market square on russell intermountain development company, inc

Market Square on RussellMarket Square on RussellIntermountain Development Company, Inc.Intermountain Development Company, Inc.

Project Site

12.05 acres

Wyoming Street

South 3rd Street

Russel l

Street

Catlin Street

Property

Boundaries

Project Area of Interest

SilvercrestResidence

IDC Objectives withIDC Objectives with Market Square on RussellMarket Square on Russell

Opportunity to provide housing for many income Opportunity to provide housing for many income groupsgroups Affordable Housing 70-75 UnitsAffordable Housing 70-75 Units Market Rate Units +/- 175 UnitsMarket Rate Units +/- 175 Units

Create Long-term Income Stream to Support HousingCreate Long-term Income Stream to Support Housing Sound Urban Redevelopment with true in-fillSound Urban Redevelopment with true in-fill

Integrate into Neighborhood (park, trails, transit, etc.)Integrate into Neighborhood (park, trails, transit, etc.) Guide Russell Street’s FutureGuide Russell Street’s Future Innovate: Live/work Opportunity, Multi-use, Multi-incomeInnovate: Live/work Opportunity, Multi-use, Multi-income Protect IDC and Others’ InvestmentProtect IDC and Others’ Investment

Planning HistoryPlanning History2003 Charrette2003 CharretteConnections with Neighborhood Council Connections with Neighborhood Council Leadership TeamLeadership TeamMMW providing design and planning guidanceMMW providing design and planning guidance

Market Square on RussellMarket Square on Russell

Next Steps Complete Site Planning Design

Refine Use Mix Identify Parcels and Establish Phasing Establish Design Standards Submit Zoning Application

Begin Marketing Locally Regionally

Demolition/Deconstruction of Improvements Recycle and Re-use materials

Contain Costs Environmental sensitivity

Market Square On RussellMarket Square On Russell Key Design Considerations

Taller Buildings on Russell Street Create “downtown” flavor

Mixed Uses—retail with office and residential above Setbacks to establish “street-wall” and architectural texture Walkability

Build Over Parking Uses land twice Avoids surface lots Costly

Park (over Parking) for Caras Park-type uses Unique Convenient

Community Center Meeting rooms and offices Post Office Bus Transfer Center

Market Square On RussellMarket Square On Russell

Residential ConsiderationsResidential Considerations True Mix of Incomes, Housing and True Mix of Incomes, Housing and

Ownership TypesOwnership Types AffordabilityAffordability Condominiums as a Housing OptionCondominiums as a Housing Option Market DemandsMarket Demands

Market Square On RussellMarket Square On Russell

Infrastructure Needs Which are Eligible forInfrastructure Needs Which are Eligible for

Tax Increment Financing:Tax Increment Financing: Streets, Sidewalks, Curbs, GuttersStreets, Sidewalks, Curbs, Gutters Sewer, Water, Gas, ElectricSewer, Water, Gas, Electric ParkingParking ParkPark

Market Square On RussellMarket Square On Russell

Proposal for Tax Increment BondsProposal for Tax Increment Bonds Series of up to four issuancesSeries of up to four issuances Based on Phases of ProjectBased on Phases of Project Tied to performance of previous PhasesTied to performance of previous Phases Each issue a “stand alone”Each issue a “stand alone”

Details and structure to be determined in Details and structure to be determined in coming months with an aim to issue first coming months with an aim to issue first bonds before the end of the calendar year.bonds before the end of the calendar year.

Market Square On RussellMarket Square On Russell

Possible Phasing Schemes

Test Schematic

Market Square on RussellMarket Square on Russell

For further information contact:

Geoff Badenoch, Project ManagerGeoff Badenoch, Project ManagerIntermountain Development Company, Inc.Intermountain Development Company, Inc.1235 341235 34thth St. St.Missoula, MT 59801Missoula, MT 59801Tel. 406.549.4113Tel. 406.549.4113 fax 406.549.6406fax 406.549.6406gbadenoch@missoulahousing.orggbadenoch@missoulahousing.org