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Home My WebLink AboutNSURB FY11 Work Plan and Budget ProposalTax Increment Financing District Fund Expenditure Plan 2011 for the North Seventh Urban Renewal District In November 2006, the City of Bozeman designated a Tax Increment Redevelopment Area (TIF), under which incremental increases in taxes due to redevelopment are accumulated in a TIF fund. The stated goals and objectives of this Redevelopment Plan were as follows: MISSION VISION This Plan is the city's response to remedy the conditions of blight found in the August 2005 report through thoughtful redevelopment of the Corridor. The following Corridor Goals are taken from the Design and Connectivity Plan (DCP). An expanded description of the intent of each goal is found in the DCP Chapter 2. Corridor Goals • basic goal is to have an active and exciting corridor that is attractive with a distinct character. • strategy for achieving this goal is to improve the experience for the user by creating safe attractive walkways and streets and by providing buildings and landscaping that are of interest to users and passersby. Several key strategies should be followed: 1. Provide a distinct identity for the corridor 2. Develop the corridor as a focus for commercial and entertainment activities that serve residents and visitors alike 3. Strengthen the corridor as a neighborhood service center 4. Provide mixed use development 5. Clearly define gateways at key locations along the corridor 6. Improve vehicular, bicycle and pedestrian circulation along the corridor 7. Provide pedestrian connections to adjacent neighborhoods 8. Establish a way - finding system 9. Guide new development along the corridor such that it improves the aesthetic experience 10. Coordinate public and private improvements 11. Strengthen connections between complementary uses 12. Provide flexible public space along the corridor GUIDING PRINCIPLES In addition to the specifically stated goals for the District the following Guiding Principles have been adopted to provide a basis for decision making over the life of the District. These principles should be applied to any development program or other activity that will affect the District: 1. Ensure the health safety and security of the District 2. Balance commerce and livability in the District within the mixed use framework 3. Public open space is essential to a healthy and appealing urban environment Page 1 of 4 4. The costs of projects and programs shall be weighed against their benefits to the District 5. Private property shall not be acquired for other private use through the eminent domain process in the implementation of any aspect of this plan 6. The City shall not limit its vision for the District improvements to monies available solely through the TIF funding 7. Projects shall consider impacts on adjacent neighborhoods 8. The city shall consider the impact on the District of all projects undertaken outside of the District LAST YEAR'S PLAN 2010 WORK PLAN AND BUDGET 2010 expenditure elan TIF Other Expenditures Balance 07/01/09 93,316 93,316 Interest 1,000 1,000 TIF allocation on 12/31/09 45,000 45,000 Big Box Funds 232,000 232,000 Community block grant' 16,100 16,100 Total Revenue Available 139,316 248,100 387,416 Engineering plan, professional contract Nvith Allied 50,000 100,000 150,000 Subsidy program 33,329 33,329 Demolition program' 22,500 22,500 Part time staff and other professional services 10,829 10,829 Public right -of -N ay improvements 10,829 10,829 Construction — Lights, Curb and Gutter, SideNvalk' 11,829 148,100 159,929 Landscaping and Irrigation Total Expenditures 139,316 248,100 387,416 Ending Balance 0 i community block Grant — actuality of dollars vet to be determined `Redevelopment Incentive Program - N7Rehab, awaiting feedback from City Attorney's office. Resolution required. 3 Demolition Program — A component of N7Rehab Q Public right -of -way improvements — Now a component of N7Rehab Page 2 of 4 FY2011 BUDGET PLAN AND REQUEST FOR APPROVAL During the next fiscal year, NSURB plans on continuing all of the programs approved by the City Commission last summer, designating the following enumerated projects for the District's renewal: $100,000 of TIF monies for N7Rehab (Redevelopment Incentive Program), a grant program to encourage voluntary compliance by property owners with life - safety regulations and assistance with facade and site improvements. This money is a permissible use under state statute 7 -15 -4233, "to prepare plans for carrying out a program of voluntary or compulsory repair and rehabilitation of buildings and improvements ". It complies with the City's stated redevelopment activities by ensuring the health, safety and security of the District and helping to guide new development. 2. $90,000 of TIF monies for demolition program, a component of N7Rehab grant program. This money is permissible use under state statute 7 -15 -4288, "Costs that may be paid by tax increment financing (2) demolition and removal of structures;" and 7 -15- 4233, "to prepare plans for carrying out a program of voluntary or compulsory repair and rehabilitation of buildings and improvements ". It complies with the City's stated redevelopment activities by ensuring the health, safety and security of the District and helping to guide new development. 3. $75,000 of TIF monies for public right -of way improvements, a component of the N7Rehab grant program. This money is a permissible use under state statute 7 -15- 4288, "Costs that may be paid by tax increment financing... (4) the acquisition, construction, and improvements of infrastructure ... that includes streets, roads, curbs, gutters and sidewalks... storm sewers..." $ 95,600 of TIF monies for curb, gutter, sidewalk, ADA ramps, landscaping and irrigation (construction and engineering services — Phase II of N. 7 th Avenue sidewalk improvements. This money is a permissible use under state statute 7 -15 -4288, "Costs that may be paid by tax increment financing... (4) the acquisition, construction, and improvements of infrastructure ... that includes streets, roads, curbs, gutters and sidewalks... storm sewers..." 5. $126,405 of TIF monies for street and sidewalk lighting. This money is a permissible use under state statute 7 -15 -4288, "Costs that may be paid by tax increment financing... (4) the acquisition, construction, and improvements of infrastructure... that includes streets, roads, curbs, gutters and sidewalks... storm sewers... ". 6 $15,000 of TIF monies for staff and other professional services. This money is a permissible use under state statute 7 -15 -4288, (5), "costs incurred in connection with the redevelopment activities allowed under 7 -15 -4233 and 7 -15 -4288 (7) "administrative costs associated with the managements of the urban renewal area..." 7. $ 5,000 of TIF monies for outreach. This money is a permissible use under state statute 7 -15 -4233, "Powers which may be exercised by urban renewal agency or authorized department... (f) to disseminate blight clearance and urban renewal information;" Page 3 of 4 2011 North Seventh TIF Proposed Expenditure Plan Starting Balance Estimated Balance 6/30/10 Revenues Interest TIF allocation on 01/21/10 Anticipated TIF allocation FY 2011 Remaining Big Box Funds HB645 American Recover`* & Reinvestment Act' ECCBG ACTUAL 2010 Revenues & Expenditures 89,080 2,655 268,010 232,000 2011 Expenditure Plan 259,495 2,500 268,010 232,000 110,400 16,100 Total Revenue Available 591,745 888,505 Engineering plan, professional contract Nvith Allied 100,000 18,000 FY2011 Engineering services 50,000 N7Rehab - Facade and Site Rehab 100,000 - Demolition 0 90,000 -Public right -of -N ay improvements 75,000 0 N. 7 "' Phase I SideNvalk Improvements Phase II SideNvalk Improvements 0 208,000 Bus Shelter 1 116 ,000 6,100 Part time staff and other professional 15,000 services 2505 5,000 Outreach Lighting 0 126,405 Total Expenditures 100,250 888,505 Ending Balance 491,495 Grant for Phase I sidewalk improvements Energy Conservation Community Block Grant — awarded for bus shelter installation 3 $110,400 in HB645 funding, remaining to be paid with Big Box Funds 4 T be paid with remaining Big Box Funds and TIF monies 'Public Noticing in Bozeman Daily Chronicle 0 Page 4 of 4