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A YES vote from city council tonight would bring the total of authorized TIF dollars for downtown housing projects this year to $2.7 million and would bring 84 units of housing to downtown in the next few years. It's not enough to deal with the housing challenges we face but it's a significant start. For context, a Downtown Housing Study published in December 2017 (an update to the study is expected by the end of this month) looked at downtown residential development going back to 2001 and found a total of 134 units had been built or renovated in an approximately 15 year period.
The TIF application in front of council tonight is for the Old Hardware Building on the corner of Montana Ave. and Broadway. Plans for the renovation started back in 2018, back when Mike Ferguson was still covering local government at the Gazette! (For those who watch council meetings on the Community 7 Facebook stream, you'll see Mike still tunes in from afar, probably Hawaii, considering that's where he would best blend in...)
One of the top challenges our businesses face is workforce recruitment, which is largely impacted by a shortage of housing. Bringing additional residential units to Billings will help to address both the housing and workforce issues we face. Be sure to check out our Pro-Housing Database to learn more about how we can address housing challenges.
In addition to the workforce benefits, housing is a unique crime prevention asset due to the added natural surveillance. By activating a space with more “eyes on the street” you increase the potential for someone to catch offenders in the act, or deter criminals who feel seen and decide against engaging in criminal or unwanted behavior.
The Billings Chamber encourages City Council to vote YES on tonight's TIF application and help bring more housing to Billings.
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