SUBJECT:
Title
Update for Proposed I-25 Erie Gateway URA
Body
DEPARTMENT: Economic Development
Responsible Department
PRESENTER(S): Julian Jacquin, Economic Development Director
Andrew Arnold, Pioneer Development Company
First Name, Last Name, Title
TIME ESTIMATE: 60 minutes
only required for non-consent items
POLICY ISSUES:
The key policy decision is to determine whether to proceed with one large urban renewal plan area, or multiple smaller plan areas.
STAFF RECOMMENDATION:
Recommendation
Presentation and discussion of strategy for forming new urban renewal plan area(s) for the I-25 Erie Gateway development site.
End
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
On Aug. 16, 2022, the Town of Erie retained Short Elliot Hendrickson Inc. (SEH) to produce a Conditions Survey, Impact Report, and Urban Renewal Plan for I-25 Erie Gateway, ultimately to work with the impacted taxing entities to create a new urban renewal plan area(s) for this development site. Inclusion in a new urban renewal plan area (URA) provides a public financing mechanism to extend necessary infrastructure services, eliminate and prevent conditions of blight, attract private investment, and utilize underdeveloped land to support the development and redevelopment of this primary focus area in Erie.
At the May 9 meeting of the TOEURA Board of Commissioners, the Town's hired consultant will present these three draft documents for information purposes only. This presentation is not a public hearing and does not trigger the 120-day negotiation period established in the Colorado Urban Renewal Law (C.R.S. 31-25-103) to reach agreement with the impacted taxing entities for tax revenue sharing. Please note that the figures provided in the "Erie Gateway Impact Report 4.28.2023" for total tax increment financing (TIF) revenue available to be generated over 25 years is an estimated total calculated using approximate density and floor area ratio (FAR) assumptions prepared internally by...
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