SUBJECT:
Title
A Resolution of the Board of Commissioners of the Town of Erie Urban Renewal Authority Approving the Disposition and Development Agreement for 130 Wells St. and 570 Kattell St.
Department
DEPARTMENT: Economic Development
Presenter
PRESENTER(S): Stephanie Pitts-Nagus, Economic Development Manager
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Time
TIME ESTIMATE: 15 minutes
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For time estimate: please put 0 for Consent items.
Fiscal
FISCAL SUMMARY:
The project is expected to generate new taxable activity in Old Town, strengthening the area's commercial base and producing long-term fiscal benefits for the Town. TOEURA will convey the property at no cost and reimburse up to $1.9 million in eligible project costs using 100% of the Property Tax Increment and 40% of the Sales Tax Increment, while the developer repays the Town's original $500,000 purchase price using non-increment Sales Tax Revenue. If any balance remains after December 31, 2032, increment sharing is suspended and TOEURA retains 100% of all Sales and Property Tax Increment until the purchase price is fully recovered.
If the $500,000 is still unpaid after December 31, 2032, or if the project generates no Sales Tax for three consecutive months following construction, the developer must directly remit the remaining balance. Failure to do so authorizes TOEURA to record a lien on the property for the unpaid amount.
Policy
POLICY ISSUES:
The proposed DDA advances key goals of the Historic Old Town Urban Renewal Plan by redeveloping a well-located vacant site into an active, street-oriented commercial destination. The project brings new locally focused retail and food uses that strengthen Old Town's business mix, enhance the eastern gateway to downtown, and support a more vibrant and walkable community. The agreement also aligns with TOEURA's policy objectives to stimulate private reinvestment, eliminate blight, and expand the long-term tax base through targeted, performance-based incentives.
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