SUBJECT:
Title
A Resolution of the Town Council of the Town of Erie Approving a Reimbursement Agreement with the Town of Erie Urban Renewal Authority for the Colliers Hill Urban Renewal Plan Area
Body
DEPARTMENT: Economic Development/TOEURA
Public Works
Finance
Department
PRESENTER(S): Julian Jacquin, Director of Economic Development & TOEURA
David Pasic, Director of Public Works
Lockie Woods, URA Development & Accounting Analyst
First Name Last Name, Title
TIME ESTIMATE: N/A
only required for non-consent items
FISCAL SUMMARY:
If approved, the Town will receive $298,251 in reimbursement from the Town of Erie Urban Renewal Authority (TOEURA) for costs incurred to fund eligible costs of design for the Old Town Colliers Hill Pedestrian Bridge, and improvements to the traffic signal at County Road 5 and Colliers Parkway, in the Colliers Hill URA Plan Area.
POLICY ISSUES:
Whether to support the request for TOEURA to reimburse the Town with available fund balance generated by property tax increment in the Colliers Hill URA Plan Area to support eligible costs of design for the Old Town Colliers Hill Pedestrian Bridge, and improvements to the traffic signal at County Road 5 and Colliers Parkway.
STAFF RECOMMENDATION:
Recommendation
Approve the Reimbursement Agreement.
End
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
The Daybreak/Area 4 URA Plan Area ("Colliers Hill") was approved on Sept. 10, 2013, to eliminate blight and support eligible public improvement costs to assist the development of the Colliers Hill neighborhood. Intergovernmental Agreements (IGA's) approved with the underlying taxing districts establish eligible uses of property tax increment (TIF) funds captured by the Town of Erie Urban Renewal Authority (TOEURA) for this area, including both the pedestrian bridge connecting Colliers Hill to Historic Old Town, and transportation/traffic improvements on WCR-5. C.R.S. ? 29-1-203 of the Colorado Urban Renewal Law authorizes the Town ...
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