SUBJECT:
Title
A Resolution of the Board of Commissioners of the Town of Erie Urban Renewal Authority Approving the Amended Town of Erie Revitalization Incentive Grant Program
Department
DEPARTMENT: Economic Development
Presenter
PRESENTER(S): Stephanie Pitts-Nagus, Economic Development Manager
Time
TIME ESTIMATE: 30 minutes
end
For time estimate: please put 0 for Consent items.
Fiscal
FISCAL SUMMARY:
The 2025 Budget includes $100,000 from the Old Town URA Fund for the Revitalization Incentive Grant Program.
Policy
POLICY ISSUES:
The policy issue is whether to change the grant format increasing the direct impacts for downtown business owners, while also streamlining the administrative process.
Recommendation
STAFF RECOMMENDATION:
Approve the Amendments to the Revitalization Incentive Grant Program.
Body
SUMMARY/KEY POINTS
* Improve the ease of scoring the applications by making changes to the scoring matrices and guidelines for both grants, including:
* Scoring the amount of private investment relative to the matching grant amount more reflective of the projects we've seen proposed;
* Making the "public benefit" section, which includes both visual impact and community impact, worth more and allow for greater flexibility for the TOEURA committee to determine the nature of this impact;
* Removing points awarded to businesses operating in "target industry clusters," as the selected clusters are not reflective of the business types Erie residents want to see located Downtown.
* Increase the maximum match available for the Business Siting and Expansion grant from 10:1 to 4:1 to keep pace with inflation and rising labor costs, and stimulate interest among Erie's business community.
* Make significant changes to the eligibility requirements for the Business Siting and Expansion grants so that these grants can serve as an attraction tool for new businesses to locate Downtown, stimulate more significant private investment, and better serve th...
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