SUBJECT:
Title
A Resolution to the Board of Commissioners of the Town of Erie Urban Renewal Authority Approving Amendments to the Revitalization Incentive Grant Program
Body
DEPARTMENT: Economic Development
PRESENTER(S): Stephanie Pitts-Noggle, Economic Development Manager
TIME ESTIMATE: 30 minutes
only required for non-consent items
FISCAL SUMMARY: N/A
POLICY ISSUES:
Approving the amendments to the Revitalization Incentive Grant Program will help make the grant requirements clearer and more appealing for business owners, and better streamline the administrative process.
STAFF RECOMMENDATION:
Recommendation
Approve the amendments to the Revitalization Incentive Grant Program.
End
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
On November 12, 2013, the Town of Erie Urban Renewal Authority (TOEURA) Board of Commissioners established the Historic Old Town Erie Urban Renewal Plan Area ("Old Town URA"), with the goal of reducing, eliminating, and preventing blight within the Plan Area by stimulating growth through private investment within its boundaries.
On June 23, 2020, TOEURA adopted its Incentive Policy, utilizing tax increment financing funds generated in the Historic Old Town Erie Urban Renewal Plan Area to address the aforementioned goal of reducing blight within the Old Town URA. In accordance with this Policy, on October 27, 2020, TOEURA approved the creation of the Revitalization Incentive Grant Program (also referred to as the "Downtown Revitalization Grant Program") with grants available in two categories: (1) Historic Building Improvements and (2) Business Siting and Expansion. The former provides matching funds to businesses within Old Town which invest in visual and environmental improvements to the exteriors of their buildings visible from public rights-of-way; the latter helps to reduce area vacancies by providing grant funds to facilitate the siting and expansion of businesses within the Old Town URA. To date, five rounds of gr...
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