SUBJECT:
Title
A Resolution of the Board of Commissioners of the Town of Erie Urban Renewal Authority Approving a First Amendment to the Reimbursement Agreement with Bourbon on Briggs, LLC
Body
DEPARTMENT: Economic Development/TOEURA
Department
PRESENTER(S): Julian Jacquin, Director of Economic Development & TOEURA
Ronda Grassi, Bourbon on Briggs, LLC
First Name Last Name, Title
TIME ESTIMATE: N/A
only required for non-consent items
FISCAL SUMMARY:
The First Amendment to the Reimbursement Agreement increases the amount of tax increment financing (TIF) assistance to support the expansion of Lucile's Creole Caf? in Downtown Erie, from $200,000 to $240,000, an increase of $40,000 in gross property tax and sales tax increment generated by the project over the next 10 years (exp. Dec. 31, 2036), to support the financial gap demonstrated by Bourbon on Briggs and validated by the Town's consultants at Pioneer Development Company.
POLICY ISSUES:
To utilize TIF assistance to support the expansion of Lucile's Creole Caf? in Downtown Erie, and ongoing (re)development in the Historic Old Town URA, increasing property valuation and generating new property/sales tax increment to TOEURA.
STAFF RECOMMENDATION:
Recommendation
Approve the First Amendment to the Reimbursement Agreement.
End
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
On Dec. 10, the Town of Erie Urban Renewal Authority (TOEURA) and Bourbon on Briggs, LLC (the "Developer") entered into a Reimbursement Agreement, by which TOEURA agreed to reimburse Developer in an amount not to exceed $200,000 generated from gross property tax and sales tax increment generated by the expansion of Lucile's Creole Caf? in Downtown Erie, over the next 10 years (exp. Dec. 31, 2036), to support the financial gap demonstrated by the Developer and validated by the Town's consultants at Pioneer Development Company. More information regarding that item is available from the Dec. 10, 2024, TOEURA Meeting (agenda item #24-...
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