SUBJECT:
Title
A Resolution of the Board of Commissioners of the Town of Erie Urban Renewal Authority Approving a First Amendment to the Pledge Agreement with the Nine Mile Metropolitan District and the Associated Omnibus Certificate
Department
DEPARTMENT: Economic Development
Presenter
PRESENTER(S): Julian Jacquin, Director of Economic Development & TOEURA
Malcolm Fleming, Town Manager/TOEURA Executive Director
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Time
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Fiscal
FISCAL SUMMARY:
Approval of Resolution 25-037 allows the Nine Mile Metropolitan District (NMMD) to refinance its 2020 bonds for public improvements at Nine Mile Corner in the Highway 287 URA Plan Area, in alignment with the Nine Mile DDA. TOEURA and the Town Council approved the 11th Amendment to the Nine Mile DDA on April 22, 2025, increasing the maximum TIF cap from $12.8M to $13.2M. The NMMD must now amend their pledge agreement to refinance their bonds to access the additional $400,000 in the project fund to pay for eligible public improvements. There is no fiscal impact to the Town or the URA from the refinancing; this refinancing allows the Metro District to access the $400K today to repay Evergreen for their public improvement costs. This does not change the amount of TIF the Metro District is entitled to nor the timeline for paying the Metro District the full amount of TIF.
Policy
POLICY ISSUES:
The policy issue is whether to support the NMMD's request to refinance their bonds to access additional funds to pay for necessary public improvements at the Nine Mile Corner retail center, as approved by the 11th Amendment to the Nine Mile DDA.
Recommendation
STAFF RECOMMENDATION:
Approve Resolution 25-037.
Body
SUMMARY/KEY POINTS
* Amends the Pledge Agreement between TOEURA and the NMMD to raise the TIF cap to $13.2M and sets a 1% administrative fee to TOEURA.
* Allows TOEURA to provide more TIF revenues to ...
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