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Read the entire article at The Electric, by Jenn Rowell
From the article:
“The DDP application for TIF funding states, “in order to continue positive momentum, we need to attract more investment to our downtown. The best way to do is through doing a market-driven assessment and use the findings to develop an economic vitality strategy that will drive our downtown economic development efforts over the next 3-5 years. We have found that one of the most effective ways for us to attract new investment is to do the local market research that entrepreneurs, businesses and developers often can’t afford to do or will not invest in when they are just considering a downtown investment. By doing the upfront market assessment, we can attract more interest to take a closer look at downtown Great Falls.”
The anticipated consultant cost for the project is $40,000.
The DDP is asking for up to $30,000.
The DDP and city have partnered to apply for a $20,000 grant from the Montana Main Street program.
If the grant is awarded, that would drop the TIF contribution to $10,000.
The Great Falls Development Authority and NeighborWorks Great Falls have each committed $5,000 to the project, as well as staff time to the project, lowering the overall cost, according to the staff report”
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