LOCKWOOD T D TARGET ETED EC D ECONO NOMIC C DEVELOP OPMENT D T DISTR TRICT T STUD STUDY A AREA CDS
Proje ject T ct Team Big Sky Economic Development Steve Arveschoug, Dianne Lehm Sanderson Stewart Lauren Waterton, Michael Sanderson Community Development Services of Montana Janet Cornish, Lanette Windemaker Land Designs Stacey Robinson, Kurtis Grow Economic & Planning Systems Brian Duffany, Sean Garvey SANDERSON
Proje ject S ct Steerin ing C Committe ittee John Staley, Lockwood Fire Department Mike Aritzia, Lockwood Water and Sewer District Bob Riehl, Lockwood Steering Committee Tobin Novasio, Lockwood School Vu Pham, Weave Management Marshall Knick, Pacific Recycling Kevin Gustainis, Montana Peterbilt Terry Seiffert, property owner Woody Woods, property owner Nic Talmark, Trane Scott Walker, City-County Planning Robin Rude, MT Dept. of Revenue Tim Miller, Yellowstone County Public Works SANDERSON
Study dy Ar Area STUDY AREA BOUNDARY FINAL BOUNDARY CANNOT INCLUDE PROPERTY OUTSIDE OF THIS STUDY AREA SANDERSON
Proje ject T ct Timelin line Pr Pre-wor work Phas ase 1 1 Implem emen en t Phas ase 2 2 • Industrial al P Park • Resolutio ion o of • De Deve velopment • Comprehe ehens nsive e Feas asibi bilit ity Necessit ity Plan an Deve De velopment • Trailhead ad • Infrastruc uctur ure e • Financ nce e Plan an Commer erce e Defici ciency cy Strat ategi gies • Creat ation o of Park F Feas asibi bilit ity TEDD DD SANDERSON
Proje ject O ct Overvie iew Create planned industrial space for manufacturing and related industries Prepare a Comprehensive Development Plan that can be used by the Yellowstone County Commissioners to evaluate creating a Targeted Economic Development District (TEDD). Provide additional development and market analysis to help attract new industry and create business expansion SANDERSON
What is is a a T TEDD DD? Local District to support value-adding economic development activities and secondary value adding industries. A Targeted Economic Development District allows counties to use Tax Increment Financing to support development of infrastructure. SANDERSON
Tax Inc ncrem ement nt F Fina nancing SANDERSON
Why ha hy have a e a TE TEDD? SANDERSON
TE TEDD R Req equirem ement nts Must consist of a contiguous area large enough to host a diversified tenant base of multiple independent tenants. Must be zoned in accordance with the current Yellowstone County Growth Policy May not contain any property located within an existing TIF Must be found, prior to its creation, to have deficiencies in infrastructure Must have in place a comprehensive development plan adopted by Yellowstone County that assures the district can host a diversified tenant base May not be designed to serve a single district tenant SANDERSON
Plan El Pl Eleme ments Infrastructure analysis 1) Market Study 2) Trail Connection 3) Development Scenarios 4) Financial Analysis 5) Preferred Development Scenario 6) Implementation 7) SANDERSON
Infra rastructure re A Asses essmen ent Road network Rail Water Sewer Power Fiber SANDERSON
Market S Study dy Forward looking analysis to estimate pace of development in Lockwood TEDD • Economic conditions • Market Conditions SANDERSON
Trail C il Connection tion SANDERSON
Develo lopm pment nt Sc Scen enario Ex Examples SANDERSON
Finan ancial A cial Analy lysis is Revenue forecast • Resulting property tax revenue to TEDD • Estimate financing (“bonding”) capacity • Finance recommendations • SANDERSON
Preferre rred D d Develo lopm pment nt Example ple Recommended land uses property size buffer areas trail connection infrastructure improvements SANDERSON
Imple lementation tation How are we going to get this done? Program Administration Work Plan Capital Improvements Recruitment SANDERSON
Nex ext St Step eps Concept Trail Alignment Meetings Zoning Boundary Adjustment Request Public Meeting #2 in May Draft Report in June Review Process, beginning in July: Steering Committee Big Sky Economic Development Board Planning Board County Commission SANDERSON
More I Infor ormation ation Visit the website: http://bigskyeconomicdevelopment.org/lockwood-tedd SANDERSON
Recommend
More recommend
