Consent 1.G.
Regular City Council Meeting
- Meeting Date:
- 12/21/2015
- TITLE
- EBURD TIF Assistance Request - Erving Properties
- PRESENTED BY:
- Candi Millar
- Department:
- Planning & Community Services
Presentation:
PROBLEM/ISSUE STATEMENT
The Billings Industrial Revitalization District (BIRD) Board of Directors is requesting approval of $11,100.00 in tax increment assistance from the East Billings Urban Renewal District (EBURD) paid to Erving Properties for public improvements.
The funding will be used to reimburse the cost of installing new concrete sidewalks along 1st Avenue North. This project is consistent with the East Billings Urban Renewal District Master Plan.
Tax increment finance (TIF) funds will reimburse the applicant, Erving Properties, the cost of replacing concrete sidewalks at 1525 1st Avenue North, Billings, Montana.
The application for TIF Assistance was recommended for approval by the BIRD Board of Directors on October 28, 2015 in the amount of $11,100.00.
The funding will be used to reimburse the cost of installing new concrete sidewalks along 1st Avenue North. This project is consistent with the East Billings Urban Renewal District Master Plan.
Tax increment finance (TIF) funds will reimburse the applicant, Erving Properties, the cost of replacing concrete sidewalks at 1525 1st Avenue North, Billings, Montana.
The application for TIF Assistance was recommended for approval by the BIRD Board of Directors on October 28, 2015 in the amount of $11,100.00.
ALTERNATIVES ANALYZED
The City Council may either approve or deny the recommendation from the BIRD on the expenditure of these funds.
FINANCIAL IMPACT
The amount of the request is for a total of $11,100.00 to be paid in one payment to Erving Properties. The funds are payable upon approval of the project by the City and submittal of an invoice to the City. There will be sufficient funds budgeted in the FY16-17 EBURD budget for payment of this development incentive.
RECOMMENDATION
The Billings Industrial Revitalization District (BIRD) Board of Directors recommends that the City Council approve a reimbursement for public sidewalks totaling $11,100.00 from the East Billings Urban Renewal District tax increment district funds to Erving Properties.