Source text as held in the project's files.
APPLICATION AS IS AT THIS POINT Currently, it acts as a storage for several businesses in town, but its use has reduced in recent years. The new lessee, Stephen Banker, is submitting this application for restoration of the exterior of the building. The goal is adaptive reuse and structural strength: to renovate and restore the integrity of the building itself as well as its original, historical feel. Many aspects of the building are in need of repair and reconstruction, such as the doors, all of the windows and panes (some of which are cemented over), window arches, corroded window wells, broken stonework and deteriorated pointing. Gutters in the back of the building will need to be rebuilt for the protection of the stone walls. The handicapped ramp needs to be rebuilt or extended for practical use. The restoration will both enhance the attractiveness of the building as well as its structural sturdiness and usefulness both in the front and the back of the building. Adaptive Reuse: It has been leased to Stephen Banker, of Joshua Tree Cabinetry, a thriving cabinetry business, which will work out of the building, renovating some of the interior, but especially the exterior to reflect more of its original historical visage, while also strengthening the structural integrity of the building for use for generations to come. • Increased Taxable Valuation: (And 2) The increased use of the building as well as its increased structural integrity and appeal will add to the surrounding community. • Cost-Benefit Analysis of the Investment/Expenditure Similar to #1? • Leverage-Ratios of Tax Increment Funds to Other Sources: Stephen has already invested $ to begin the project of renovating 1316 Bozeman Ave. • Health and Safety Concerns: The renovation will enhance the visual aesthetic of the area while not creating pollution nor disturbance with dust, noise or public safety during renovations. • Historic Preservation: The project goal is to enhance and restore the original construct of the building, thus adding to the cultural feel of this historic neighborhood as well as strengthening the structure itself, adding to the longevity of the building by the renovations. • Density, Infill, and Adaptive Reuse: Joshua Tree Cabinetry, a thriving cabinetry business, will take up shop in the building. This will bring activity and employees to the district increasing the frequenting of coffeeshops and patronizing of other businesses in the area, and bring a positive influence both in the nature of the business but also the quality of its employees. • Cost of Public Services: You’ll have to address this, or let me know. • Job Creation: Our plan is to secure local contractors / workers to do the restoration / renovation work, as well as Jericho Tree’s employees for painting, etc. • Conformance with the goals and objectives of the Railroad URD Plan, Helena Growth Policy, and other Relevant Adopted Plans: (pg. 2) The adaptive reuse plan of the building is to revitalize 1316 Bozeman Ave. with structural strength and integrity with the goal of increasing its longevity, as well as bringing back the historical feel and character of its exterior visage. • Conformance with Requirements for TIF Fund Expenditures, per 7-15-4288, MCA: You’ll have to tell me how to answer this one per our conversation yesterday. ________________________________________________________________________________________________ Consideration will be given to projects that work to more fully develop a marketing initiative that is based on the RURD’s distinct history and cultural/economic importance. Initiatives should cover a cohesive, comprehensive branding and marketing plan with an associated implementation plan. (Satisfies Goal 1, Objectives 1 and 7; Goal 3, Objectives 1 and 5; and Goal 4, Objective 2). Economic Development Potential *The economic development potential of a project is very important in assessing the viability of the project and the ability of the project to have a significant, positive impact on the health of the District and community. The amount of economic activity to be generated by the project is assessed, including the relationship of public and private investment, tax generation, and job creation. Generally, projects located within the district that meet the following economic development criteria are thought to be projects worth consideration for tax increment financing. - - - - Tax generation – In order for the Urban Renewal District to stay economically healthy for the maximum benefit to the District and community, a project should demonstrate how the project will increase the taxable valuation in the District. Relationship of public and private investment – Where a private entity is seeking TIF funding, the relationship of private investment to public investment of a project shall be significant enough ensure prudent investment of public funds within the urban renewal district. Investment Spin-off – Projects that have potential for investment spin-off in a blighted area would be seen as having a positive impact on the District. Conformance to the Growth Policy and Urban Renewal Plan – City of Helena staff will review all proposed projects for conformance with the above- mentioned plans and state statutory requirements. All projects must serve the public interest to qualify for funding. Logistical Considerations In addition to the five priorities listed above, an assessment of a project will be made through evaluation of the project in terms of the following: 2 2018 RAILROAD URBAN RENEWAL DISTRICT CRITERIA Project Financing – Types of financing available to the Applicant. Lender participation commitments, industrial development revenue bonds, and State and federal grant monies, for example, are examined to assess the need for TIF assistance. Project Feasibility A determination of feasibility is made based on the strength of the Applicant's demonstration of financial readiness and ability to proceed. $$ Applicant’s Ability to Perform - (already begun with projects) An assessment of the Applicant's capability to undertake the relative complexities of the project. Timely Completion - The feasibility of completing the project according to the Applicant's proposed project sch