Regular 7.
Regular City Council Meeting
- Meeting Date:
- 01/09/2012
- TITLE
- Downtown Tax Increment District Support for N. 25th Street Pedestrian Bridge
- PRESENTED BY:
- Bruce McCandless, Asst City Administrator
- Department:
- City Hall Administration
Presentation:
Information
PROBLEM/ISSUE STATEMENT
The Downtown Billings Partnership (DBP) has for many years supported the proposed N. 25th Street Pedestrian Bridge over the MRL tracks. At its November meeting, the DBP Board approved allocating $20,000 to the bridge project in order to fully fund the project. A copy of the funding amounts and sources is attached. The proposed $20,000 allocation is identified as "City of Billings" on the attachment. The total of $821,559 is the amount needed for the complete project. According to the DBP/City agreement, the City Council must approve on-going projects exceeding $50,000 and all new projects.
ALTERNATIVES ANALYZED
The City Council may:
- Approve the recommendation, which will allow the project to proceed with full funding, or
- Not approve the recommendation and project supporters will need to secure the funding from other sources
FINANCIAL IMPACT
The report from the DBP staff to the board indicates that $1,000,000 has been allocated for development projects in FY 12, so the $20,000 appropriation will not be detrimental to other projects.
RECOMMENDATION
The Downtown Billings Partnership Board of Directors recommends that the City Council approve $20,000 of downtown tax increment financing for the proposed N. 25th Street Pedestrian Bridge.