The City of Billings has a contract with the Downtown Billings Partnership (DBP) to administer the Tax Increment provisions in the N. 27th Street Urban Renewal Area (URA).  That contract allows the DBP to propose downtown improvement programs that drive or complement private property redevelopment.  The DBP can approve Tax Increment Finance (TIF) grants for an individual property or project up to $50,000, but over that amount requires Council approval.  DBP is recommending a grant of up to $45,000 to reimburse Joni Harman for renovating the Price Motors Building at 2611 Minnesota Avenue.  The cost of the public improvements exceeds the grant request and the total investment will be almost $600,000.  Ms Harman received grants to improve other properties in the same block.  Even though this request is below $50,000, the DBP Board decided to ask for Council approval since the combination of prior and the new grant amounts exceed $50,000 for a single applicant.  DBP correspondence and the applicant's project explanation are attached.     
 

City Council may:

• Approve the recommendation from the DBP for a grant of up to $45,000 to Joni Harmon for the Price Motors Building project, or
• Disapprove the recommendation.

The N. 27th URA has approximately a $1 million un-obligated balance and is expecting additional funds when the 2nd half taxes are collected in June.

The Downtown Billings Partnership Board recommends that the City Council approve a grant of up to $45,000 to Joni Harmon for the Price Motors Building restoration project.