The South Billings Urban Renewal Association (SBURA) Board of Directors is presenting a recommendation to the City Council for allocating tax increment finance funds from the South Billings Boulevard Tax Increment District to Trent Currie (Doing Business As - BTU Buster, LLC), for the development of property at 136 Viceroy Street and 239 Hallowell Lane. The amounts to be disbursed are not to exceed $69,985 and $67,976 for the development of 136 Viceroy Street and 239 Hallowell Lane, respectively.
 
These funds will be used to purchase and construct multi-family (duplex) housing units on two vacant parcels of land. Both properties are zoned Residential-7000, which allows single family and two-family residential development.  The attached PowerPoint presentation details the project qualifications under Montana Code Annotated, the 2012 South Billings Master Plan, and the 2019 Urban Renewal Plan for the South Billings Boulevard Urban Renewal District.  The PowerPoint also details the project locations, architectural drawings, total estimated costs, and qualifying reimbursable costs under MCA, Sections 7-15-4288 and 4233.
 
The applicant plans to begin construction this spring/summer.  The SBURA Board of Directors voted to support funding of the applications at its meeting on April 7, 2020, under its authority per a Memorandum of Understanding between the City of Billings and SBURA approved by the City Council in May 2019.
 

City Council may:

• Approve the SBURA recommendation and allocate the TIF Funds for this project; or
• Disapprove the SBURA recommendation and not allocate the TIF Funds for this project. This project is in alignment with the South Billings Boulevard Urban Renewal Plan.

The request is for up to $69,985 and $67,976 to be reimbursed to Trent Currie for the identified work at 136 Viceroy Street and 239 Hallowell Lane, respectively (See attached Applications).  The estimated total project cost for the two sites is $687,805, making the public-to-private investment ratio 1:5, the recommended ration in the City's adopted TIF Policy.  The funds are payable pending satisfactory submission of all paid invoices showing the completion of the approved and qualifying expenditures related to this project.
 

The SBURA Board of Directors recommends the City Council approve reimbursements of $69,985 and $67,976 for residential development at 136 Viceroy Street and 239 Hallowell Lane, respectively.