Consent 1.F.
Regular City Council Meeting
- Meeting Date:
- 10/23/2017
- TITLE
- Tax Increment Financing Grant up to $35,000 for Michael Schaer
- PRESENTED BY:
- Bruce McCandless
- Department:
- City Hall Administration
Presentation:
No
PROBLEM/ISSUE STATEMENT
Michael Schaer, owner of the Carlin Building located at 2501 Montana Avenue, is requesting a TIF grant of up to $35,000. This request is for the reimbursement of expenses incurred to bring the building up to code with accessible restrooms and install a fire sprinkler system. These improvements were made to the building in order for MoAv Coffee to occupy the space. Total project costs were over $172,000 and were completed in 2016. The Downtown Billings Partnership Board reviewed the attached application and recommended reimbursement of $35,000.
ALTERNATIVES ANALYZED
City Council may:
- Approve, the TIF grant request of $35,000; or,
- Disapprove the request.
FINANCIAL IMPACT
The proposed grant would be payable in the current fiscal year, as the project is already completed.
RECOMMENDATION
The Downtown Billings Partnership Board recommends that the City Council approve the grant of $35,000 to Michael Schaer.