HomeMy WebLinkAbout20241997.tiff•
TOWN OF ERIE
1874
July 1, 2024
Weld County Board of County Commissioners
Attn: Kevin Ross, Chair
1150 O Street
P.O. Box 758
Greeley, Colorado 80631
RECEIVED
JUL 0 8 2024
WELD COUNTY
COMMISSIONERS
RE: Erie Gateway Phase 1 Urban Renewal Plan and Impact Report
Dear Members of the Board of County Commissioners,
Malcolm Fleming
Town Manager
Town of Erie
645 Holbrook St.
Erie, CO 80516
On behalf of the Town Council of the Town of Erie, please consider this correspondence
to be the formal submission of the Erie Gateway Phase 1 Urban Renewal Plan and the Impact
Report for the Erie Gateway Phase 1 Urban Renewal Plan provided to you pursuant to C.R.S. §
31-25-107(3.5). This correspondence is provided to you in accordance with C.R.S. § 31-25-
107(3.5) at least thirty (30) days in advance of the public hearing on the consideration of the
Erie Gateway Phase 1 Urban Renewal Plan, which is currently scheduled for August 13, 2024, at
6:30 p.m., to be held in the Council Chambers at Erie Town Hall, located at 645 Holbrook Street,
Erie, Colorado 80516.
Please let me know if you have any questions.
Sincerely,
/;41e/h
Malcolm Fleming
Town Manager
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2024-1997
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645 Holbrook • P.O. Box 750 • Erie, Colorado 80516 • Phone (303) 926-2700 • Fax (303) 926-2705
Erie Gateway Phase 1
Urban Renewal Plan
January Pt, 2024
Prepared by:
TOEURA
Town of Erie
Economic Development Department
Esri, NAS& NGA, USGS,
City and County of
Broomfield. Esri. HERE,
Garmin, SafeGraph,
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Denver (PA, NPS
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Contents
I. Definitions 3
II. Introduction 4
III. Urban Renewal Area Boundary 4
IV. Summary of Statutory Criteria 4
V. Description of Urban Renewal Project 5
VI. Project Activities 10
VII. Project Financing 12
VIII Changes in Approved Plan 13
IX. Minor Variations 13
Definitions
The Terms used in this Urban Renewal Plan shall have the following meanings:
Act means the Colorado Urban Renewal Law, Part 1 of Article 25 of Title 31, of the Colorado Revised
Statutes.
Area or Urban Renewal Area means the area of the Town included within the boundaries of this Urban
Renewal Plan as depicted in Exhibit A and described in Exhibit B.
Authority means the Urban Renewal Authority of the Town of Erie, Colorado (TOEURA).
Town means the Town of Erie, Colorado.
Planning Division means the Planning Department at the Town of Erie, Colorado.
Comprehensive Plan means the Town of Erie Comprehensive Plan revised 2015.
County means Weld County, Colorado.
Developer Book means the 1-25 Erie Gateway Developer Book published October 29, 2018
Plan or Urban Renewal Plan means this urban renewal plan as it may be amended in the future.
Project or Urban Renewal Project means all activities and undertakings described in this Plan.
TIF means Tax Increment Financing.
I. Introduction
The purpose of this Plan is to implement those provisions of the Town of Erie's Comprehensive Plan that
apply to the Urban Renewal Area. This Plan also considers provisions from other adopted Plans, such as
the 1-25 Erie Gateway Developer Book. The provisions of this Plan are intended to help provide
important services to the Area, eliminate and prevent conditions of blight, attract private investment,
utilize underdeveloped land, and leverage public investment and funding mechanisms to promote
redevelopment and rehabilitation of the area by private enterprise, and, where necessary, provide
necessary public infrastructure to serve the Area.
This Urban Renewal Plan has been proposed for consideration by the Town Board of the Town pursuant
to the provisions of the Act. The administration of the Project and the implementation of the Plan shall
be the responsibility of the Authority.
II. Urban Renewal Area Boundary
An urban renewal plan area has been created that includes property that is within the Town of Erie's
municipal limits. The plan includes 536 parcels and an approximate area of 1,100 acres. At the time of
this Plan's adoption, the Plan's parcels exhibit two different Weld County assessment categories: Tax
Exempt and Agricultural. The proposed Urban Renewal Project would advance the goals and objectives
found in the Town of Erie's Comprehensive Plan. The Plan will also facilitate portions of the
development vision outlined in the 1-25 Erie Gateway Development Book. A map of the Plan Area and its
specific legal description have been included as Exhibit A and Exhibit B.
