Consent 1.I.
Regular City Council Meeting
- Meeting Date:
- 04/11/2016
- TITLE
- EBURD TIF Assistance Request - Eggart Enterprises LLC
- PRESENTED BY:
- Candi Millar
- Department:
- Planning & Community Services
Presentation:
PROBLEM/ISSUE STATEMENT
The Billings Industrial Revitalization District (BIRD) Board of Directors is recommending approval of $49,000.00 in tax increment assistance from the East Billings Urban Renewal District (EBURD) paid to Eggart Enterprises LLC for public improvements. The funding will be used to reimburse the cost of installing new concrete sidewalks and approaches, landscaping and public utilities at 1711 6th Avenue North, Billings, Montana. This project is consistent with the East Billings Urban Renewal District Master Plan. The application for TIF Assistance was recommended for approval by the BIRD Board of Directors on February 19, 2016 in the amount of $49,000.00.
ALTERNATIVES ANALYZED
The City Council may either approve or deny the recommendation from the BIRD on the expenditure of these funds.
FINANCIAL IMPACT
The amount of the request is for a total of $49,000.00 to be paid in one payment to Eggart Enterprises LLC. The funds are payable upon approval of the project by the City and submittal of an invoice to the City. There are sufficient funds budgeted in the FY 2016 EBURD budget for payment of this development incentive.
RECOMMENDATION
| The Billings Industrial Revitalization District (BIRD) Board of Directors recommends that the City Council approve a reimbursement for new concrete sidewalks and approaches, landscaping and public utilities totaling $49,000.00 from the East Billings Urban Renewal District tax increment district funds to Eggart Enterprises LLC. |