HomeMy WebLinkAbout14- Memorandum of Understanding between Downtown Bozeman TIF District and Parking Commission t i .;.� _ J `� Q.. w
0.MEMORANDUM OF UNDERSTANDING
Between the Downtown Bozeman Tax Increment Financing District
and the City of Bozeman Parking Commission for the Funding of the Long-term
Maintenance of the Bridger Park Downtown Garage
This Memorandum of Understanding is entered into this .22 day of KJA)4JAA-P,-1 2014,
between the Bozeman Parking Commission, Montana, (the "BPC"), with principal owices located
at 121 North Rouse Avenue, Bozeman, MT, 59715, and the Downtown Tax Increment Financing
District (the "TIF"), with its principal offices located at 222 East Main St., Bozeman, NIT 59715.
The BPC and the TIF hereby agree on the following findings:
WHEREAS, Bridger Park Downtown is a public multi-level structured parking facility
owned and operated by the Bozeman Parking Commission on behalf of the City of Bozeman;
and
WHEREAS, Bridger Park Downtown is located within the Downtown Tax Increment
Finance District; and
WHEREAS, the TIF provided the majority of the funding to construct Bridger Park
Downtown through the sale of municipal bonds and subsequently is responsible for paying the
annual bond debt service until the year 2032 ; and
WHEREAS, the City of Bozeman, the BPC and the TIF have a shared vested interest in
the long-term maintenance and operation of Bridger Park Downtown.
NOW THEREFORE, based on the above findings, the BPC and TIF mutually agree as follows:
1. The BPC will develop, revise and implement a long-term maintenance plan for Bridger
Park Downtown in keeping with industry standards. The current version of this plan is
provided in Appendix A.
2. The BPC will establish a dedicated account for the deposit of funds to be used solely to
pay for long-term maintenance projects and associated contracted services.
3. The BPC will make annual monetary contributions to Bridger Park Downtown Long-term
Maintenance account with a portion of the Parking Enterprise fund profits.:
MEMORANDUM OF t.JNDERs'rANDING
Between the Downtown Bozeman Tax increment Financing District and the City of Bozeman Parking Commission
for the Funding of the Long-term Maintenance of the Bridger Park Downtown Garage
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4. The TIF will make annual monetary contributions to Bridger Park Downtown Long-term
Maintenance account for a period of three years: FY2014, FY2015, and FY2016.
5. The annual contribution by the TIF will equal the amount of interest income earned by TIF
funds each fiscal year not to exceed $10,000.00 (ten thousand dollars),
6, The Executive Director of the TIF will annually request that the City of Bozeman Finance
Director calculate the fiscal year-to-date interest earned by TI,F funds as of June 30th and
deposit that fiscal amount into Bridger Park Downtown Long-term Maintenance Fund
account.
7. The TIF and the BPC agree the terms of this Memorandum will remain in effect until June
30, 2016, unless modified, terminated, or extended by both parties in writing.
Bobby Bear Date
Chairperson
Downtown Tax Increment Finance District
-Chris Naunn Date'
Executive Director
Downtown Tax Increment Finance District
Ryan lson Date
Chairperson
Bozeman Parking Commission
;"7rzec e Date
M
pr ki�n g Manager
City of 0',
ity of Bozeman
MEMORANDUM 01:UNDERSTANDING
Between the Downtown Bozeman Tax Increment Financing District and the City of Bozeman Parking Commission
for the Funding of the Long-term Maintenance of the Bridger Park Downtown Garage
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