We understand that there may be a proposed amendment to SB 358 - Generally Revise Tax Increment Financing Districts to remove the 95 state mills from the tax increment revenue. The 95 mills represents a significant component to TIF revenues. Without it, the value of creating a district will be diminished, likely leading to less infrastructure and private investment in the long run. Additionally, we have two TIF districts with outstanding bonds. Removing these mills from consideration in TIF revenues may put us out of compliance with our bond covenants.
At some point today or tomorrow, you will be receiving the Governor’s amendments to SB 358 (Buttrey – Revise tax increment financing districts). The amendments proposed will be detrimental to Missoula County’s economic development efforts and we respectfully request that you DO NOT CONCUR in the Governor’s amendments to SB 358.
Respectfully, Dale Bickell on behalf of the Board of County Commissioners
Message sent to Sen. Erickson,
ReplyDeleteWe understand that there may be a proposed amendment to SB 358 - Generally Revise Tax Increment Financing Districts to remove the 95 state mills from the tax increment revenue. The 95 mills represents a significant component to TIF revenues. Without it, the value of creating a district will be diminished, likely leading to less infrastructure and private investment in the long run. Additionally, we have two TIF districts with outstanding bonds. Removing these mills from consideration in TIF revenues may put us out of compliance with our bond covenants.
Greetings, Senators:
ReplyDeleteAt some point today or tomorrow, you will be receiving the Governor’s amendments to SB 358 (Buttrey – Revise tax increment financing districts). The amendments proposed will be detrimental to Missoula County’s economic development efforts and we respectfully request that you DO NOT CONCUR in the Governor’s amendments to SB 358.
Respectfully,
Dale Bickell on behalf of the Board of County Commissioners