriate, provided, however, that NWE will not have any further recourse
against the City or the Partnership if the City and Partnership otherwise comply with their
obligations under this Participation Agreement.
NWE is providing the Funding Amount as a gesture of goodwill to assist the City and the
Partnership in their efforts to assist businesses in the Bozeman downtown district in regard to
recovery from the effects of the March 5, 2009 events. Entering into this Participation
Agreement, providing any Funding Amount, or otherwise taking any actions in regard thereto, is
not and shall not be deemed an admission of any fault or liability on the part of NWE with
respect to the March 5, 2009 events or otherwise, which fault and liability are expressly denied
by the NWE.
This Participation Agreement is entered into by the City, the Partnership, and the
undersigned Funding Participant as of the date set forth below.
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CITY OF BOZEMAN, MONTANA
By: Date: 311 11\O
is Kukulski, City Manager
DOWNTO)N OZEMAN PARTNERSHIP
By: Jv) Date: 5
Chris Naumann, Executive Director
NORTHWESTERN ENERGY
By:
Name: c
Title: C 0
SG o�
Funding Amount: Ga
Date: 3
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