Uncategorized
TEDD/TIF talks continue despite delays
Published
9 years agoon
By Joseph T. O’Connor Explore Big Sky Managing Editor
BIG SKY – The effort to bring Targeted Economic Development Districts to the Big Sky area is inching forward, but off the mark from an ambitious timeline set last fall.
The original goal was to have the districts in place by the end of 2014, but financing – along with the inherent complications of proposing two TEDDs in Big Sky – has slowed progress. Despite $25,000 in private funding and a $45,000 September reallocation of Big Sky Chamber of Commerce resort tax funds, the Big Sky TEDD Committee is short approximately $25,000 to pay for the project.
“We’ve had [some] internal timelines,” said Ryan Hamilton, a member of the TEDD committee, and also Big Sky Town Center’s Project Manager. Hamilton said that once the Dec. 31, 2014 timeline passed, “it became clear that we needed to do some more homework.”
A subcommittee of the Big Sky Chamber, the TEDD committee formed last July to explore the option of establishing two TEDDs – Big Sky straddles Gallatin and Madison counties – which could provide support for public infrastructure development.
The TEDD committee is currently awaiting a decision by the Montana Department of Commerce on a $25,000 planning grant, which would allow the committee to reach an estimated $95,000 financing goal.
If approved, the Big Sky Trust Fund money would help pay for attorney and consultant fees, mapping, a third-party economic impact study, and writing an infrastructure deficiency report to present to Gallatin and Madison county commissioners, among other project expenditures.
“A lot of this will get fleshed out as the plan develops and if funding is approved for this grant,” said TEDD committee member Kevin Germain.
The committee plans to continue forward progress with alternative planning options if the grant is denied, which could include a request for Big Sky resort tax funds, Hamilton said.
A decision on grant funding is expected by mid-March, according to Rob Gilmore, Executive Director for the Northern Rocky Mountain Economic Development District, a nonprofit working closely with the committee.
The committee now hopes to convince commissioners to put TEDDs in place by the end of 2015, and plans to hold town hall-style meetings for public engagement this spring and summer. The group has held meetings with a number of area boards, as well as with both county commissions.
The Board of Madison County Commissioners on Feb. 23 held a meeting in Big Sky to learn more about tools that could generate infrastructure development in the area.
During the meeting, Chris Naumann, Executive Director for the Downtown Bozeman Partnership, presented a slideshow identifying ways in which tax increment financing – or TIF – has bolstered downtown Bozeman’s tax base over the 20 years the Downtown Bozeman Tax Increment Finance District has been in place. Since 1995, the value of the tax base in downtown Bozeman has grown by 84 percent.
Naumann addressed two of three Madison County commissioners James P. Hart and Ronald E. Nye – David Shultz was absent from the meeting – as well as area community members hoping to learn more about TEDDs and TIFs.
“I was impressed with [Naumann’s presentation],” said Nye, who stepped in as a Madison County Commissioner on Jan. 2. “It’s going to take some time, [but] we’re open minded and haven’t closed the gate on anything.”
While a TEDD structure would differ from the four TIF districts that currently exist in Bozeman, Nuamann made parallels to the benefits of each.
“They create this powerful funding source to address the needs of the district,” Naumann said. “And that big hammer in the toolbox … is tax increment financing.”
TIF is a state-authorized funding tool that can support TEDDs by keeping incremental property tax increases in the specified districts, as opposed to sending these tax dollars to entities including state and respective counties. A relatively recent amendment to Montana’s Urban Renewal Law allowed counties to implement the use of TIFs for TEDDs.
In April 2013, Montana Senate Bill 239 became law, allowing certain infrastructure-deficient areas in the state to form TEDDs and harness a portion of existing property taxes for public improvements to encourage private investment.
“The private investment, in turn, increases the tax base,” said Naumann explaining that, statewide, every dollar of TIF money reinvested in the district leverages between $5 and $8 of private investment. “It’s kind of like a loan that pays back principle plus interest. And it pays back really nicely.”
If Big Sky TEDDs are approved, both county commissions would appoint a board of directors to oversee the TEDD, said Hamilton, adding that community members can participate in the public process.
“I don’t think it ever goes to the ballot, but it’s not a new tax either,” he said. “We’ll have to make it a win, win, win, win for taxpayers, the community, the county and the state.”
Megan Paulson is the Co-Founder and Chief Operating Officer of Outlaw Partners.
Upcoming Events
march, 2024
Event Type :
All
All
Arts
Education
Music
Other
Sports
Event Details
Children turning 5 on or before 9/10/2024:
more
Event Details
Children turning 5 on or before
9/10/2024: Kindergarten
enrollment for the 2024-2025 school year can be completed by following the
registration process now.
Children
born on or after September 11, 2019: 4K enrollment is now open for
families that have a 4-year-old they would like to enroll in our program for
the 2023-2024 school year. Please complete the 4K Interest Form to
express your interest. Completing this form does not guarantee enrollment into
the 4K program. Enrollment is capped at twenty 4-year-olds currently
residing within Big Sky School District boundary full time and will be
determined by birth date in calendar order of those born on or after September
11, 2018. Interest form closes on May 30th.
Enrollment now is critical for fall preparations. Thank you!
Time
February 26 (Monday) - April 21 (Sunday)
Event Details
My Barking Dog is a nightmare comedy
more
Event Details
My Barking Dog is a nightmare comedy that tells the story of Toby and Melinda, two lonely people whose lives are forever changed the night they encounter a starving coyote at their apartment building. Over time they grow to expect him, leaving ritual offerings to entice the coyote every night. Toby and Melinda forge a connection over this visitor and share curiosity and concern about his presence in the city. The coyote expands their world–until, one night, their world is shattered. Their lives are pushed suddenly into uncharted territory, sending them on a surreal odyssey that changes their city–and the world–forever.
Directed by LX Miller. Starring Max Schneider and Denise Hergett
Verge Theater is continuing their mission to provide accessible theater to our community. Tickets for My Barking Dog are Pay What You Wish with a suggested price of $35. Audience members are offered the opportunity to select the price point that is comfortable for them when purchasing tickets.
My Barking Dog runs March 15-17, 22-24, 28-30
Performances on Thursdays, Fridays, and Saturdays begin at 7:00 p.m., with Sunday matinees offered at 3:00 p.m.
Suitable for ages 16 . No animals are harmed in the staging of this production.
Tickets are available online at www.vergetheater.com
Time
15 (Friday) 7:00 pm - 30 (Saturday) 8:30 pm
Location
Verge Theater
Event Details
Saturday, March 23rd 6:00-8:00pm We will combine the heart-opening powers of cacao with the transcendental powers of breathwork and sound. Together, these practices will give us the opportunity for a deep
more
Event Details
Saturday, March 23rd 6:00-8:00pm
Time
March 23 (Saturday) 6:00 pm - April 23 (Tuesday) 8:00 pm
Location
Santosha Wellness Center
169 Snowy Mountain Circle
Event Details
Thursday of the Lord’s Supper Mass St. Joseph Catholic Mission
Event Details
Thursday of the Lord’s Supper Mass
St. Joseph Catholic Mission
Time
(Thursday) 5:00 pm - 6:00 pm