SUBJECT:
Title
A Resolution of the Board of Commissioners of the Town of Erie Urban Renewal Authority Approving Intergovernmental Agreements for Tax Increment Revenue Sharing Between the Town of Erie Urban Renewal Authority and Various Taxing Jurisdictions
Body
DEPARTMENT: Economic Development/TOEURA
Department
PRESENTER(S): Julian Jacquin, Director of Economic Development & TOEURA
Malcolm Fleming, Town Manager, TOEURA Executive Director
First Name Last Name, Title
TIME ESTIMATE: 15 minutes
only required for non-consent items
FISCAL SUMMARY:
TOEURA's approval of these agreements accepts a conditional pledge from the seven underlying taxing districts providing incremental property tax and sales tax towards the proposed Erie Town Center URA. The planned development program and projections contained in the Erie Town Center Impact Report show that these six agreements could provide up to $22.9 million in tax increment financing (TIF) revenue to remediate blighting conditions to facilitate in the development of this key focus area in the Erie Town Center PD.
POLICY ISSUES:
The policy issue is whether to accept the terms for tax increment revenue sharing adopted by the governing boards for the seven impacted taxing jurisdictions in the proposed Erie Town Center Plan Area boundary, to allow TOEURA to capture property tax and sales tax increment (TIF) generated by future development in this area to remediate blighting conditions and support eligible development costs for the Town-owned property at Erie Town Center. Approval will allow TOEURA to fully execute the Intergovernmental Agreements, so the Town Council can then hold public hearing(s) and consider adoption of the new Plan Area.
STAFF RECOMMENDATION:
Recommendation
Approve the Intergovernmental Agreements for tax increment revenue sharing with the various taxing jurisdictions.
End
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
On Dec. 5, 2024, Town staff provided mailed notice to the impacted taxin...
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