Consent 1.E.
Regular City Council Meeting
- Meeting Date:
- 06/26/2017
- TITLE
- Downtown Tax Increment District Grant of up to $150,000 for 2525 Minnesota Ave.
- PRESENTED BY:
- Bruce McCandless
- Department:
- City Hall Administration
Presentation:
PROBLEM/ISSUE STATEMENT
The Downtown Billings Partnership (DBP) Board received an application from new owners of the building located at 2525 Minnesota Avenue. This is the former Mintana Mills location. The building will be remodeled into retail and service tenant space. The owners plan to spend $692,000 purchasing and remodeling the building. The DBP Board is recommending a grant from the tax increment district of the lower of $150,000 or a 3.4/1 ratio of private investment to public investment.
ALTERNATIVES ANALYZED
City Council may:
- approve the grant recommendation. If Council approves the grant, it will reimburse the owners for TIF eligible costs in 2018 and 2019; or
- disapprove the grant recommendation.
FINANCIAL IMPACT
The Downtown tax increment district has sufficient cash and predicted income to make this grant.
RECOMMENDATION
The DBP Board of Directors recommends that the City Council approve a grant to remodel the building located at 2525 Minnesota Avenue in the lower of $150,000 or a 3.4/1 private to public investment ratio.