SUBJECT:
Title
Update on I-25 Erie Gateway Phase 1 URA
Body
DEPARTMENT: Economic Development
Department
PRESENTER(S): Julian Jacquin, Economic Development Director
Andrew Arnold, Pioneer Development Company
First Name Last Name, Title
TIME ESTIMATE: 45 minutes
only required for non-consent items
POLICY ISSUES:
The key policy decision is whether to support Town staff's strategy for an updated Phase 1 Plan Area boundary and timeline for potential adoption.
STAFF RECOMMENDATION:
Recommendation
Presentation and discussion of strategy for forming new urban renewal plan area for Phase 1 of the I-25 Erie Gateway development site.
End
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
On May 9, 2023, the Town's hired consultant (Pioneer Development Company) presented three draft documents required to create a new urban renewal plan area(s) for the I-25 Erie Gateway development site. The study area examined for these documents consisted of 92 parcels on 2,271 acres, representing most of the Town's I-25 frontage and the I-25 Erie Gateway project area. Inclusion in a new urban renewal plan area (URA) provides a public financing mechanism to eliminate and prevent conditions of blight, extend necessary infrastructure services, attract private investment, and use underdeveloped land to support the development and redevelopment of this primary focus area in Erie.
At that meeting, the TOEURA Board of Commissioners directed Town staff to separate this larger project area into multiple smaller URA plan areas, intentionally to maximize the 25-year TIF clock provided by the Colorado Urban Renewal Law, and only activate new URA plan areas for those portions of I-25 Erie Gateway that may develop the soonest. Reflecting this direction, Pioneer Development Company has updated the three planning documents for a new, smaller, Phase 1 plan area boundary, representing the northernmost portion of I-25 Erie Gateway, and consisting of 536 parcels and 1,100 acres (roughly ha...
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