WC Commercial, owner of the Stillwater Building (former Battin Federal Courthouse), is requesting tax increment assistance in the amount of $1.5 million. WC Commercial purchased the building in 2016 and has since completed a significant asbestos abatement. The owner is now ready to begin major infrastructure upgrades. These will include improvements to insulation, mechanical and electrical systems, energy efficiency, security, facade, and deferred maintenance. These upgrades will allow WC Commercial to attract tenants to the building. This building site is mentioned specifically in the amended 2008 Urban Renewal Plan. The DBP board reviewed the attached application at the September 22, 2017 meeting.

City Council may:

• Approve, the grant recommendation of up to $1.5 million; or, 
• Approve a smaller grant; or,
• Not approve the grant request. Disapproval may result in a reduced redevelopment of the property.

The proposed grant has been recommended for reimbursement in equal payments over a 3-year period, to begin in fiscal year 2019.

The Downtown Billings Partnership Board recommends that the City Council approve a grant of up to $1,500,000 to WC Commercial with the following conditions:

1. Fund 203 will encumber no more than $500,000.00 per fiscal year, beginning January 1, 2019 (FY19),  and again on January 1, 2020 (FY20), and finally on January 1, 2021 (FY21) This is defined as the  reimbursement period. 
2. Actual reimbursement cannot begin before January 1, 2019 and the building is certified by the City  Planning Department to be occupied. 
3. During the three years of reimbursement the Stillwater Building must have and maintain no less than  50% occupancy.  Further, at least 50% of the building must be owned by taxable private sector entity or  entities.  No more than 50% of the building may be owned by the public sector or non-taxable entities.