WC Commercial, owner of the Stillwater Building (former Battin Federal Courthouse), requested 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. This building site is mentioned specifically in the amended 2008 Urban Renewal Plan. The Downtown Billings Partnership (DBP) board reviewed the application at its September 22, 2017 meeting and made a recommendation to City Council on October 23, 2017 for approval of the expenditure. Council approved the expenditure. A development agreement was transmitted to WC Commercial after approval by City Council. The development agreement was not signed or returned by WC Commercial. The DBP sent letters to WC Commercial on April 26, 2019 and September 26, 2019. The DBP's letters requested the May 15, 2019 Development Agreement be executed and returned by October 31, 2019. The Development Agreement has not been executed as of the date of this memo.

City Council may:

• Approve, the DBP recommendation of the termination of the Development Agreement with WC Commercial or;
• Disapprove BP recommendation of the termination of the Development Agreement with WC Commercial and provide staff and the DBP with further direction

Termination of the Development Agreement with WC Commercial will unencumber $1.5 million in TIF Funding and allow the DBP to accept additional applications for TIF grant funding.

Downtown Business Partnership recommends the termination of the unexecuted Development Agreement with WC Commercial. The attached letter will be sent to WC Commercial if approved by City Council.