As part of the first quarter budget amendments, the City Council approved transferring $75,000 for Fiscal Year (FY) 2010 from Fund 203 to approved Urban Renewal Projects within the Expanded North 27th Street Tax Increment Financing District (TIFD). On October 23, 2009, the Board of Directors of the Downtown Billings Partnership, Inc., voted to approve the guidelines, requirements and application document as attached for the Façade/Sign/Awning Incentive Program and allocated to it, pending Council approval, the remaining unencumbered project funds from Fund 203 in FY2010. The Board requests authority from the Council to award TIFD incentive funds from Fund 203 to approved Facade, Sign/Awning program projects in an amount not to exceed $49,999 for a single project, based upon project location and owner and subject to approved Fund 203 annual project budget amounts and allocations.

The Council may:

• Authorize the Downtown Billings Partnership to award FY 2010 TIFD incentive funds from Fund 203 to approved facade/sign/awning program projects in an amount not to exceed $49,999.
• Modify the amount or intended uses of the FY 2010 TIFD incentive funds; or
• Not authorize use of the funds.

The FY2010 Fund 203 Project budget has $34,000 in available funding. This Program, if approved, could expend the entire $34,000 with approval of a single project.  However, it is the intent of the Board of Directors of the DBP to solicit applications from the downtown properties within the TIFD and allocate the funds to as many qualified projects as possible.

The DBP Board of Directors requests Council approval of the Program and authority to award incentives from Fund 203 subject to fund availability and budget limitations.