GREAT FALLS — The city of Great Falls held public forums this week to discuss implementing tax-increment funding in its downtown district to fund housing projects in the area.
Owen Skornik-Hayes reports - watch:
“We’ve identified that there is a housing shortage as well as the need to revitalize downtown,” says Lonnie Hill, the city’s Deputy Director of community and planning development. “This is a perfect program to fit our community.”
A Tax Increment Financing (TIF) District allows cities to reinvest property tax revenue generated by new development back into the same area. This funds projects without raising new taxes. Montana law says Workforce Housing can be supported by TIF funds. TIF is meant not only incentivize revitalization but counteract blighted conditions.
Hill hopes these funds can go back into housing units downtown.
“Once you are identified as a property that's eligible for these funds, you can use these to remodel existing units or construct new units.”
He says there are many vacant spaces in the upstairs of many buildings downtown.
“We're hoping that these dollars can kickstart projects to get some of those upper floors redeveloped.”
Jake Clark, Vice President of Business Development with the Great Falls Development Authority, says some concerns of resident safety were brought up during the public forums.
“Actually, more residents in any part of the community helps reduce crime because they're living there,” says Clark. He also adds that residents would essentially be right next door to the police and fire stations.
Information gathered at public forums this week by the city will be presented to the city commission for a final vote. That vote, the city hopes, will come by the end of the summer.
“The best case scenario is that people can start planning their projects now, and we have this ready to go,” says Hill.
If the vote passes, Hill hopes the program can be implemented, and money can begin pouring in, by next year.
