Subject:
Title
A Resolution of the Board of Commissioners of the Town of Erie Urban Renewal Authority Approving a Reimbursement Agreement with Bourbon on Briggs, LLC
Body
Department: Economic Development
Presenter(s): Lucas Workman, Economic Development Manager
Time Estimate: 15 minutes
only required for non-consent items
Fiscal Summary:
Cost as Recommended: $50,000
Balance Available: $100,000
Budget Line Item Number: 800-90-872-576000-000000
New Appropriation Required: No
Staff Recommendation:
Recommendation
Approve the resolution authorizing award of $50,000 for the Revitalization Incentive Grant to Bourbon on Briggs LLC.
End
Summary and Background of Subject Matter:
The Economic Development Department has concluded its third round of the Downtown Revitalization Incentive Grant program. The application deadline was February 4th, 2022. The Economic Development Department received five applications totaling a requested amount of $120,000. The Town of Erie Urban Renewal Authority budgeted $100,000 for Revitalization Incentive Grants in 2022, intended to be distributed in two rounds of $50,000 each.
The Review Committee, comprised of members from the Economic Development Department, Downtown Erie Business Association, Erie Economic Development Council and the Erie Chamber of Commerce, met on February 15th, 2022 to review the five applications. The Review Committee recommends awarding Bourbon on Briggs LLC for a total grant amount of $50,000 in this first round of 2022. The Review Committee believes this project will yield the highest return on the Town's investment in terms of new jobs created, activation of commercial space, encouraging private investment as well as facade improvements for the public benefit.
Fiscal Impact: $50,000
Board Priority(s) Addressed:
? Attractive Community Amenities
? Prosperous Economy
? Small Town Feel
? Effective Governance
? Fiscally Responsible
Attachment(s):
1. Resolution #22-03
2. Reimburseme...
Click here for full text