SUBJECT:
Title
A Resolution to the Board of Commissioners of the Town of Erie Urban Renewal Authority Approving Amendments to the Revitalization Incentive Grant Program
Body
DEPARTMENT: Economic Development
PRESENTER(S): Stephanie Pitts-Noggle, Economic Development Manager
TIME ESTIMATE: 30 minutes
only required for non-consent items
FISCAL SUMMARY: N/A
POLICY ISSUES:
Approving the amendments to the Revitalization Incentive Grant Program will help make the grant requirements clearer and more appealing for business owners, and better streamline the administrative process.
STAFF RECOMMENDATION:
Recommendation
Approve the amendments to the Revitalization Incentive Grant Program.
End
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
On November 12, 2013, the Town of Erie Urban Renewal Authority (TOEURA) Board of Commissioners established the Historic Old Town Erie Urban Renewal Plan Area (“Old Town URA”), with the goal of reducing, eliminating, and preventing blight within the Plan Area by stimulating growth through private investment within its boundaries.
On June 23, 2020, TOEURA adopted its Incentive Policy, utilizing tax increment financing funds generated in the Historic Old Town Erie Urban Renewal Plan Area to address the aforementioned goal of reducing blight within the Old Town URA. In accordance with this Policy, on October 27, 2020, TOEURA approved the creation of the Revitalization Incentive Grant Program (also referred to as the “Downtown Revitalization Grant Program”) with grants available in two categories: (1) Historic Building Improvements and (2) Business Siting and Expansion. The former provides matching funds to businesses within Old Town which invest in visual and environmental improvements to the exteriors of their buildings visible from public rights-of-way; the latter helps to reduce area vacancies by providing grant funds to facilitate the siting and expansion of businesses within the Old Town URA. To date, five rounds of grant funding have been issued to 12 businesses.
To maintain the grant program's accessibility and relevancy to Old Town businesses, the Economic Development Department presented a list of recommended changes and updates to the program at the TOEURA Board of Commissioners meeting on July 11, 2023. The goal of these changes was threefold:
(1) update the language in the grant program to reflect recent changes to the Erie Green Business Program (now known as the Colorado Green Business Network of Erie);
(2) increase the maximum match available for the Historic Building Improvements grant to keep pace with inflation and rising labor costs; and,
(3) streamline the grant administration process so award notification, reimbursement, and, if needed, deadline extensions can proceed at a faster pace.
The proposed amendments to the program will help the Town accomplish these goals.
BOARD PRIORITY(S) ADDRESSED:
ü Attractive Community Amenities
ü Prosperous Economy
ü Small Town Feel
ü Effective Governance
ü Environmentally Sustainable
ü Fiscally Responsible
ATTACHMENT(s):
1. Resolution 23-007
2. Amendment to the Revitalization Incentive Grant Program
3. Amendment to the Revitalization Incentive Grant Program REDLINE
4. Staff Presentation