Placer Commercial, LLC, a wholly owned subsidiary of the Placer Condominium Association, are requesting Downtown Tax Increment Financing funding in the amount of $77,800 for the restoration of 38 pairs of French door windows on the second story of the historic condominium building at 21 North Last Chance Gulch. Many of the iconic Walking Mall structure’s French doors are original and all suffering from various levels of deterioration and inoperability. Repair of these French doors will both improve egress/ingress to the commercial condominium units on the building’s second story while also enhancing aesthetics and thermal efficiency. Failure to restore the windows appropriately may risk removal of the structure from the National Register of Historic Places.
The Downtown Urban Renewal District Plan’s intent is to eliminate “blight” and encourage redevelopment in the District through the use of tax increment financing (TIF) as specified by State Law. Under MCA 7-15-4288, costs incurred in connection with the redevelopment activities (as allowed under 7-15-4233) are eligible for TIF funding. Further, this project aligns with the DURD Plan, which has established goals to (1) “[u]pgrade underperforming properties” and (2) “[c]reate a quality and unique experience.” These goals set forth objectives that speak to promoting adaptive reuse of buildings (including safety improvement measures), facilitating façade improvements, and capitalizing on the downtown’s historic assets. As such, the proposed project aligns with the goals and objectives of the DURD Plan. In consideration of the above, the Downtown Tax Increment Financing Advisory Board reviewed the Association’s application on February 17, 2021 and moved to recommend funding $77,800.
While the application demonstrates that there is a proven record of financing capacity for investments made to the building, no match funding has been provided toward this project by Placer Commercial, LLC. In reviewing the application materials provided for the proposed Placer Building repairs, city staff and the advisory committee have considered investments made in the building, including a $245,000 cornice renovation project that was completed in 2016 and a further $72,000 for deferred maintenance repairs for the commercial floors of the building. It is worth restating that the commercial condominiums are privately-owned within the historic Placer Building and this project, while improving emergency access, thermal efficiency, and maintaining the property’s historic values, will not create any new jobs, may create limited investment spin-off, and has limited potential to create new TIF increment dollars from its completion. In consideration of these facts and in the event that a determination is made to approve the project with a 50% match requirement, the total grant award would be $38,900. |