SUBJECT:
Title
A Resolution of the Board of Trustees of the Town of Erie Approving a Purchase and Sale Agreement with Regency Realty Group, Inc., for the Purchase of Approximately 19.41 Acres of Vacant Land in the Erie Town Center Area
Body
DEPARTMENT: Administration and Economic Development
PRESENTERS: Malcolm Fleming, Town Administrator
Julian Jacquin, Economic Development Director
TIME ESTIMATE: 15 minutes
only required for non-consent items
FISCAL SUMMARY:
Cost as Recommended: $4,000,000 plus additional costs for legal and due diligence
Balance Available: $4,000,000 (General Fund Reserves)
New Appropriation Required: Yes
STAFF RECOMMENDATION:
Recommendation
Approve the Resolution
End
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
Regency Realty Group Inc. (Regency), which owns the 19.41-acre parcel at the NW corner of Erie Parkway and County Line Road, participated in the Town Center design charrette and made positive statements about the Town Center PD adopted by the Board. Other developers in the Town Center, including Ranchwood, Four Corners LLC, and CDG either have development plans in the Town's development review process or have secured permit approvals and have infrastructure under construction on their sites. However, due to other priorities Regency has not actively pursued developing their parcel.
The Town Center PD provides for a grocery store, hotel and civic uses as anchors on the Regency parcel. These uses will support and stimulate development of the entire Town Center. For these reasons, Town staff has been actively working with Regency for over two years to influence development on that site. Early in 2021, representatives from Regency suggested they would be open to an offer from the Town to purchase their property. After discussing strategy regarding this matter in executive session on March 23, 2021, and based on Board direction, the Town engaged consultants to complete a site-specific market analysis, land val...
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