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URD board rehearses $5M-plus allocation for infrastructure and parking, debates interest strategy
Summary
During its budget review the Downtown Bozeman URD board discussed reallocating a sizable unallocated balance toward utility and streetscape infrastructure, parking priorities from a recent working group, and whether idle URD cash should earn higher interest or be placed in short-term CDs or a revolving loan fund.
At the URD board meeting staff reviewed an amended fiscal year 2026 draft budget and described allocations and prioritization for infrastructure, parks and housing incentives.
Executive Director Ellie said the board is considering increasing funding for several downtown infrastructure priorities to be ready to assist or partner with development projects that require public‑infrastructure work. Specific line items discussed included $400,000 for utility and infrastructure improvements tied to phase work on the Fifth and Main lighting project, a proposed $250,000 allocation for Iho Peace Park (staff said the project was about $100,000 short), and a plan to maintain or expand grant programs such as streetscape assistance ($100,000) and the Art Enhancement Grant, which staff suggested could grow from $20,000 to $40,000.
The board also reviewed residential incentive and downtown planning lines, and discussed Bozeman Creek planning, which staff listed at $5,050,000 to align with City Commission priorities. Tree replacement funding was proposed to decrease from $50,000 to $10,000 because the current program is winding down.
A central topic was parking. Ellie briefed the board on a six‑meeting parking working group that included city staff and downtown stakeholders and said the group's aim is to produce a public vision document and an internal action plan. Board members said the group signaled willingness to direct URD funds toward parking infrastructure in partnership with private developers rather than attempt to build a large garage alone. Board discussion noted an existing encumbered workforce‑housing allocation of about $1.6 million and a separate $1.6 million the board identified as available in the URD, resulting in roughly $3.2 million tied up in prior allocations.
Board members asked whether idle URD cash could earn higher interest while the board determines final allocations. Staff said URD funds are administered differently than DBP accounts and noted legal and administrative limits; staff also said options under consideration included placing funds in higher‑yield short‑term certificates of deposit or creating a revolving loan fund to put money to work while preserving capital for projects.
No budget vote was taken; staff said they will revise spreadsheet formulas and present a final amended budget next month with an infrastructure line item that can flex between parking and other utility improvements. Board members said they prefer allocating balances to specific purposes rather than carrying large unallocated cash balances that may attract outside requests.
