SUBJECT:
Title
A Resolution of the Board of Commissioners of the Town of Erie Urban Renewal Authority Approving the Award of Revitalization Incentive Grants to Strive Direct Health LLC, Piripi LLC, Kidd & Co, LLC, d/b/a 24 Carrot Bistro, Old Mine Brewing Company, and Peek Goldstone, LLC
Body
DEPARTMENT: Economic Development
PRESENTER: Lucas Workman, Economic Development Coordinator
TIME ESTIMATE: 20 minutes
only required for non-consent items
FISCAL SUMMARY:
Cost as Recommended: $ 50,000
Balance Available: $ 50,000
Budget Line Item Number: 100-22-910-576000-000000
New Appropriation Required: No
STAFF RECOMMENDATION:
Recommendation
Review the applications and approve the reimbursement agreements to distribute funds as proposed.
End
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
The Economic Development Department has concluded its 2nd round of the Downtown Revitalization Grant program. The application window was open from April 7th - May 7th, 2021. We received 9 applications totaling a requested amount of $137.5K
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 May 19th, 2021 to review the applications. The Review Committee recommends awarding five different applicants for a total grant amount of $50K. We believe these projects 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 façade improvements for the public benefit.
Awardees:
Strive Direct Health - $12,500
Piripi - $10,000
24 Carrot - $7,500
Old Mine - $10,000
Peek Goldstone - $10,000
Fiscal Impact: $50,000
Board Priority(s) Addressed:
ü Prosperous Economy
ü Effective Governance
ü Fiscally Responsible
ATTACHMENTS:
1. PPT
2. Recommendation excel
3. Resolution 21-06
4. 24 Carrot Agreement
5. Old Mine Agreement
6. Peek Goldstone Agreement
7. Piripi Agreement
8. Strive Direct Agreement