HomeMy WebLinkAbout10-15-13 Downtown Tax Increment Finance District (TIF) Minutes /
Downtown Tax Increment Finance
Board Meeting Minutes
October 15, 2013
Attending: Bobby Bear, Bob Hietala, Bob Lashaway, Bill Stoddart, Carson Taylor, Chris Naumann
Absent: Shannon Haish, Vonda Laird, Scott Lee
Public Comments
None
Disclosures
None
Minutes
ACTION: Bo
b Lashaway moved to approve the September minutes as presented.
Bob Hietala seconded the motion.
All voted in favor.
Financial Report
Chris presented the financial report as of
October 15, 2013.
The only new expense was $24,625.00 for the second quarter Partnership management fee.
Chris said that he was still communicating with the City of Bozeman Finance Department
to answer the three questions posed by the board in August: 1) explain the difference in the year-end/year-begin account balance; 2) does the FD uses a cash or accrual basis when they
provide TIF financial figures; and 3) what is the approximate tax increment per $1million of new development.
There was no further discussion regarding finances.
Executive Director’s
Report
Technical Assistance Program Update **no new activity**
The chart below lists the 8 remaining grants from FY2013 that have not been completed. No grants have been issued in FY2014,
therefore $0 of the $100,000 budget has been allocated. 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 (0 of 8 projects)
FY2014 Downtown Technical Assistance Program
Project Name
Project Address
Applicant
Professional
Grant Type
SWN Creekside
317 East Mendenhall
Susan Neubauer
Weirich & Greenspace
Facade
Block G--North
25 East Lamme
Block M, LLC
Intrinsik
Planning
Block G--South
25
East Mendenhall
Block M, LLC
Intrinsik
Planning
Bozeman Spirits
121 West Main
Jim Harris
Locati
Planning
Thrive Headquarters
404 E Babcock
Scott Dehlendorf
Intrinsik
Planning
Osborn Block
229 East Main
Chris Pope
Intrinsik
Planni
ng
Imperial Inn
122 West Main
Eric Nelson
ThinkTank
Planning
101 E Mendenhall
101 E Mendenhall
Big Sky Beverage
Intrinsik
Planning
COB UDC Manufacturing Revisions
The
City will be publishing proposed new definitions for manufacturing this week. The current definitions and zoning designations for manufacturing are over 20 years old. One new definition
will be for “artisan manufacturing” where in addition to other restrictions the building square footage for manufacturing would be limited to 3500. The City staff will be recommending
that “artisan manufacturing” be an allowable use in the B3 zone. The new definitions and zoning allowances will be open for public comment and a public hearing will be held by the City
Commission. I plan to review the proposed changes and provide the downtown boards with a summary and my thoughts regarding the appropriateness for the downtown district.
Possible Tax
Abatement Opportunities
The question has been raised about whether the TIF board would consider and/or support some type of tax abatement for the redevelopment of the East Willson School.
The historic school is currently being considered for redevelopment as housing project by a private company. If this redevelopment proceeds the property would be put on the tax rolls,
but the developer may ask for an abatement to further incentivize the privatization and proposed improvements.
Downtown Parking Update
The summer upward trend of increased use in the
garage tailed off in September. Entries were up and revenue was flat over September 2012. Year to date both entries and revenue are up 13% and 10% respectively.
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Discussion and Decision Items
Long-Term Financial Projections
Per the board’s request in September, Chris presented updated financial projections for the TIF District through the
year 2020. The update contained two scenarios: “Conservative” which projected status-quo investments; and “Aggressive” which proposed considerable new investments.
Bob Lashaway suggested
focusing on the “Aggressive” scenario. Potential investments include contributions to projects like: future parking demand study; financial incentive program for implementation of alley
improvements; public parking lot improvements; streetlamps for DURT-Mendenhall project; preliminary engineering for DURT-Babcock project; next Downtown Improvement Plan.
The board unanimously
agreed that it seemed in the best interest of the district by putting more TIF funds to work as soon as possible.
Bobby Bear suggested that Chris further develop a plan detailing the
proposed TIF investments for the board to consider further at future meetings.
Bob Hietala asked that as part of that funding plan, Chris include the 5 or 6 general categories that TIFs
typically invest in using communities comparable to Bozeman as examples.
Chris agreed that taking the ideas presented in the spreadsheet and drafting a more comprehensive plan would
be the best next step.
B3 Project Updates and Bogert Pool Overview discussions were postponed until November.
At 1:10pm Bobby adjourned the meeting.