SUBJECT:
Title
PUBLIC HEARING: A Resolution of the Town Council of the Town of Erie Approving the Erie Town Center Urban Renewal Plan, Finding that the Erie Town Center Urban Renewal Area is a Blighted Area, Designating Such Area as appropriate for an Urban Renewal Project pursuant to the Erie Town Center Urban Renewal Plan, and Finding that the Clearance, Rehabilitation, Conservation, Development, Redevelopment or a Combination thereof of Such Area is Necessary in the Interest of the Public Health, Safety, Morals and Welfare of the Citizens of the Town
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
TIME ESTIMATE: 30 minutes
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Fiscal
FISCAL SUMMARY:
The development program contained in the Erie Town Center Urban Renewal Plan is projected to generate approximately $22.9 million in property tax and sales tax increment over 25 years.
Policy
POLICY ISSUES:
The policy issue is whether to formally approve the new Erie Town Center Urban Renewal Plan. Approval of the Plan means designating this as a new Tax Increment Financing (TIF) area, providing property tax and sales tax increment we expect to be generated by future development in the proposed Erie Town Center Plan Area boundary, to remediate blighting conditions and facilitate the development of this 20-acre Town-owned site at Erie Town Center. Staff anticipate that remediating the blighting conditions (conditions created by historical mining activity in this area, existing irrigation ditch, lack of off-site utilities, and other conditions) will stimulate development, including a new grocer, retail, restaurant, hotel, civic, multi-family and affordable housing opportunities, to happen earlier than would otherwise occur, and in this case happen at all, because until the undermining is mitigated, no development activity can happen. This action...
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