SUBJECT: GENERAL BUSINESS
Title
PUBLIC HEARING - An Ordinance of the Board of Trustees of the Town of Erie Approving with Conditions the Erie Town Center Planned Development (PD) Zoning
Body
DEPARTMENT: Planning & Development, Economic Development
PRESENTER: Ben Pratt, Economic Development Director, Fred Starr, Planning & Development Director
TIME ESTIMATE: 45 minutes
FISCAL INFORMATION:
Most of the infrastructure required to facilitate development consistent with the PD is on-site improvements that are appropriately borne by the developers of individual properties. However, staff believes the two intersections at the north and south ends of the "Peel" off County Line Road may be requirements above what the Town would normally expect the developer to pay. Accordingly, staff has issued a Request for Qualifications for engineering firms to assist the Town in conceptual design of these intersections and preliminary cost estimates. Thus, the Town may incur costs to design, engineer, and construct those two intersections, it the Board determines such action is necessary to promote development. Depending on market conditions, it may also be necessary for the Town to provide some economic incentives to encourage early development in the Town Center. Staff will work with the individual developers to conduct independent gap analyses of their respective proposals. Because these improvements and incentives would promote development activity in the Old Town URA, staff and legal believe these costs may be eligible for TIF financing from revenues accruing to the Old Town URA. Over time, staff expects development in the Town Center to generate significant sales and property tax revenue for the Town.
For additional information on the financial tools available for each of the development properties, please see attachment 10, "Town Center Financial Tools".
STAFF RECOMMENDATION:
Recommendation
Adopt the Ordinance approving the Erie Town Center PD zoning and Master Final P...
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