New Hotel In Downtown Bozeman? Incentives Are There…
There’s been a lot of talk about the need for a decent hotel in downtown Bozeman. Hopefully with these new incentives, one might actually be built. Patience, grasshopper…
According to a Press Release sent out from the Downtown Bozeman Partnership:
The Downtown Bozeman Partnership establishes a hotel incentive program to encourage the development of a quality downtown hotel.
Bozeman, MT, February 15, 2012: The Downtown Bozeman Partnership has released the “Downtown Hotel Incentive Program” as established by the Downtown Tax Increment Finance District. This incentive program is intended to encourage the development of a high-quality hotel within the downtown district. The Downtown Improvement Plan acknowledges that Bozeman’s central business district is in need of a hotel and recommends pursuing a “four-star” development.
In 2009 the City Commission unanimously adopted the Downtown Improvement Plan. The plan now serves as a broadly applicable planning tool that will ensure the long-term economic health, historic character, and cultural vitality of Bozeman’s downtown district.
“Since the adoption of the 2009 Downtown Improvement Plan, the TIF Board has been considering ways to incentivize the development of a downtown hotel,” explained Bobby Bear, TIF Board Chairperson. “We concluded that providing a reimbursement towards the impact fees was the best way to financially encourage such a development,” she continued.
The Downtown Hotel Incentive Program will provide a partial reimbursement towards hotel-related impact fees associated with the development of a new downtown hotel. A hotel development equating a minimum investment of $5,000,000.00 would be eligible for up to $100,000.00 in financial incentive toward the impact fees incurred. The incentive would be reimbursed with Downtown Tax Increment Finance District funds.
“The hotel program is the third incentive-based initiative established by the TIF Board,” said Chris Naumann, the director of both the TIF District and Downtown Partnership. “All three programs—Technical Assistance Grants, Housing and Hotel Incentives—are intended to encourage the types of economic development recommended in the Downtown Improvement Plan.”
“In this challenging economic climate, the Downtown Partnership is looking to partners with property owners and developers that are willing to make an investment downtown,” Naumann concluded.
Materials for all three incentive programs may be obtained by contacting the Downtown Bozeman Partnership.