Tax Increment Financing (TIF) is a way for certain districts to use property tax revenue to fund new development. It works by separating taxable value into base and increment values, so that revenue from the base value continues to go to the regular taxing jurisdiction, but as taxes increase over the years, that growth—the increment—go to the TIF to pay for development activities within the TIF district.

The development of TIF districts is authorized by 7-15-4282, MCA.

There are six Urban Renewal Districts using TIF within the City of Bozeman: 

• Downtown Urban Renewal District
• Midtown Urban Renewal District
• Northeast Urban Renewal District
• South Bozeman Technology District
• North Park Urban Renewal District
• Pole Yard Urban Renewal District

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Notable Projects:

Bridger Park Garage in Downtown-  The Downtown URD is the major funding source for the Downtown Parking Garage, which opened in April of 2009. The parking garage has spurred incredible development in the surround area, with three new hotels and one condo building within a block radius. 

Conduit Fiber in Midtown - In order to facilitate private investment in high speed, available and affordable fiber optic connectivity in one of Bozeman’s most active commercial districts, the Midtown Urban Renewal District, the Board amended the Urban Renewal Plan and completed an urban renewal project to install publicly owned fiber optic conduit within the District and make that conduit available for license to private, local providers.

5th & Main Sewer Line Project- Midtown and Downtown Urban Renewal Districts are collaborating to replace 100+ year old sewer mains that do not meet current city standards and cannot accommodate new infill development. The 5th and Main Apartments Project is located at the corner of N. 5th Avenue and Main Street. North 5th Avenue constitutes the boundary between the Midtown URD and the Downtown URD and that boundary extends east along Mendenhall St. to N. 3rd Ave. and into the Downtown URD. Payment of the funds from the Downtown and Midtown URDs will occur when the project receives a Certificate of Occupancy upon completion. 

 

For more information on the Downtown Urban Renewal District, see the Downtown Bozeman Partnership

 

For more information on the Midtown, Pole Yard, North Park, South Bozeman Technology, or Northeast Urban Renewal please contact David Fine at dfine@bozeman.net.