The Missoula Redevelopment Agency’s board somewhat begrudgingly voted on Thursday to send nearly $9 million worth of Tax Increment Financing to the city and other taxing jurisdictions as a result of a $3 million budget shortfall at the city.
“As you’re aware, the city council has passed a city of Missoula budget that assumes a transfer of TIF in the form of remittance that will allow that budget to balance and not have to cut services beyond what the community expects, and rightfully so,” explained MRA director Ellen Buchanan. “What we have is a $3 million funding gap in the general fund budget.”
The Villagio, the largest affordable housing project in Montana history, is pictured here in October of 2022.
TOM BAUER, Missoulian
The city will use the TIF to fund debt service on police and fire equipment and debt service on a building the city bought on Catlin street that is used by the Missoula Police Department.
The Tax Increment Financing comes from Missoula’s Urban Renewal Districts. Inside those districts, the new property taxes from new development created since the formation