Finance experts evaluating viability of new Billings skyscraper
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Billings City officials have hired a Minnesota firm to evaluate financial reports from a private developer seeking up to $30 million in public financing to build a hotel, conference, retail and residential center downtown.
David MacGillivray, chairman of Springsted, a St. Paul-based public sector adviser, said Tuesday he expects to complete his analysis and report to the Billings City Council on Oct. 24.
The firm, which is contracted to provide an analysis of the proposed $120 million One Big Sky Center downtown, will evaluate a number of factors to help the city council determine how much — or whether — to invest tax-increment financing money into the project.
The cost of the analysis will be $25,000 or less, MacGillivray said.
According to MacGillivray, the factors to be analyzed include the history of the development group, led by Denver developer Skip Ahern; whether his partnership, MontDevCo, has the capacity and expertise to complete the project; and whether it needs the requested $30 million in public funds to get the public portion of the complex built.