SUBJECT:
Title
A Resolution of the Board of Commissioners of the Town of Erie Urban Renewal Authority Approving the Eleventh Amendment to the Disposition and Development Agreement with the Town of Erie and Evergreen-287 & Arapahoe, LLC
Body
DEPARTMENT: Economic Development/TOEURA
Department
PRESENTER(S): Julian Jacquin, Director of Economic Development & TOEURA
Malcolm Fleming, Town Manager/TOEURA Executive Director
First Name Last Name, Title
TIME ESTIMATE: 5 minutes
only required for non-consent items
FISCAL SUMMARY:
Approving the 11th Amendment increases the maximum Tax Increment Cap established in the Disposition and Development Agreement (DDA) from $12.8 million to $13.2 million, an increase of $400,000, to reflect Evergreen's unexpected cost overages for public stormwater improvements, above and beyond those available from the Nine Mile Metropolitan District (NMMD). The Amendment also includes a new 1% administrative fee to be collected by the Town of Erie Urban Renewal Authority (TOEURA) to cover TOEURA's administrative costs in collecting and remitting funds to NMMD, and to repay TOEURA's existing negative balance.
POLICY ISSUES:
This item has minimal policy implications.
STAFF RECOMMENDATION:
Recommendation
Approve the 11th Amendment to the Disposition and Development Agreement.
End
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
The Town of Erie Urban Renewal Authority, the Town of Erie, and Evergreen 287 & Arapahoe LLC entered into a Disposition and Development Agreement for the Nine Mile Corner development dated March 22, 2016. Since the inception there have been ten amendments, most recently on March 26, 2024. With the 8th amendment, the Tax Increment Cap defined in the 6th amendment was increased from $10.8 million to $12.8 million. The proposed 11th amendment would increase the cap, once again, from $12.8 million to $13.2 million, and include a new 1% administrative fee on the incremental property tax revenues received by TOEURA t...
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