SUBJECT:
Title
A Resolution of the Board of Commissioners of the Town of Erie Urban Renewal Approving the First Amendment to the Agreement with Rearview Mirror Concepts, LLC
Department
DEPARTMENT: Economic Development
Presenter
PRESENTER(S): Stephanie Pitts-Nagus, Economic Development Manager
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Time
TIME ESTIMATE: 20 minutes
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For time estimate: please put 0 for Consent items.
Fiscal
FISCAL SUMMARY:
Cost as Recommended: $200,000
Balance Available: $0
Fund Urban Renewal Authority
Line Item Number: 800-90-872-576000-000000
New Appropriation Required: Yes, in a supplemental appropriation
Policy
POLICY ISSUES:
The URA must approve amendments to previously approved agreements.
Recommendation
STAFF RECOMMENDATION:
Approve the First Amendment to the Reimbursement Agreement with Rearview Mirror Concepts, LLC, increasing the maximum reimbursement amount and adding a lump sum payment provision to address unforeseen site remediation caused by bad soils. This will require a supplemental appropriation, which must be approved or the funds will not be available.
Body
SUMMARY/KEY POINTS
* The amendment increases the total TIF reimbursement cap for the Wells & Kattell redevelopment project from $1.9 million to $2.22 million due to unforeseen bad soils conditions impacting site development feasibility.
* The amendment includes a $200,000 upfront lumpsum payment to assist with immediate site remediation and preparation costs, with an additional $120,000 added to the back-end TIF reimbursement structure.
* Following repayment of the Town's original land acquisition cost, the sales tax increment sharing structure will adjust from 60/40 to 50/50 to improve the likelihood of full reimbursement prior to URA sunset in 2038.
BACKGROUND OF SUBJECT MATTER:
On Dec. 9, 2025, the Town of Erie Urban Renewal Authority (TOEURA) entered into a Disposition, Development and Reimbursement Agreement with Rearview Mirror Concepts (RMC) for the developme...
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