Originally published in the 10/5/18 print edition of Yellowstone County News.
LOCKWOOD — An update on what’s happening with the Lockwood TEDD includes changes in repaying a loan and a proposal to expand its boundaries. The Lockwood TEDD is a tax increment district that was created to help fund the development of an industrial park in Lockwood at the intersection of I-90 and Johnson Lane.
The Lockwood TEDD (Targeted Economic Development District) is asking Big Sky Economic Development (BSED) to accept a change in the terms of the loan BSED made to the TEDD to pay for writing its comprehensive master plan. Thom MacLean, project manager for BSED, explained to Yellowstone County Commissioners last week, that the TEDD’s advisory board hopes to be able to spread the repayment out so that they will have more immediate revenues with which to initiate some work and apply for grants.
A new agreement is being written which will allow the TEDD to repay the $81,000 loan in four equal payments over the next four years, rather than in one payment this year. The new terms will allow the TEDD to retain three-fourths of its ... Read full story in print or by subscribing online here.
