SUBJECT:
Title
A Resolution of the Board of Commissioners of the Town of Erie Urban Renewal Authority Approving Intergovernmental Agreements for Tax Increment Revenue Sharing Between the Town of Erie Urban Renewal Authority and Various Taxing Jurisdictions
Body
DEPARTMENT: Economic Development/TOEURA
Department
PRESENTER(S): Julian Jacquin, Economic Development Director
Malcolm Fleming, Town Manager, TOEURA Executive Director
First Name Last Name, Title
TIME ESTIMATE: 15 minutes
only required for non-consent items
FISCAL SUMMARY: N/A
POLICY ISSUES:
The policy issue is whether to accept the terms for tax increment revenue sharing adopted by the governing boards for seven of the nine impacted taxing jurisdictions in the proposed Phase 1 Plan Area boundary, to allow TOEURA to capture property tax and sales tax increment (TIF) generated by future development in this area to remediate blighting conditions and extend necessary infrastructure to facilitate the development of this key focus area in the I-25 Erie Gateway development corridor. Approval will allow TOEURA to fully execute the Intergovernmental Agreements, so the Town Council can then hold public hearing(s) and consider adoption of the new Plan Area.
STAFF RECOMMENDATION:
Recommendation
Approve the Intergovernmental Agreements for tax increment revenue sharing with the various taxing jurisdictions.
End
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
On Feb. 26, Town staff provided mailed notice to the impacted taxing entities within the proposed Phase 1 Urban Renewal Plan Area (URA) boundary, including the Town, Weld County, St. Vrain Valley School District, Mountain View Fire Protection District, Frederick-Firestone Fire District, High Plains Library District, Northern Colorado Water, the Summerfield Metropolitan Districts, and the North Station Metropolitan Districts. Per Colorado Urban Renewal Law, this mailed notice initiated a 120-day negotiation period for the Town of Erie Urban Renewa...
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