Consent 1.E.
Regular City Council Meeting
- Meeting Date:
- 10/23/2017
- TITLE
- Tax Increment Financing Grant up to $420,000 for Griffin Development
- PRESENTED BY:
- Bruce McCandless
- Department:
- City Hall Administration
Presentation:
No
PROBLEM/ISSUE STATEMENT
Chandler Griffin and Griffin Development have purchased the Sawyer Building in downtown Billings. The building is located at the corner of Montana Avenue and N. 23rd Street. The building will be renovated and divided into several suites to encourage new business in downtown. Renovations will include a new roof, insulation, new windows and facade, handicap accessible elevator, and fire code improvements. Total estimated costs for construction are $2.5 million. After reviewing the attached application, the Downtown Billings Partnership approved up to $420,000 in TIFD assistance. If approved by the City Council, this grant will be split evenly over two years once the project is complete.
ALTERNATIVES ANALYZED
City Council may:
- Approve, the grant recommendation of up to $420,000; or,
- Approve a smaller grant: or,
- Not approve the grant request. Disapproval may result in a reduced redevelopment of the property.
FINANCIAL IMPACT
The proposed grant has been projected to be paid in two equal payments in fiscal years 2019 and 2020.
RECOMMENDATION
The Downtown Billings Partnership Board recommends that the City Council approve the grant of up to $420,000 for the Sawyer building project.