SUBJECT:
Title
A Resolution of the Town Council of the Town of Erie Authorizing the Town Manager to Issue a Consent for the Nine Mile Metropolitan District to Issue a Special Revenue Refunding and Improvement Loan, Series 2025
Department
DEPARTMENT: Economic Development
Presenter
PRESENTER(S): Julian Jacquin, Director of Economic Development & TOEURA
Malcolm Fleming, Town Manager/TOEURA Executive Director
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Time
TIME ESTIMATE: 0 minutes
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For time estimate: please put 0 for Consent items.
Fiscal
FISCAL SUMMARY:
Approving Resolution 25-163 provides the Town Council's consent to the Nine Mile Metropolitan District (NMMD) refinancing their 2020 District bonds with a new "2025 Loan" to access $400,000 in additional property tax and sales tax revenues from the Highway 287 URA Plan Area, approved by the 11th Amendment to the Nine Mile DDA. The terms of this pledge by TOEURA to the NMMD are outlined in the First Amendment to the Pledge Agreement and Omnibus Certificate, being considered for approvals by the TOEURA Board on Oct. 14. TOEURA and the Town Council approved the 11th Amendment to the Nine Mile DDA on April 22, 2025, increasing the maximum TIF cap from $12.8M to $13.2M. The NMMD must now amend their pledge agreement to refinance their bonds to access the additional $400,000 in the project fund to pay for eligible public improvements. There is no fiscal impact to the Town or the URA from the refinancing; this refinancing allows the Metro District to access the $400K today to repay Evergreen for their public improvement costs. This does not change the amount of TIF the Metro District is entitled to nor the timeline for paying the Metro District the full amount of TIF.
Policy
POLICY ISSUES:
The policy issue is whether to support the NMMD's request to refinance their bonds to access additional funds to pay for necessary public improvements at the Nine Mile Corner retail center, as approved by the 11th Amendment to t...
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