SUBJECT:
Title
A Resolution for the Town of Erie Urban Renewal Authority Approving a Cost Sharing Intergovernmental Agreement Between the Urban Renewal Authority and the Town of Erie for the Weld County Road 5 Widening and Raw Water Line Project
Body
DEPARTMENT: Economic Development
PRESENTER: Ben Pratt, Economic Development Director
TIME ESTIMATE: __10_ minutes
only required for non-consent items
FISCAL SUMMARY:
Cost as Recommended: $3,225,622.59
Balance Available (2021 URA Funds): $5,695,000
Fund: DayBreak Urban Renewal Area
Budget Line Item Number: 800-90-871-605000-100373
New Appropriation Required: Yes
STAFF RECOMMENDATION:
Recommendation
Approve the Resolution between the Urban Renewal Authority and the Town of Erie, authorizing the appropriate Town officer to execute said agreement and authorize staff to expend budgeted funds.
End
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
In 2013 the Town approved the Urban Renewal Plan for the DayBreak Area Urban Renewal Area, and the Town of Erie Urban Renewal Authority approved intergovernmental agreements with taxing entities imposing a mill levy on property within the DayBreak Urban Renewal Area.
The funds generated from the DayBreak Urban Renewal Area are intended to be used for public improvements including traffic and signalization improvements and re-use water and irrigation system improvements.
The Seventh Amendment to the Bridgewater Annexation Agreement, entered into July 31, 2020 between The Town of Erie and Daybreak Recovery Acquisition LLC includes extending the existing raw water line in Colliers Hill to the Raw Water Storage Tank, and south to Erie Parkway. The Town's share of the cost is 75% and Daybreak Recovery Acquisition LLC's share of the cost is 25%.
Town staff and The Colliers Hill Metropolitan District No. 3 (Metro District) have worked together to design improvements to widen WCR 5 from Erie Parkway to WCR 10. The improvements on the west side are the responsibi...
Click here for full text