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HomeMy WebLinkAbout11-18-14 Downtown Tax Increment Finance District (TIF) Minutes Downtown Tax Increment Finance Board Meeting Minutes November 18, 2014 Attending: Bob Hietala, Bob Lashaway, Scott Lee, Bill Stoddart, Carson Taylor and Chris Naumann Absent: Bobby Bear, Shannon Haish, Vonda Laird Public Comments None Disclosures None Minutes ACTION: Bob Lashaway moved to approve the October minutes as presented. Bob Hietala seconded the motion. All voted in favor. Financial Report Chris presented the finance report as of November 17, 2014. The expenses over the last month included: $10,50 for Masonic Temple assistance grants; plus payment of $9,945 for the Olive & Wallace Life-Safety Grant. The board had no questions regarding the finance report. Executive Director’s Report Technical Assistance Program Update The chart lists the remaining FY2014 grants. No grants have been awarded thus far in FY2015. 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. Bold listings indicate completed. 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 Regional Outreach Update I recently gave a TIF presentation to the Gallatin County Commission. They wanted to learn more about tax increment financing as they consider a Targeted Economic Development District in Big Sky. TEDDs were created by the last legislature as a new type of designation to use tax increment financing in unincorporated areas. I have agreed to give the same presentation to the Madison County Commission in Big Sky. Last week I presented to the Livingston BID, Urban Renewal Agency (URA) and Vision Livingston about the management and structure of the Downtown Bozeman Partnership. They are looking to formalize the relationships between their three entities. Mendenhall Building Project A 5-story 90,000 square foot mixed use building has been proposed 5 West Mendenhall. One floor of commercial use, two floors of office, two floors of residential (25-30 apartments), and one level of below grade parking (50-60 stalls). This project was reviewed by the Design Review Board last week and received unanimous recommendation for approval. The final application is scheduled to be on the City Commission agenda for ultimate approval on December 8th. Downtown Parking Update The graphs below show the trends in both garage use and revenue for October. Entries and revenues were up 10% and up 17% over October 2013. Therefore year-to-date entries and revenue for 2014 are up 14% and 19% respectively over 2013. Grand & Main 136 West Main Bzn Redevelopment Thinktank Planning Willson Residences 404 West Main Bridger Builders Comma Q Planning Willson Residences 404 West Main Bridger Builders Comma Q Facade Discussion and Decision Items Mendenhall Streetscape Project Update Chris provided an update report about the project. He reminded the board that during last month’s BID and TIF board meetings it was discussed that perhaps the side street streetscapes should be replaced before Mendenhall’s. This rationale is based on the fact that the TIF procured preliminary engineering for the side streets several years ago and has been incentivizing property owners to upgrade their streetscapes ever since. Chris presented a map denoting which streetscapes were already complete and which block faces still needed to be upgraded. 20 block faces have already been completed while 30 block faces need to be upgraded. Chris said he thinks we should create an SID for the side streets and then phase the construction over two season—half fall of 2015 and the other half spring of 2016 for instance. Then pursue Mendenhall at a later time via a unique SID. Bill asked if one comprehensive SID could be created and then constructed in 3 or even 4 phases. Chris said he asked Engineering and Finance about that possibility and was told that SID investments must be completed within 12 months of creation. Chris said if the board (and the BID board their next meeting) agreed with pursuing the side street concept, he would ask TD&H Engineering to propose that scope of work with corresponding cost estimates. The board agreed to proceed with vetting “Plan B” involving the side streets. At 12:45pm Bill Stoddart adjourned the meeting.