SUBJECT:
Title
A Resolution of the Town Council of the Town of Erie Approving a Joint Funding Agreement for the Xcel Off-site Distribution Line Extension
Body
DEPARTMENT: Economic Development
Planning & Development
Public Works
Department
PRESENTER(S): Malcolm Fleming, Town Manager
Patrick Hammer, Deputy Town Manager
First Name Last Name, Title
TIME ESTIMATE: N/A
only required for non-consent items
FISCAL SUMMARY:
Cost as Recommended: $411,418.96
Balance Available: $0
Budget Line Item Number: 110-22-910-605000-252202
New Appropriation Required: Yes
POLICY ISSUES:
The policy issue is whether the Town, as one of property owners in Town Center, should contribute to the shared cost for Xcel Energy to construct an electrical line "reinforcement" to provide electrical capacity to support the private and public development projects at this location. Without this agreement, and the Town's contribution, Xcel does not have sufficient capacity to serve Erie Town Center. If approved, the Town will recoup its investment through reimbursements in future development agreements with Evergreen (for the Town-owned property) and Tebo (or the eventual developer for this site).
STAFF RECOMMENDATION:
Recommendation
Approve the Joint Funding Agreement.
End
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
The Erie Town Center includes approximately 145 acres and five key sites at the intersection of Erie Parkway and E. County Line Road, with five owners, including Erie Four Corners (now subdivided to include Erie Four Corners, Toll Brothers and FDG/Forum), the Town of Erie (with Evergreen Devco), Ranchwood, Tebo Properties, and Erie Commons (developed by CDG).
Xcel Energy provides electrical power to four of the five properties west of County Line Rd. (excluding Erie Commons, served by United Power). Pursuant to the Town Center Plan and PD, both Erie Four Corners and Ranchwood completed necessary site plans, plats, and development agreements and ...
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