Consent 1.H.
Regular City Council Meeting
- Meeting Date:
- 12/21/2015
- TITLE
- EBURD TIF Assistance Request - Converse 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 $8,758.00 in tax increment assistance from the East Billings Urban Renewal District (EBURD) paid to Converse Properties, LLC for public improvements.
The funding will be used to replace landscaping impacted and tree removal necessitated by the Exposition Gateway Infrastructure project. The property is located at 905 2nd Ave North, Billings, Montana. The landscaping and tree removal is consistent with the East Billings Renewal District Master Plan.
Tax increment finance (TIF) funds will be used to offset the cost of replacing landscaping and tree removal. The terms for the expenditure of these funds are formalized in the attached Development Agreement.
The application for TIF Assistance was approved by the BIRD Board of Directors on October 28, 2015 in the amount of $8,758.00.
The funding will be used to replace landscaping impacted and tree removal necessitated by the Exposition Gateway Infrastructure project. The property is located at 905 2nd Ave North, Billings, Montana. The landscaping and tree removal is consistent with the East Billings Renewal District Master Plan.
Tax increment finance (TIF) funds will be used to offset the cost of replacing landscaping and tree removal. The terms for the expenditure of these funds are formalized in the attached Development Agreement.
The application for TIF Assistance was approved by the BIRD Board of Directors on October 28, 2015 in the amount of $8,758.00.
ALTERNATIVES ANALYZED
The City Council may either approve or deny the recommendation from the BIRD on the expenditure of these funds.
FINANCIAL IMPACT
The Development Agreement specifies a total of $8,758.00 to be paid in one payment to Converse Properties, LLC. The funds are payable on completion of the project. 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 reimbursement for landscaping and tree removal, totaling $8,758.00 from the East Billings Urban Renewal District tax increment fund to Converse Properties, LLC.