III. Summary of Statutory Criteria
On November 18th, 2022, a conditions survey report was submitted to TOEURA that summarized a blight
study of the area described as the Erie Gateway Urban Renewal Plan. This proposed plan area included
the current Project area and was found to exhibit the necessary number of blighting factors to be
declared eligible for Urban Renewal treatment. TOEURA elected to reduce the size of the former Project
area to create the Erie Gateway Phase 1 Urban Renewal Plan, which is legally described and illustrated
by this Plan document. On January 1St, 2024, a new Conditions Survey report was submitted to TOEURA
that re-evaluated this area for statutorily defined blighting factors. Relevant conditions were
researched, documented, photographed, and compared with the blight factors pursuant to the Act. The
result of the survey is included in a document entitled "Conditions Survey" (the Conditions Survey) dated
January 1St, 2024, consisting of 27 pages, related exhibits, a description of existing conditions, and
numerous photographs. The Conditions Survey is incorporated herein in its entirety by this reference.
The Conditions Survey shows that the following factors listed in the Act are present in the Area and that
these conditions qualify the Area as a "blighted area" as defined in the Act:
Predominance of Defective or Inadequate Street Layout
Faulty Lot Layout in Relation to Size, Adequacy, Accessibility, or Usefulness
Unsanitary or Unsafe Conditions
Unusual Topography or Inadequate Street Layout
Environmental Contamination
The Existence of Health, Safety, or Welfare Factors Requiring High Levels of Municipal Services or
Substantial Physical Underutilization or Vacancy of Sites, Buildings or Other Improvements
IV. Description of Urban Renewal Project
This Plan will be implemented as part of a comprehensive program to eliminate and prevent blight in the
Urban Renewal Area. The Authority and the Town, with the cooperation of private enterprise and other
public bodies, will undertake a program to eliminate the conditions of blight identified in the Conditions
Survey while supporting The Town of Erie Comprehensive Plan, the Town of Erie's Zoning Districts, the I-
25 Erie Gateway Developer Book and its vision for the area, and the Erie community's remediation and
redevelopment goals. Although there are other adopted Plan's both locally and regionally not listed, the
Goals and Policies of these plan's are assumed to be subsumed under the Comprehensive Plan.
A. Urban Renewal Plan Goals and the Plan's Relationship to Local and
Regional Objectives
1. Goals of the Plan —This Plan has been adopted to achieve the following
goals in the Area:
a) To encourage renewal throughout the Plan area by attracting
additional investment and redevelopment within the project boundary.
b) To alleviate blight within the boundaries of the Plan Area
c) To leverage Tax Increment Financing to assist with the funding of
Infrastructure and Facilities that will help advance the remediation and
redevelopment goals of the Plan area.
d) To incentivize and invest in catalytic developments to remediate
blighting conditions and spur additional community minded development
throughout the Plan area.
e) To facilitate redevelopment that creates a destination for the
Town of Erie and surrounding communities, that is defined by walkability,
a sense of place, entertainment options and nearby amenities
f) To generate a diverse mix of development that is also low impact
on the environment.
g) To encourage redevelopment within the subject area that aligns
with the Community's desiresfor new development as indicated by their
future land use designations and zoning districts.
h) To leverage Tax Increment Financing to help attract new
commercial and residential investments within the Plan area that will
alleviate blighting conditions.
i) To leverage Tax Increment Financing to support the development
of attainable and/or affordable housing within the Plan area.
j) To leverage Tax Increment Financing to attract retail development
that will assist the Town in its goal to mitigate retail leakage.
k) To improve the streetscapes in ways that promotes on -street bike
and pedestrian travel while also enhancing lighting, sidewalks, pedestrian
safety, parking, signage, landscaping, bike racks and bus shelters.
I) To invest in cultural and community spaces and facilitate a legacy
development for the Erie Community.
2. Relationship to Comprehensive Plan
The Plan conforms with and is designed to help implement the Visions, Goals,
Guiding Principles and Policies detailed in the Town of Erie's Comprehensive
Plan, revised and adopted 2015. Specifically, the Plan will facilitate development
that aligns with the Comprehensive Plan's future land use plan, the Highway 52
Area of Special Consideration, and the policies and implantation strategies found
in the Action Plan.
a) The Plan will advance the following Comp Plan vision: "A Caring Community
which offers its residents an environment in which to seek a high quality of life, [and] a
balanced community with a diverse range of housing, employment, educational,
shopping and recreational opportunities..."
(1) The Plan aligns with this vision in that its intention is to remove barriers to sound
development and incentivize new development throughout the area that yields retail commercial,
employment, and residential development. The Plan will also leverage incentives to ensure these
developments contribute to a "higher quality of life" for the Erie community.
(a) See Town of Erie Comprehensive Plan, Chapter 2-1
b) The Plan will advance the following "Guiding Principles":
(1) A Coordinated and Efficient Pattern of Growth —The Plan intends to remove conditions
arresting sound development. These conditions often prevent coordinated and efficient patterns of
growth. The Plan will mitigate conditions and incentives development that aligns with this principal.
