The Downtown Billings Partnership (DBP) Board of Directors is presenting this recommendation to the City Council for allocating up to $116,000 in tax increment finance funds (TIF) from the Downtown Urban Renewal District to Clocktower Inn, LLC. The allocation would be used for the enhancement and renovation of the facade and improvement of the point of entry into the Clocktower Inn. The property is located at 2511 1st Ave North. See application and architectural drawings for details (attached) . If approved, the TIF funds will reimburse the applicant for the described costs for the improvement and development of the property. The applicant plans to begin construction this spring and have much of the remodeling work completed by summer. The DBP Board of Directors voted to support funding of this application at its meeting on February 28, 2020, under its authority per the Memorandum of Understanding between the City of Billings, and the DBP approved by the City Council in May 2019.
 

The City Council is the final authority in disbursing TIF funding. The City Council may:

• Approve the recommendation from the DBP Board for the expenditure of these TIF funds, or;
• Disapprove the recommendation from the DBP Board for the expenditure of these TIF funds.

The request is for up to $116,000 to be reimbursed to Clocktower Inn LLC, for the identified work (See TIF Application Attachment). The estimated total project cost is $649,841, making the private to public investment ratio for this project about 6:1. The funds are payable pending satisfactory submission of all paid invoices showing the completion of expenditures related to this project.

The DBP Board of Directors recommends that the City Council approve a reimbursement up to $116,000 from the Downtown Urban Renewal tax increment finance district funds to Clocktower Inn, for its redevelopment project at 2511 1st Ave North.