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URD funds tied to Fire Station 1 will expire if not claimed at occupancy, board told
Summary
At a Downtown Bozeman URD board meeting staff said $1.6 million in URD funds for the Fire Station 1 project are tied to a project ordinance and buy–sell agreement, become available for reimbursement five years after closing (Sept. 13, 2022), and may be lost unless a reimbursement request or formal extension is made.
At a Downtown Bozeman Partnership Urban Renewal District (URD) board meeting, Executive Director Ellie said $1.6 million in URD funds for the Fire Station 1 project are tied to the URD project ordinance and the buy–sell agreement and become eligible for reimbursement five years after the project's closing on Sept. 13, 2022.
Ellie said, "These documents state that the funds are available for reimbursements reimbursement 5 years after the closing date, which occurred on 09/13/2022." She told the board those project documents link the money to the development agreement and to conditions that require funds be claimed at…
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