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Commission approves using Wheatland TED TIF funds to retain Dorsey & Whitney LLP for development agreements and bond counsel
Summary
The commission approved a resolution authorizing use of Wheatland targeted economic development (TED) tax-increment funds to retain outside counsel Dorsey & Whitney LLP for development agreements, potential bond counsel and related technical work.
Broadwater County commissioners voted Feb. 19 to authorize use of Wheatland TED tax-increment financing (TIF) funds to retain Dorsey & Whitney LLP for legal work tied to development agreements and potential issuance of tax-increment revenue bonds.
Commissioners said the Wheatland targeted economic development district (TED) is intended to recycle tax increments into infrastructure and secondary value-adding projects. County staff and Eric Seidensticker of the Montana Business Assistance Corporation (MBAC) briefed commissioners, saying specialized legal and bond-counsel expertise is needed to draft development agreements, assess bonding structures and ensure TIF funds are used in compliance with MCA rules.
Seidensticker described MBAC’s role as a partner on Wheatland TED work dating to 2019 and said outside counsel can answer technical accounting and bond-structure questions as projects move forward. Deputy County Attorney Kaylin Minor said she reviewed the resolution and recommended the county use specialized counsel for high-dollar, technically specific agreements.
The commission approved the resolution by voice vote. The county attorney and MBAC said the expense will be paid from Wheatland TED TIF funds, which are dedicated to the TED district, not the county general fund.
Ending: Staff said retaining experienced counsel will help accelerate development agreement drafting and provide technical advice if bond issuance is pursued.
