HELENA, Mont. – On March 14, the City of Helena Commission approved $175,000 in Tax Increment Financing (TIF) to be used toward the demolition of the former Memorial Park Apartments. The TIF funding is available through the City’s Railroad Urban Renewal District. The recipient of the TIF funds, the Bell Hotel, LLC, will use the money for demolition and abatement of the apartment structure.
“I am thrilled the City had the opportunity to support the proposed project at the old Memorial Park Apartments property,” says Helena Mayor, Wilmot Collins. “The TIF funds are a tremendous resource for businesses in Helena. This is a significant project for the community and exactly the type of redevelopment we hope to use TIF funds for.”
Bell Hotel, LLC is working on an agreement with the property owner to redevelop the site and build a boutique hotel. The property, located at 40 E. Lyndale Avenue, has been vacant since 2016. The demolition and abatement project is expected to be completed this spring. The site redevelopment is proposed to immediately follow with an anticipated completion date in late summer 2023.
The funding request was presented to the Railroad Urban Renewal District TIF Advisory Board in December 2021. The Board unanimously approved recommending funding of $175,000, which amounts to the applicant providing a 52% match toward the demolition phase of the project.
“This funding is a spring-board launching the Bell Hotel toward success right out of the gate,” says Bell Hotel, LLC co-founder, Karli Mosey.
“We are enthusiastically grateful for the incredible support from the Railroad District and from the City of Helena— we will need all the help we can get to pull off this grassroots project,” adds AshLy Tubbs, Bell Hotel, LLC co-founder. “Cleaning up the site is an exciting first step benefiting the entire community that we can all be proud of.”
The Railroad Urban Renewal District was established in 2016 through City ordinance No. 3214. The Railroad Urban Renewal District Plan includes the goal of working “with business leaders and individual businesses to provide maximum opportunity, consistent with the sound needs of the municipality as a whole, for the rehabilitation or redevelopment of the Helena Railroad District by private enterprise.”