The City has been working with DA Davidson on selling tax increment bonds for improvements in the East Billings Urban Renewal District (EBURD).  The City Council approved a parameters resolution at the 05/11/15 meeting authorizing the City Administrator and Finance Director to sign a bond purchase agreement. The bond purchase agreement was executed on June 5, 2015 with DA Davidson.

The term of the tax increment bonds is 25 years at an interest rate of 4.34%.

After the resolution is approved, the bond closing will take place on June 25, 2015. 

The debt service payment will be made from tax increment money collected from the district.

Staff recommends that the City Council approve the resolution setting the form and terms for the EBURD tax increment bonds.