SUBJECT:
Title
A Resolution of the Board of Commissioners of the Town of Erie Urban Renewal Authority Approving a Purchase and Sale Agreement with the Diana Shannon Living Trust
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:
Cost as Recommended: $500,000
Balance Available: $1,350,000
Budget Line Item Number: 800-90-872-604000-249001 (Property Acquisition)
New Appropriation Required: No
POLICY ISSUES:
The policy issue is whether to support the use of URA funds to purchase two lots (approx. 15,000 sq. ft.) of vacant land in the Historic Old Town URA, with the intent to advertise this land for sale to developers, activate it for new commercial/mixed-use development and generate new tax increment finance (TIF) revenue in the URA, new property and sales tax revenue for the Town and other taxing jurisdictions, and new employment and business opportunities for Town residents.
STAFF RECOMMENDATION:
Recommendation
Approve the Resolution to purchase this property in the Historic Old Town URA.
End
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
The Town of Erie Board of Trustees adopted the Historic Old Town Erie Urban Renewal Plan Area ("Historic Old Town URA") on Nov. 12, 2013, to assist in eliminating blight and facilitating redevelopment of this area. As a direct result, several new mixed-use projects have developed in this area over the last five years, each using property tax and sales tax incentives available through the URA. The Historic Old Town URA provides a financing mechanism to assist in the development and redevelopment of properties in this area, which ultimately increases property valuation and generates additional new property/sales tax increment to support new projects in the plan area.
Two ...
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