SUBJECT:
Title
A Resolution of the Town Council of the Town of Erie Approving a Second Amendment to the Tax Increment Revenue Agreement with the Town of Erie Urban Renewal Authority for the Erie Town Center Urban Renewal Plan
Department
DEPARTMENT: Economic Development
Presenter
PRESENTER(S): Julian Jacquin, Director of Economic Development & TOEURA
Lockie Woods, URA Development & Accounting Analyst
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Time
TIME ESTIMATE: 0 minutes
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For time estimate: please put 0 for Consent items.
Fiscal
FISCAL SUMMARY:
No fiscal impact. The Second Amendment makes an administrative correction to definitions within the existing Tax Increment Revenue Agreement. The amendment clarifies that both property tax increment and sales tax increment are deposited into the Authority's Special Fund and may be used to pay Eligible Costs, consistent with prior Council approvals.
Policy
POLICY ISSUES:
The policy issue is whether to approve an administrative amendment correcting definitions within the existing Tax Increment Revenue Agreement. The original agreement and First Amendment contemplated the use of both property tax and sales tax increment to fund eligible urban renewal costs. The Second Amendment clarifies the definitions of "Eligible Costs" and "Special Fund" to ensure the agreement text reflects that intent and aligns with the Urban Renewal Law.
Recommendation
STAFF RECOMMENDATION:
Approve the Second Amendment.
Body
SUMMARY/KEY POINTS
* This is an administrative amendment correcting definitions in the existing TIF Agreement.
* Clarifies that both property tax increment and sales tax increment may be used to pay Eligible Costs.
* Confirms that both revenue sources are deposited into the URA Special Fund
BACKGROUND OF SUBJECT MATTER:
On Feb. 25, 2025, the Town and the Urban Renewal Authority entered into a Tax Increment Revenue Agreement for the Erie Town Center Urban Renewal Plan. The Parties approved a First Amendment on July 8, 2025, adjust...
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