HomeMy WebLinkAbout04-15-14 Downtown Tax Increment Finance District (TIF) Minutes/
Downtown Tax Increment Finance
Board Meeting Minutes
April 15, 2014
Attending: Bobby Bear, Shannon Haish, Bob Hietala, Vonda Laird, Scott Lee,
Bill Stoddart, Chris Naumann
Absent: Bob Lashaway
Public Comments
None
Disclosures
Bill Stoddart informed
the board of a meeting he and Chris Naumann attended with a representative from Kiva Zip—a non-profit character based crowd sourced funding tool for small business owners. Chris mentioned
it might be a program by which the Downtown Partnership could help business start or expand.
Minutes
ACTION: Bob Hietala moved to approve the February and March minutes as presented.
Bill
Stoddart seconded the motion.
All voted in favor.
Financial Report
Chris presented the financial report which included only one new expense—the fourth quarter Partnership management
fee. Chris asked the board where they would like him to post the TIF’s $10,000 contribution to the Bozeman Broadband Master Plan project.
The board agreed that the “Miscellaneous” line
under “DBIP Implementation Funds” would be the best location.
Executive Director’s Report
Technical Assistance Program Update
The first chart below lists the 3 remaining grants from
FY2013 that have not been completed. The second chart lists the 4 grants awarded in FY2014. 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.
FY2013 Downtown Technical Assistance Program
Project Name
Project Address
Applicant
Professional
Grant Type
SWN Creekside
317 East Mendenhall
Susan Neubauer
Weirich
& Greenspace
Facade
Bozeman Spirits
121 West Main
Jim Harris
Locati
Planning
Osborn Block
229 East Main
Chris Pope
Intrinsik
Planning
FY2014 Downtown Technical Assistance
Program
Project Name
Project Address
Applicant
Professional
Grant Type
34 North Bozeman
34 North Bozeman
Big Sky Beverage
Intrinsik
Planning
Masonic Temple
14
South Tracy
Masonic Temple
CTA
Planning
Masonic Temple
14 South Tracy
Masonic Temple
CTA
Facade
Lindley Park Hotel
702 East Main
Renslow Group
Minarik Architecture
Planning
Down
town Taxable Value Growth
One of the most asked questions regarding the validity of tax increment finance districts is this: does the investment of TIF funds result in greater taxable
value growth than if no such funds where invested?
Of course there is no empirical way to know the answer, but the closest answer is provided by comparing the growth of a TIF District
to that of the entire City.
Between 1996 and 2012 the COB taxable value per acre grew 34% while during the same time the downtown TIF District’s taxable value grew 84%. The City’s acreage
has grown significantly due to annexation but the TIF’s size has remained constant thus the need to calculate taxable value growth by acre.
Downtown Parking Update
The graphs on the
back show a continued increase in both garage use and revenue for March. Entries and revenue were up 23% and 31% over March 2013. Therefore year-to-date entries and revenue for 2014
are up 21% and 24% respectively over 2013.
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Discussion and Decision Items
Downtown Urban Renewal Investment Plan
Chris presented the board with a revised Investment Plan as a preface to the draft FY2015 budget discussion.
The
revisions in red below were discussed and agreed upon.
DOWNTOWN URBAN RENEWAL INVESTMENT PLAN
FY 2015
$50,000 Downtown Alley Improvement Incentive Program
Should focus on partially
funding pedestrian scale lighting projects and possibly involve an SLID
$120,000 DURT: Phase 1 Mendenhall Preliminary Engineering
$200,000 $250,000 Public Parking Lot Improvements
$200,000 DURT:
Phase 1 Final Engineering and Streetlamps
$100,000 Downtown Fiber Broadband Phase 2 Planning and/or Infrastructure
$720,000 FY2015 Total
FY2016
$20,000 Downtown Parking Study Update
including demand analysis
$50,000 Downtown Alley Improvement Incentive Program
$100,000 Explosion Site Impact Fee Payment
$200,000 Public Parking Lot Improvements
$200,000 Public Parking
Lot Technology
$200,000 Downtown Fiber Broadband Infrastructure
$770,000 FY2016 Total
FY2017
$50,000 Downtown Alley Improvement Incentive Program
$140,000 DURT: Phase 2 Preliminary
Engineering for Babcock
$100,000 Explosion Site Impact Fee Payment
$290,000 FY2017 Total
FY2018
$10,000 Downtown Parking Study Update
$50,000 Downtown Alley Improvement Incentive Program
$100,000 Ex
plosion Site Impact Fee Payment
$60,000 FY2018 Total
FY2019
$100,000 Downtown Improvement Plan v3.0
FY2014—FY2019 Total Investment of $1,940,000 over next 5 years
ACTION: Bill Stoddart moved that the Explosion Site Impact Fee MOU not be renewed after the current December 31, 2016
expiration date and that both property owners be notified of the board’s decision.
Bob Hietala seconded the motion.
All voted in favor.
Draft FY2015 Budget
Chris presented the
draft FY2015 Budget (see below). He pointed out that created a new category called “Infrastructure Improvements” under which the streetscape expenditures would be included with the alley
and public parking lot line items.
The Board agreed with the proposed expenses but requested that $100,000 be added to the “Hotel Incentive Program”.
At 1:00pm Bobby adjourned the
meeting.
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