SUBJECT:
Title
Update for Proposed I-25 Erie Gateway URA
Body
DEPARTMENT: Economic Development
Responsible Department
PRESENTER(S): Julian Jacquin, Economic Development Director
Andrew Arnold, Pioneer Development Company
First Name, Last Name, Title
TIME ESTIMATE: 60 minutes
only required for non-consent items
POLICY ISSUES:
The key policy decision is to determine whether to proceed with one large urban renewal plan area, or multiple smaller plan areas.
STAFF RECOMMENDATION:
Recommendation
Presentation and discussion of strategy for forming new urban renewal plan area(s) for the I-25 Erie Gateway development site.
End
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
On Aug. 16, 2022, the Town of Erie retained Short Elliot Hendrickson Inc. (SEH) to produce a Conditions Survey, Impact Report, and Urban Renewal Plan for I-25 Erie Gateway, ultimately to work with the impacted taxing entities to create a new urban renewal plan area(s) for this development site. Inclusion in a new urban renewal plan area (URA) provides a public financing mechanism to extend necessary infrastructure services, eliminate and prevent conditions of blight, attract private investment, and utilize underdeveloped land to support the development and redevelopment of this primary focus area in Erie.
At the May 9 meeting of the TOEURA Board of Commissioners, the Town’s hired consultant will present these three draft documents for information purposes only. This presentation is not a public hearing and does not trigger 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 Gateway Impact Report 4.28.2023” for total tax increment financing (TIF) revenue available to be generated over 25 years is an estimated total calculated using approximate density and floor area ratio (FAR) assumptions prepared internally by Town staff, and 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). Revenue sharing required by impacted taxing entities will be negotiated and approved via an Intergovernmental Agreement (IGA) prior to approving the new URA.
As the documents are written, the study area for a new URA consists of 92 parcels on 2,271 acres. Most of the property is currently annexed into the Town of Erie, but some property is still located in unincorporated Weld County. Further, the documents examine this site for one single URA plan area, but there are several reasons to consider separating it into separate smaller plan areas. On May 9, Town staff will request direction from the TOEURA Board of Commissioners for proceeding with either one large plan area or multiple smaller plan areas.
With that direction, Town staff will update the planning documents and schedule a public hearing by the TOEURA Board of Commissioners to present the updated plan. Simultaneously, Town staff will begin meeting with the impacted taxing entities to reach agreement on tax revenue sharing, required to be completed before the Town Board of Trustees may adopt the new plan(s).
BOARD PRIORITY(S) ADDRESSED:
ü Attractive Community Amenities
ü Prosperous Economy
ü Well-Maintained Transportation Infrastructure
ü Effective Governance
ü Fiscally Responsible
ATTACHMENTS:
1. Presentation
2. Erie Gateway Conditions Survey 11.18.2022
3. Erie Gateway Urban Renewal Plan 3.11.2023
4. Erie Gateway Impact Report 4.28.2023