Consent 1.G.
Regular City Council Meeting
- Meeting Date:
- 10/12/2010
- TITLE
- Resolution Approving Use of Contingency Funds for TIFD Analysis
- PRESENTED BY:
- Tina Volek
- Department:
- City Hall Administration
Presentation:
PROBLEM/ISSUE STATEMENT
Big Sky Economic Development Executive Director Steve Arveschoug appeared at the Sept. 20 Council work session to request an $8,000 contribution from the City to help pay for an economic impact analysis of Tax Increment Financing Districts (TIFDs). The analysis will cost $19,000 and is intended to provide a comprehensive analysis of the effect of TIFDs on the community. It would be conducted by Dr. Scott Rickard through the Montana State University-Billings Urban Institute.
ALTERNATIVES ANALYZED
The Council may:
- Approve the attached resolution authorizing the $8,000 contribution to the analysis;
- Amend the amount of the contribution; or
- Decline to participate in the TIFD analysis.
FINANCIAL IMPACT
The Council's $8,000 contribution to the study is proposed to come from the Council Contingency Fund, which has an FY 'll balance of $52,000. The rest of the $19,000 study is expected to come from Yellowstone County, Big Sky Economic Development, the Chamber of Commerce, and other sources.
RECOMMENDATION
It is recommended that the Council approve the attached resolution, authorizing the expenditure of $8,000 from Council Contingency for the City's share of a economic impact analysis of TIFDs.