SUBJECT:
Title
PUBLIC HEARING: A Resolution of the Town Council of the Town of Erie Approving the Erie Gateway Phase 1 Urban Renewal Plan, Finding that the Erie Gateway Phase 1 Urban Renewal Area is a Blighted Area, Designating Such Area as appropriate for an Urban Renewal Project pursuant to the Erie Gateway Phase 1 Urban Renewal Plan, and Finding that the Clearance, Rehabilitation, Conservation, Development, Redevelopment or a Combination thereof of Such Area is Necessary in the Interest of the Public Health, Safety, and Welfare of the residents of the Town
Body
DEPARTMENT: Economic Development/TOEURA
Department
PRESENTER(S): Julian Jacquin, Director of Economic Development & TOEURA
Malcolm Fleming, Town Manager/TOEURA Executive Director
First Name Last Name, Title
TIME ESTIMATE: 60 minutes
only required for non-consent items
FISCAL SUMMARY:
In total, based on the Phase 1 Plan and Impact Report, future development in this area could generate up to $180 million in property tax and sales tax increment (TIF) over 25 years which may be used to remediate blighting conditions and extend necessary infrastructure to support this area. This amount includes up to $23 million in property tax increment, and up to $19 million in sales tax increment, projected to be generated in the Phase 1 Plan Area and that would otherwise go to the Town during the 25-year period the URA is active. Sharing revenue with the URA in this manner anticipates that doing so to remediate blighting conditions will stimulate development to happen earlier than would otherwise occur and the new development will generate new property and sales tax revenue that eventually offsets the revenue shared with the URA.
POLICY ISSUES:
The policy issue is whether to formally approve the new Erie Gateway Phase 1 Urban Renewal Plan, designating this as a new Tax Increment Financing (TIF) area, providing property tax and sales tax increment we expect to be generated by future development in th...
Click here for full text