PDF File 2008 Annual Report - Summary of 1976 TIFD
Urban Renewal &
Redevelopment Continues
One
very important point was learned from the old Urban Renewal Tax
Increment Financing District (TIFD): Revitalization of a city
center cannot be put on hold. When public reinvestment
discontinues, private investment finds other avenues. Further,
the value of a vibrant and contributing city center to the entire
community is too important to leave to chance. In 1998, the
Framework for Downtown Billings established a private corporation
comprised of a representative board of directors. This
organization, the Downtown Billings Partnership (DBP), remains
intact and continues to assist in management of the Business
Improvement District as well as plan for continued redevelopment.
In
2005, a one-half block section of the old TIFD was removed from
the district and a new urban renewal plan and district was
created. A year later, that North 27th Street Tax
Increment Financing District was expanded by Council resolution to
include a total of 14 ½ blocks. Before the end of this year, the
DBP plans to present a final expansion of this district that would
include much of the current Central Business District. It is
important to remember that this new district is not a renewal of
the old TIFD. That urban renewal district has sunset and the new,
HIGHER, taxable value is now flowing and will continue to flow
into the general funds of the taxing jurisdictions. This new
district was started with a brand new base taxable value. There
is still a considerable amount of blight and decay within its
boundaries but there is also a great deal of new taxable value.
This new district will work to maintain the high value of those
properties so that they can continue to contribute to the
community at that high level as it works to redevelop the lower
level properties through reinvestment of their growth over the
life of the new TIFD.
History
taught that a high value property surrounded by decline and blight
will rapidly fall in taxable value and become a burden to the
community. For example, when the Wells Fargo Building was
constructed as part of the early days of the old TIFD, its
increment was used to assist in the construction of four
city-owned parking structures. When management of the TIFD was
discontinued in the late 1980’s the migration west continued to
impact downtown to a point a few years ago when a half empty Wells
Fargo Building was donated by the private owner to the Mayo
Clinic.
Fortunately for Billings, the DBP was working the urban renewal
plan of the old district and planning for the new district. This,
along with a good price, enticed a local developer into purchasing
the Wells Fargo Tower. This developer invested considerable cash
into renovation, upgrades and landscaping. The building is once
again fully occupied and growing in taxable value.
Finally, the Framework for Downtown Billings identified the area
of Billings east of N. 20th Street to Metrapark as the
“East Transition Zone.” With the help of Big Sky EDA and a group
of dedicated property owners, a new non-profit corporation was
formed and pushed for an TIF district. This corporation, Billings
Industrial Revitalization District, or BIRD, played a huge role in
convincing the Billings City Council to pass the required
resolutions and ordinances to establish the East Billings Urban
Renewal District. This year, a consulting firm will be hired to
develop a brand new “framework” plan for this part of Billings.
For more information on this district and the BIRD go to:
www.billingsbird.org
.
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downtown redevelopment Idea?
Then, TELL US!
www.mydowntownidea.com
