Economic Vitality Board Meeting – May 6, 2026

The Bozeman Economic Vitality Board (EVB) met on Wednesday, May 6, 2026, from 6:00 p.m. to 7:26 p.m. The meeting featured two special presentations: an economic impact analysis of the Yellowstone Fiber network and an overview of the community land trust model for affordable housing. The board also approved four sets of meeting minutes, received an update on the city's engagement framework, and discussed summer meeting scheduling.

Consent Calendar / Minutes Approval

• The board approved the minutes from January 7, February 4, March 4, and April 1, 2026, as amended. Corrections were noted: board member Lowerson was absent in January; board member Jones was listed twice in February; and the February vote tally was corrected from 7-0 to 6-0 (a staff member had been counted). The motion carried unanimously.

Public Comments & Testimony

• No public comments were offered for non-agenda items or in response to the special presentations.

Special Presentation: Fiber as Economic Infrastructure

• Grace Gilbreth (Project Manager, Northern Rocky Mountain Economic Development District – NERMED) presented the findings of an economic impact analysis of the Yellowstone Fiber network, a community-built fiber-optic infrastructure initially led by the City of Bozeman in 2012. Sid Boswell (CEO of Yellowstone Fiber) and Sarah Thompson (NERMED Executive Director) were also present.
• Key statistics from the report:
  • Over the three study periods (2015, 2022–2024, projected 2025–2027), the network generated more than $135 million in total economic activity and supported over 1,400 jobs, with over 80% of the value retained locally.
  • Total investment in the network to date is approximately $105 million (initial $4 million from local banks, plus $101 million in additional private investment), at no cost or risk to taxpayers.
• The network uses an open-access model: multiple service providers compete on the shared infrastructure, driving affordability and choice. The presenters emphasized that this model functions as a fourth utility and is replicable in other communities.
• Board members asked about challenges (e.g., difficulty and long timeline), the role of local banks, integration with new development, geographic coverage, and financial sustainability. Sid Boswell noted the network reached profitability in 2019, was impacted by COVID, but now adds about 1,600 customers per year and forecasts a 40% take rate to achieve full debt service. The city, school district, and county were critical anchor tenants.

Special Presentation: Explaining the Land Trust Model for Affordable Housing

• Rick Simpkins (HRDC) presented on the community land trust (CLT) model, which separates ownership of land (held by a nonprofit or government) from ownership of the home (sold to a private individual at a restricted price). The lease ensures permanent affordability through resale restrictions.
• HRDC has developed several CLT projects in the region, including the West Babcock CLT (25 homes, 1994), Willow Springs (24 townhomes, 2021), and Bridge View (62 homes, mixed-income). A case study comparing a CLT home, a market-rate home, and a rental over three years illustrated that the CLT home provided stable monthly costs ($1,300 vs. $2,300 for market-rate) and modest equity buildup, while the rental saw rents rise from $1,600 to $3,100.
• Key points: CLTs require a one-time subsidy that creates permanent affordability; ongoing stewardship (resales, compliance, homeowner support) is essential. The homes are typically priced 30% below market and serve the “missing middle” (80–120% of area median income).
• Board members asked about inheritance (allowed, subject to income eligibility), lease terms (75 or 99 years, renewable), buyer screening, and rental restrictions. A representative from the Headwaters Community Housing Trust added that CLTs become increasingly affordable relative to the market over time due to capped appreciation (2% per year).

Discussion Items

• Engagement Framework Update: Staff liaison Brit Fontenot reported that the city is relaunching its “Engaged Bozeman” public engagement framework. A survey is open until May 18 (despite an earlier June 15 date noted in materials); the board was encouraged to participate.
• Summer Meeting Schedule: The board agreed to cancel the July 2026 meeting due to multiple members’ conflicts. The June meeting will include a formal motion to cancel the July meeting. The board will next meet in August.

Key Outcomes

• Approved four sets of meeting minutes as amended.
• Received and discussed the Yellowstone Fiber economic impact report; the board expressed appreciation for the project and its community benefits.
• Received and discussed the land trust presentation; the board acknowledged the importance of CLTs in the city’s evolving affordable housing strategy, particularly for for-sale homes.
• Noted the engagement survey deadline and planned to cancel the July meeting.

Meeting adjourned at 7:26 p.m.