SUBJECT:
Title
A Resolution of the Board of Commissioners of the Town of Erie Urban Renewal Authority Approving Intergovernmental Agreements for Tax Increment Revenue Sharing Between the Town of Erie Urban Renewal Authority and Various Taxing Jurisdictions
Body
DEPARTMENT: Economic Development/TOEURA
Department
PRESENTER(S): Julian Jacquin, Economic Development Director
Malcolm Fleming, Town Manager, TOEURA Executive Director
First Name Last Name, Title
TIME ESTIMATE: 5 minutes
only required for non-consent items
FISCAL SUMMARY: N/A
POLICY ISSUES:
The policy issue is whether to accept the terms for tax increment revenue sharing adopted by the governing boards for the remaining two impacted taxing jurisdictions in the proposed Phase 1 Plan Area boundary, thus completing negotiations with all nine impacted taxing jurisdictions. Approval will allow TOEURA to fully execute the Intergovernmental Agreements, so the Town Council can then hold public hearing(s) and consider adoption of the new Plan Area.
STAFF RECOMMENDATION:
Recommendation
Approve the Intergovernmental Agreements for tax increment revenue sharing with the various taxing jurisdictions.
End
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
On Feb. 26, Town staff provided mailed notice to the impacted taxing entities within the proposed Phase 1 Urban Renewal Plan Area (URA) boundary, including the Town, Weld County, St. Vrain Valley School District, Mountain View Fire Protection District, Frederick-Firestone Fire District, High Plains Library District, Northern Colorado Water, the Summerfield Metropolitan Districts, and the North Station Metropolitan Districts. Per Colorado Urban Renewal Law, this mailed notice initiated a 120-day negotiation period for the Town of Erie Urban Renewal Authority (TOEURA) to agree upon tax increment revenue sharing with each entity, prior to holding public hearings and requesting the Town Council to adopt the new Plan Area.
Town staff then presented three dr...
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