Missoula County opposes, as amended, HB 925: Revise laws related to tax increment pledged to payment of bonds, which is scheduled for second reading today.
The bill would limit the creation of Targeted Economic Development Districts (TEDDs). TEDDs have allowed for cleanup of old industrial lands to make them suitable for redevelopment and create needed public infrastructure improvement to attract private investment, businesses, job growth, and housing. Bonner Mill Site and Missoula Development Park are two fantastic examples that facilitated the creation of thousands of jobs in Missoula County. This bill would require that future TEDDS are created one project at a time, one parcel at a time. This process would make the TEDDs unpredictable, less efficient and riskier for bond buyers. The likely outcome of this bill is that this financing tool would have so little impact, that it won’t be worth using. Missoula County’s vision to apply the success of TEDDs in the Wye and the Bonner West Log Yard over the next several decades would not be possible.
Senators,
ReplyDeleteMissoula County opposes, as amended, HB 925: Revise laws related to tax increment pledged to payment of bonds, which is scheduled for second reading today.
The bill would limit the creation of Targeted Economic Development Districts (TEDDs). TEDDs have allowed for cleanup of old industrial lands to make them suitable for redevelopment and create needed public infrastructure improvement to attract private investment, businesses, job growth, and housing. Bonner Mill Site and Missoula Development Park are two fantastic examples that facilitated the creation of thousands of jobs in Missoula County. This bill would require that future TEDDS are created one project at a time, one parcel at a time. This process would make the TEDDs unpredictable, less efficient and riskier for bond buyers. The likely outcome of this bill is that this financing tool would have so little impact, that it won’t be worth using. Missoula County’s vision to apply the success of TEDDs in the Wye and the Bonner West Log Yard over the next several decades would not be possible.
Please oppose HB 925.