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Erie council approves conditional TIF pledge to advance Town Center development
Summary
Erie Town Council voted Feb. 25 to pledge part of the town's general fund mill levy and half its local sales tax to create an Urban Renewal Area for a proposed 20-acre Town Center, a move staff say is needed to bridge extraordinary geotechnical and infrastructure costs and secure an anchor grocer and hotel.
Erie —6 Feb. 25, 2025 —6 The Erie Town Council approved a conditional tax-increment revenue-sharing agreement that clears the way for a new Town Center urban renewal area (URA) on a 20-acre town-owned parcel at Erie Parkway and County Line Road. The vote authorizes the town to pledge the unrestricted general fund portion of its mill levy (roughly 7.25 mills of the town's 13.3 mills) and half of the town sales tax (1.75 percentage points of the town's 3.5%) to a URA that staff and the developer say is necessary to make the project financially feasible.
Economic development director Julian Jackman told council that the parcel's historical underground mine workings and other extraordinary site conditions make traditional development cost-prohibitive. "This project just is not feasible" without targeted public financing, Jackman said, describing the URA/TIF as a "but for" tool to close a financing gap created by remediation…
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