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HomeMy WebLinkAbout08-17-11 Downtown Business Improvement District (BID) Minutes Downtown Business Improvement District Board Meeting Minutes rui � wr August 17, 2011 Attending: Eric Bowman, Dan Himsworth, Ileana Indreland, Chris Naumann Absent: Mike Basile, Steve Stinson, Buck Taylor Public Comments None Disclosures None Minutes Approval of the minutes for May, June and July was postponed due to a lack of a quorum. Financial Report Chris began by noting that the fiscal year is all of 45 days old so there had not been much activity other than the ongoing costs of the maintenance program and the anticipated flower expenses. Chris indicated that he had collected half of the annual assessment--$57,000—from the City. He also added that the BID had paid the first quarter management fee to the Partnership. Chris concluded by informing the board that the checking balance was in excess of$58,000 and the CD balance was $50,200. Program Director's Report None presented Executive Director's Report Maintenance Program Update The maintenance staff work 7 days a week. Their primary duties include watering the flowers, emptying trash receptacles, picking up garbage, banner installations, and graffiti removal. FY2011 Y-T-D FY2012 Y-T-D Trash Emptied 373 445 Graffiti Removed 16 17 Operations Manager Update I received 90 inquiries about the Downtown Operations Manager position which yielded 24 applications. Ellie and I selected six finalists for consideration by the Hiring Committee which included the two of us, Eric Bowman (BID), and Kate Wiggins (DBA). The Committee evaluated the six final applicants and chose three to interview. The interviews were conducted on August 10th. From the interviews and subsequent deliberation, the committee chose Jess Edelen who has worked for the DBA and Downtown Partnership for the past three years as part-time event and office help. Development Updates The owners of the Imperial Inn have submitted redevelopment plans to the City Planning Department. The Armory is under the ownership of First Interstate Bank who has retained a real estate agent. I am meeting with COB, FIB and agent on August the 23rd. Santa Fe Reds are planning to open the first week of September. Barrel is closing first week of September...Homepage Cafe is closing by the end of the month. No activity on the Rialto. Numerous attempts to contact the owner regarding his Technical Assistance Grant have gone unanswered. Powder Horn is going to do some considerable facade renovations and replace their Black Avenue sidewalk with the full downtown streetscape. Board Vacancy We had two board terms expire on June 30, 2011. Buck Taylor reapplied and was reappointed by the City Commission. Mike Grant decided not to reapply; therefore the board has one vacant seat. Discussion and Decision Items The group discussed several topics in an open format considering the lack of a quorum. Ileana wanted to mention that she would like to find a way to involve the Village Downtown in the upcoming Montana Downtown Conference to be hosted in Bozeman in October. She said that considering the Downtown Improvement Plan emphasizes the importance of housing the Village a great example of an in-fill residential development. Ileana pointed out that the residents are loyal downtown customers and the development contributes substantially to the tax base. Chris clarified that the Village is not in the BID or TIF districts and therefore does not add to the revenue base of either organization. He did acknowledge that it is an important concentration of housing near downtown. Chris said he would come back to Ileana with some ideas about how best to incorporate the Village into the conference. BID 2020 Financial Projections Chris presented a revised financial projection for the life of the current BID. The report showed the ordinance stipulated assessment amounts for the 10 year period coupled with a fixed "other income" of$9000 per year. These total revenues juxtaposed against expenses increasing a flat 3% per year would deplete the current reserves before the final year of the district. Chris said this demonstrates several things. First, we need to save the reserves for operations versus investing some into a project. Second, there is no cushion for any capital expenditures such as replacing a vehicle. Eric commented that while Chris has done a good job increasing the sponsorship revenues ("other income") he hopes that it won't flatline at $9000 for the next ten years. Chris said he was working on a more comprehensive fiscal analysis factoring in some capital expenditures. The board agreed that we need to "sharpen the pencil". With no additional new or old business to discuss, the meeting was adjourned.