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Home My WebLink About13- City and Downtown Tax Increment Financing District Administering Impact Fees M s r V CO. MEMORANDUM OF UNDERSTANDING Between the Downtown Bozeman Tax Increment Financing District and the City of Bozeman for the Administration of payments of Impact Fees for properties Affected by the March 5, 2009. Explosion This Memorandum of Understanding is entered into this` tay of d 2013, between the City of Bozeman, Montana, (the City"), with principle offices located at 121 North Rouse Ave, Bozeman, M'T, 59715, and the Downtown. Tax Increment Financing District (the "District"), with its principle offices located at 222 East Main St., Bozeman, MT 59715. The City and the District hereby agree on the following findings: WHEREAS, the March 5, 2909 natural gas explosion and subsequent fire in downtown Bozeman destroyed buildings located on six properties in the 200 block of Main Street, resulting in significant adverse economic impact to the heart of historic downtown Bozeman; and WHEREAS, the Board of Directors for the District determines it is in the best interest of the District and the City to assist in the mitigation of impact fees for those affected by the explosion as those properties are redeveloped; and WHEREAS, the District and its Board are directed by § 7-15-4209, MCA, to `utilize appropriate private and public resources to encourage needed urban rehabilitation and to provide for the redevelopment of such areas; and WHEREAS, § 7-15-4288(4), MCA, authorizes that tax increment funds may be used to pay costs of or incurred in connection with an urban renewal project for construction and improvement of 'infrastructure,. NO'W THEREFORE, based on the above findings, the City and District mutually agree as follows: 1. The District may use tax increment financing money to make payments to the City to mitigate financial impacts associated with redeveloping properties destroyed in the March 5, 2009 explosion, Oversight of the mitigation payments shall be by the District's board of directors.. WA10RANDUM CAF UNDI-RSTANDING I3eWeen'the Downtown Bozetiian'fax Increment Finance District and flic 0tf, of Bozeman for the Creation of'and Administratiou of the -200 Block:Dowwrntoww.11 Impact Fee Rf itigation Fund,.. Pale 1 of 3 Z The City of Bozeman Community Development Director, upon receipt of a request from an owner of one of the six properties designated herein for assistance with the payment of impacts fees, shall calculate the amount of impact fees owed by the property owner and forward the request to the City of Bozeman Finance Director who shall administer the mitigation payments for impact fees on Ibehalf of the District. 1 The City of Bozeman Finance Director shall make payments out of the District's account until the amount available is exhausted or all properties have paid impact fees for a redevelopment project, whichever is sooner, and shall report all payments made to the executive director of the District. Payments shall be made on a first- come first-served basis. If funds are not available when a request for mitigation is made, the parties understand mitigation of the amount of impact fees owed may not be possible. 4, The money available for impact fee mitigation is comprised of any funds the District or the City may place into the District's account as authorized by law. 5. The two properties eligible for these payments are enumerated 5 and 7 on the attached map, which is included in this Memorandum, and the corresponding street addresses are as follows: Map ID Address Previous Business #5 221, 223 East Main Street (Lilly Lu, Toltsted Architects) #7 229, 231, 233 East Main Street (Starky's Deli, 2nd floor apartments, RM Toy Co.) 6. The District and the City agree the terms of this Memorandum will remain in effect until December 31, 2016 unless modified, terminated, or extended by the parties in writi g. Chris Naumann Date Executive Director Downtown Tax Increment Finance District - 13 Chris Kukulski Date City Manager City of Bozeman MEA40RANDUM OF UNDERSTANDING Mween the Domntwmi Bozeman I'm incrcmcnl Finance District and the Ci(v of&7.enian f0fr the C'J'Catioll of and AdminiAralion ofille Block Domulown hupact Fee Mitigation Fujid" llaae 2 of 3 ]1 r n p t /ji0/%ilr'Jllfll l'lll/!r i jiai/?/i/iior i"'/ �rn„Aw,,, t 0ii111/,�Jllllyllf��J l ��Jd�1��i1//Illy�/foii ;� '', / � w MI-M'IORANDUNI OF UNDi'R.51 ANI}'NG Be "en the I�owltown Bozeman Ta%I��+ruinent Finance District and the(itv X71"Bozeman for the f'rcation at"wid Adminis'iratioit of the "200 Block Domnloscn Impact Fec.Mitigation Fund"' Pa-sc 3 of 3