SUBJECT:
Title
Update on I-25 Erie Gateway Entitlement, Financing, and Infrastructure Planning
Body
DEPARTMENT: Planning & Development
Department
PRESENTER(S): Sarah Nurmela, Planning & Development Director
First Name Last Name, Title
TIME ESTIMATE: 45 minutes
only required for non-consent items
STAFF RECOMMENDATION:
Recommendation
Informational item; no staff recommendation.
End
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
Planning Update
In July 2022, Town staff initiated an intensive planning process for the I-25 Erie Gateway site to articulate the Town’s vision with a Planned Development (PD) district. The planning area of the PD includes the southern 640-acre footprint of Erie Gateway, between Weld County Road 10 and Erie Parkway to the north and south, and Weld County Road 7 and I-25 to the west and east. The larger footprint of the planning area ensures the land uses, streets, parks, and open space connections are consistent with the Town’s vision, Transportation and Mobility Plan, and Parks & Recreation Master Plan, among others. The continuity of these elements is essential to address at the larger scale in order to set the stage for holistic, connected development in the future.
Once completed, the PD district will be applied to the 253-acre Town-owned property, which is currently the only property annexed within the overall planning area. Other property owners within the planning area may choose to annex into the Town and include their properties in the Town’s current entitlement process or may apply the PD at any time if they should choose to develop in the future.
Property owners within and adjacent to the Gateway PD planning area continue to be included in the planning process. In September 2022, the Town’s project team began meeting individually with property owners to confirm an overall vision, talk about future development opportunities, and discuss opportunities to participate in an Urban Renewal Plan Area (URA) the Town is considering for this location. Staff hosted an informational meeting with planning area property owners on Sept. 14, 2022, followed by outreach with individual owners by the project team. A second broader informational meeting was held on Oct. 5, 2023, to share the draft plan and land uses for the area. Following this meeting, a second round of individual meetings were conducted, along with follow-up communication. Nearly every property owner within the study area has engaged in discussions. Several property owners are currently considering annexation into the Town in conjunction with the Town’s Gateway PD entitlement process. These sites would either be zoned directly with the PD district or may choose to zone to Agricultural (Ag) Holding, with a future rezoning to the PD.
In addition to on-site property owners, staff are working with existing property owners in the surrounding area, including residents in Carlson Estates to the west, and owners of larger properties including North Station/CDG to the north and North Westerly/Southern Land to the west. This outreach includes community and individual conversations and will continue with an update to both on-site and surrounding property owners in early 2024 with a discussion of Weld County Roads 7 and 10. The project team is conducting a more detailed analysis of traffic flow and will be looking to surrounding community members to weigh in on potential design considerations, particularly for portions of the roads where right-of-way is limited. This meeting is anticipated for this spring.
Finally, Town staff are now reviewing a final internal draft of the PD, which includes a regulating plan and standards for development. The attached presentation includes graphics showing both the current draft of the regulating plan for the full planning area, and for just the Town’s property. Staff anticipates bringing the completed PD for consideration by the Planning Commission and Town Council in early 2024.
Development Update
The Town continues to work with Hines, a global real estate and development firm, to partner with the Town on development of the Town-owned property. The Town worked with Hines in early 2023 to develop a program plan consistent with the Town’s vision that serves as the basis for continued negotiations with the Hines team. In December 2023, the Town Council approved a new Exclusive Negotiation Agreement (ENA) with Hines, extending terms for another 12-18 months, allowing the Town and Hines to complete the PD for the Town property, consider a new URA for this area, and negotiate a new Letter of Intent (LOI) and Purchase and Sale Agreement (PSA) for the eventual conveyance of Town-owned property at this location. The project team intends to bring a draft LOI to the Town Council in Executive Session in early 2024.
URA & Infrastructure Financing Update
In addition to the visioning and land planning activities that are underway, Economic Development staff are also working to complete the actions needed to consider a new URA for the larger I-25 Erie Gateway project area. This includes conducting an updated conditions survey to determine if specific properties can be included in the plan being prepared and establishing financial impact reports for each of the impacted taxing entities. A separate consultant, Pioneer Development Company (PDC), is completing field work and recording data in the area and will be presenting their findings to the TOEURA Board of Commissioners in early 2024.
Staff from the project team will be available at the meeting to provide more in-depth information on the planning process and share conceptual information being developed. At a future date, staff will ask the Town Council to consider applications for annexation and zoning or rezonings. Again, however, this status update is for background only to ensure the TOEURA Board and Town Council stay informed of this important project.
COUNCIL PRIORITY(S) ADDRESSED:
ü Attractive Community Amenities
ü Engaged and Diverse Community
ü Prosperous Economy
ü Well-Maintained Transportation Infrastructure
ü Safe and Healthy Community
ü Effective Governance
ATTACHMENT(S):
1. Presentation