SUBJECT:
Title
Presentation of Draft Planning Documents for Proposed Erie Town Center URA Plan Area
Body
DEPARTMENT: Economic Development/TOEURA
Department
PRESENTER(S): Julian Jacquin, Director of Economic Development & TOEURA
Andy Arnold, Pioneer Development Company
First Name Last Name, Title
TIME ESTIMATE: 30 minutes
only required for non-consent items
FISCAL SUMMARY: N/A
POLICY ISSUES:
To support the overall strategy of considering the use of tax increment financing (TIF) assistance to aid the Town of Erie’s development partner, Evergreen Devco, to mitigate blighting conditions found at the site (such as the abandoned underground coal mines), support overall site improvement costs and help Evergreen to create the type and place of development desired by the Town and Evergreen, subject to negotiated revenue sharing agreements with the underlying taxing jurisdictions, and eventual approval by Town Council.
STAFF RECOMMENDATION:
Recommendation
Consider staff’s presentation and discussion of the proposed strategy for forming a new urban renewal area and plan for the Town-owned Erie Town Center site with Town’s development partner, Evergreen Devco.
End
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
On Oct. 8, the Erie Town Council approved a Disposition and Development Agreement (the “DDA”), which formalizes the terms under which the Town may sell the site at the northwest corner of Erie Parkway and E. County Line Road to its preferred development partner, Evergreen Devco. Evergreen is the developer chosen by the Town Council to develop a new anchor grocery, hotel, civic use, other retail and commercial uses, and affordable housing on the site. Section 10.a. of the DDA (“Urban Renewal”) specifies that Evergreen shall “determine whether this development will require the Town Council to consider a new urban renewal plan for the Property pursuant to the Colorado Urban Renewal Law”, and if necessary, the “Town agrees to fund the costs associated with creating the new urban renewal plan”.
Evergreen has since determined that the development will require a new urban renewal plan. Thereafter, the Town contracted with Pioneer Development Company (“PDC”) to prepare the three planning documents required to consider a new urban renewal plan for the Town-owned site at Erie Town Center. The study area examined for these documents is the single Town-owned property at the northwest corner of Erie Parkway and E. County Line Road, in the Erie Town Center Planned Development (PD), consisting of one parcel on approximately 20 acres. 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 support the development of this primary focus area in Erie.
PDC has completed the required planning documents, including the Conditions Survey, Plan Document and Impact Report, and will present all three documents to the TOEURA Board of Commissioners at the Dec. 10 meeting for information purposes only.
Additionally, Town staff has now mailed notices to the taxing entities impacted by this proposed Erie Town Center plan area boundary, triggering the 120-day negotiation period established in the Colorado Urban Renewal Law (C.R.S. 31-25-103) to reach agreement with the impacted taxing entities for tax revenue sharing. Please note that the figures provided in the “Erie Town Center URA Impact Report” for total tax increment financing (TIF) revenue available to be generated over 25 years is an estimated total. This estimate is calculated using approximate building square footage, housing density and floor area ratio (FA) assumptions prepared internally by Town staff using the Town Center PD and concept plans prepared by Evergreen and the Town. The estimates do not reflect any reductions in revenue resulting from required tax revenue sharing with the impacted taxing entities. This reflects a total number which may be available to be generated by TIF but does not reflect how much TIF revenue may be captured by the new urban renewal plan area (URA), or available to support Evergreen’s development costs for this site. Revenue sharing required by impacted taxing entities will be negotiated and approved via a separate Intergovernmental Agreement (IGA) with each taxing entity prior to approving the new URA.
On Dec. 10, Town staff are requesting support from the TOEURA Board of Commissioners to proceed with the Erie Town Center plan area boundary and continue negotiations with the impacted taxing entities to advance towards public hearing(s) and potential adoption by the Town Council. Included below is a draft proposed timeline of required actions to complete this process:
|
December 2024 |
- Mail notice to taxing entities for new Erie Town Center URA plan area. - Presentation of draft planning documents to TOEURA Board. |
|
April 2025 |
- 120-day deadline for negotiation of revenue sharing with taxing entities. - TOEURA to approve revenue sharing agreements with taxing entities. - Publish notice of public hearing and submit Plan to Planning Commission. |
|
May 2025 |
- Public Hearing - Potential adoption of new URA plan area by Town Council. |
COUNCIL PRIORITY(S) ADDRESSED:
ü Attractive Community Amenities
ü Prosperous Economy
ü Well-Maintained Transportation Infrastructure
ü Effective Governance
ü Fiscally Responsible
ATTACHMENT(S):
1. Presentation
2. Erie Town Center URA Conditions Survey 12.04.2024
3. Erie Town Center URA Urban Renewal Plan 11.25.2024
4. Erie Town Center URA Impact Report 11.24.2024