It was revealed recently that the City of Missoula has put down $25,000 in earnest money to purchase the Sleepy Inn Motel, located on East Broadway near the Russell Street Bridge for a total purchase price of over $1 million.
According to Jesse Ramos, the Reserve pedestrian bridge was paid for with TIF funding, or Tax Increment Financing. The TIF grand total for development in Urban Renewal District III comes out to roughly $13 million.
The City of Missoula and the Missoula Redevelopment Agency have received a boost from a local company led by Nick Checota, owner of Stonefly, LLC and Logjam Productions to help complete the planning of the Riverfront Triangle project.
The head of the Missoula Development Agency said on Monday that Southgate Mall does not have to repay monies from Tax Increment Financing (TIF’s) after being sold, for just one reason, no monies actually went directly to the mall.