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HomeMy WebLinkAbout02-19-13 Downtown Tax Increment Finance District (TIF) Minutes / Downtown Tax Increment Finance Board Meeting Minutes February 19, 2013 Attending: Shannon Haish, Bob Hietala, Vonda Laird, Bob Lashaway, Scott Lee, Bill Stoddart, Carson Taylor, Chris Naumann Absent: Bobby Bear Public Comments None Disclosures Vonda disclosed that she spoke with Osterman regarding the Technical Assistance Grant program. Minutes ACTION: Bob Lashaway moved to approve the January minutes as presented. Vonda Laird seconded the motion. All voted in favor. Financial Report Chris presented the financial report indicating that there was very little activity since last month. The only two expenses were $2,500 for a technical assistance grant and $2,870 for engineering work on the DURT Project. There were no questions regarding finances. Executive Director’s Report Technical Assistance Program Update As you can see from the chart below, 6 grants have been awarded so far this year. The total committed funds for these projects total $36,000 of the $125,000 budget. Keep in mind that the committed grant amounts are only tentative since the actual reimbursement amount will be determined as a one to one match upon completion of the grant work. As a reminder, the Planning grants have a $7500 cap and the Façade grants are capped at $3000. **Grants listed in bold have been completed as the applicant has submitted all materials and been reimbursed (4 of 5 projects)** 2013 Downtown Technical Assistance Program        Project Name Project Address Applicant Professional Grant Type  SWN Creekside 317 East Mendenhall Susan Neubauer Weirich & Greenspace Facade  Rialto-SRO Live 12 West Main Stephen Michael CTA Planning  303 East Main 303 East Main Helori Graff Van Bryan Planning  303 East Main 303 East Main Helori Graff Van Bryan Facade  Lindley Park Hotel 712 East Main Anthony Renslow Works Partnership (OR) Planning  SWN Creekside 317 East Mendenhall Susan Neubauer Hyalite Engineers Planning   TIF Legislation Updates House Bill 443 would seriously restrict the power of TIF districts to fund major infrastructure projects. The bill would essentially negate the ability to issue bonds against TIF district revenues by mandating that any bond debt service must be retired within 15 years of district formation. I submitted comments to the House Taxation Committee expressing my opposition to HB443. The committee heard the bill on Monday February 18th. Etha Hotel Updates An informal application for the Etha Hotel has been reviewed by the COB DRC and DRB. Both reviews were favorable to the overall design of the hotel including the height variances that would be required. In regards to parking, the BPC made a recommendation to the City Commission and Planning Department that the spaces adjacent to the hotel along Mendenhall would be designated as a “Hotel Loading Zone” and the hotel will lease a minimum of 64 spaces in the basement of the parking garage. We have are finalizing FTA approval of the lease agreement. Downtown Parking Updates / / Discussion and Decision Items Explosion Site Impact Fee MOU Chris informed the board that indeed the Explosion Site Impact Fee MOU had expired as discussed at the January meeting. Chris updated the board that of the two vacant sites only one owner, Chris Pope, was pursuing redevelopment plans. The board discussed that extending the impact fee payments to the two remaining property owners seemed fair. ACTION: Bob Lashaway moved to enter into a new explosion site impact fee MOU with the City of Bozeman for a three year term for the two remaining undeveloped properties with no cap on the amount paid. Bill Stoddart seconded the motion. All voted in favor. Bob Lashaway asked Chris to provide the two owners with copies of the signed MOU. DURT Project Phase 1 Chris updated that board that he had received the engineer’s cost estimates from TD&H for the streetscape portion of the DURT Project Phase 1. The total would be approximately $2 million or about $600 per linear foot. He said that Alta Planning had finished the revisions to the renderings. The next step is to meet with the property owners to reveal the plans and discuss the SID financing options. Economic Profile Survey Chris reported to the board that the BID and DBA have agreed to contribute $2000 and $1000 respectively to the Economic Profile Survey project. Chris said he anticipates launching the business survey during the first week of March. With no further new or old business to discuss, Vonda adjourned the meeting.