Consent 1.J.
Regular City Council Meeting
- Meeting Date:
- 04/11/2016
- TITLE
- EBURD TIF Assistance Request - North Park Properties
- PRESENTED BY:
- Candi Millar
- Department:
- Planning & Community Services
Presentation:
PROBLEM/ISSUE STATEMENT
| The Billings Industrial Revitalization District (BIRD) Board of Directors is recommending approval of $7,200.00 in tax increment (TIF) assistance from the East Billings Urban Renewal District (EBURD) paid to North Park Properties, Claren Neal and Donna Braun, owners, for public improvements. The TIF funding will be used to reimburse the cost of demolishing a structure at 504 N. 20th Street in order to eliminate blight. This project is consistent with the East Billings Urban Renewal District Master Plan. The application for TIF Assistance was recommended for approval by the BIRD Board of Directors on February 9, 2016 in the amount of $7,200.00. |
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 $7,200.00 to be paid in one payment to North Park Properties. The funds are payable upon approval of the project by the City and submittal of an invoice to the City. There are sufficient funds budgeted in the FY 2016 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 eliminating blight totaling $7,200.00 from the East Billings Urban Renewal District tax increment district funds to North Park Properties. |