SUBJECT: General Business
Title
A Resolution of the Board of Trustees of the Town of Erie Approving the Redevelopment Agreement by and between the Town of Erie Urban Renewal Authority and Means Rentals, RLLLP
Body
DEPARTMENT: Economic Development
PRESENTER: Ben Pratt, Economic Development Director
TIME ESTIMATE: N/A
FISCAL SUMMARY:
Cost as Recommended: $480,000
Balance Available: $0
Budget Line Item Number: N/A
New Appropriation Required: $480,000
STAFF RECOMMENDATION:
To review and approve a Redevelopment Agreement for 730 Briggs between the Means Rental, RLLLP and the Town of Erie Urban Renewal Authority (TIF Agreement).
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
The Town approved an Historic Old Town Urban Renewal Plan on November 12, 2013. Means Rentals, RLLLP intends to redevelop 730 Briggs Street (the NW corner of Briggs and Cheesman). This property is located within the Historic Old Town Urban Renewal Plan boundaries and the TIF district. The redevelopment involves constructing a commercial building that will be leased to retail, office, and restaurants users. The estimated total construction costs amount to $2.63 million and the completed building total area is estimated at 7,928 square feet.
Per Title 31, Article 25, Part I, C.R.S, and the Urban Renewal Plan, the Board of Trustees for the Town of Erie Urban Renewal Authority (TOEURA) is authorized to enter into redevelopment agreements. Staff recommends doing so in this case with Means Rentals, RLLLP, because (1) this project will foster beneficial economic activity in Old Town, (2) without assistance from the TOEURA, this property will continue to remain in its present underutilized state, and (3) the additional property value and sales activity created by this project will generate property and sales tax revenue that over about 14 years will more than offset the financial assistance provided to Means Rentals through the TOEURA.
The Town retained Economic & Planning Systems (E...
Click here for full text