SUBJECT:
Title
Presentation of Draft Planning Documents for Proposed Erie Town Center URA Plan Area
Body
DEPARTMENT: Economic Development/TOEURA
Department
PRESENTER(S): Julian Jacquin, Director of Economic Development & TOEURA
Andy Arnold, Pioneer Development Company
First Name Last Name, Title
TIME ESTIMATE: 30 minutes
only required for non-consent items
FISCAL SUMMARY: N/A
POLICY ISSUES:
To support the overall strategy of considering the use of tax increment financing (TIF) assistance to aid the Town of Erie's development partner, Evergreen Devco, to mitigate blighting conditions found at the site (such as the abandoned underground coal mines), support overall site improvement costs and help Evergreen to create the type and place of development desired by the Town and Evergreen, subject to negotiated revenue sharing agreements with the underlying taxing jurisdictions, and eventual approval by Town Council.
STAFF RECOMMENDATION:
Recommendation
Consider staff's presentation and discussion of the proposed strategy for forming a new urban renewal area and plan for the Town-owned Erie Town Center site with Town's development partner, Evergreen Devco.
End
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
On Oct. 8, the Erie Town Council approved a Disposition and Development Agreement (the "DDA"), which formalizes the terms under which the Town may sell the site at the northwest corner of Erie Parkway and E. County Line Road to its preferred development partner, Evergreen Devco. Evergreen is the developer chosen by the Town Council to develop a new anchor grocery, hotel, civic use, other retail and commercial uses, and affordable housing on the site. Section 10.a. of the DDA ("Urban Renewal") specifies that Evergreen shall "determine whether this development will require the Town Council to consider a new urban renewal plan for the Property pursuant to the Colorado Urban Renewal Law", and if necessary, the "Town agrees to fund the costs associated with ...
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