(a) See Town of Erie Comprehensive Plan, Chapter 2-2
(2) Quality Design and Development —The Plan will alleviate conditions arresting sound
development and incentivize private investment to attract higher quality development to the Plan
area.
(a) See Town of Erie Comprehensive Plan, Chapter 2-2
(3) Overall Economic Vitality — The Plan will remediate conditions arresting sound
development and leverage incentives to attract new commercial retail and commercial
employment centers within its boundaries. These developments will support the Comp Plan's
"Economic Vitality" guiding principle.
(a) See Town of Erie Comprehensive Plan, Chapter 2-2
(4) A Comprehensive, Integrated Transportation System —The Plan will remediate
conditions that prevent a comprehensive, integrated transportation system such as a lack of
surface infrastructure, a defective internal street network, and lack of active and multi -modal
transportation options.
(a) See Town of Erie Comprehensive Plan, Chapter 2-2
(5) Balanced Land Use Mix —The Plan will seek to facilitate redevelopment that aligns with
the Comprehensive Plans Future Land Use Map (and Town Zoning) for the area. Future Land Uses
within the Plan's boundaries are diverse and balanced. Should the Plan achieve its goal in
remediating conditions arresting development, it will have advance this guiding principle.
(a) See Town of Erie Comprehensive Plan, Chapter 2-3
(6) Stable, Cohesive Neighborhoods Offering a Variety of Housing Types —The Plan will
remediate conditions arresting sound development and help incentivize residential development.
The Future Land Use Map calls for higher density residential development within the Plan area,
which will align with the Guiding Principle of offering a variety of housing types to the Erie
community.
(a) See Town of Erie Comprehensive Plan, Chapter 2-3
(7) Provide Infrastructure and Public Services Efficiently and Equitably —The Plan's goals
include providing incentives, such as Tax Increment Financing, to fund infrastructure improvements
throughout the Plan area. This incentive structure is based on the performance of the
development, meaning that the development itself will help to fund the infrastructure serving it.
This is an efficient and equitable method for providing infrastructure.
(a) See Town of Erie Comprehensive Plan, Chapter 2-4
c) The Plan will support the following Community Building Blocks outlined in the
Town's Comprehensive Plan:
(1) Neighborhood Emphasis —The Plan will seek to remove barriers and incentivize
residential development that advances neighborhood level development reminiscent of Old Town.
Specifically, the Plan will help incentivize a mix of housing types.
(2) Mixed -Use Development - The Plan will seek to remove barriers and incentivize mixed -
use development. The Plan's potential phases and planned development programs include mixed -
use development zones.
(3) Gateways and Corridors - The Plan will help establish distinct entryways to the
community along its gateway corridors. Specifically, the plan will remove barriers to development
and incentivize high quality development along Highway 52.
(4) Economic Sustainability — The Plan will support the Town of Erie's Economic
Sustainability Building Block by expanding opportunities for commercial and employment
development within its boundaries.
d) The Plan will align with the following Future Land Use Categories Present within
its boundaries:
(1) High Density Residential —The Plan will remove barriers and incentivize higher density
residential development in appropriate areas.
(2) Medium Density Residential The Plan will remove barriers and incentivize medium
density residential development in appropriate areas.
(3) Low Density Residential —Where appropriate, the Plan will remove barriers to
residential development and maintain appropriate density standards for low density residential
development.
(4) Rural Residential —Where appropriate, the Plan will remove barriers to residential
development and ensure that rural characteristics and low -density housing are protected and
maintained.
(5) Mixed -Use —Th Plan will barriers to mixed -use development by incentivizing compact,
pedestrian -oriented, residential and commercial mixed -use development.
(6) Community Commercial —The Plan will remove barriers to this development type by
incentivizing a mix of general commercial retail development that serves the local community.
(7) Regional Commercial —The Plan will remove barriers to this development types by
incentivizing more intense retail and employment -oriented commercial development.
(8) Business —The Plan will remove barriers to this development type by incentivizing high
quality employment facilities within Business designated areas.
3. Relationship to 1-25 Erie Gateway Development Book
The Plan aligns with the Vision and Development Plan outlined in the Development
Book. The Plan is intended to provide an additional tool to achieving the Development
Books vision for the Erie Gateway area. The Plan will help remove conditions arresting
the development envisioned in the Development book by providing incentives and
public -private partnerships.
The Development Book identifies the Town of Erie Urban Renewal Authority (TOEURA)
as a key partner for this development vision. It cites public -private partnerships and tax
increment financing as means of incentivizing the 1-25 Erie Gateway Plan. It also
recommends that these public financing incentives be targeted towards infrastructure
improvements, a strategy known as "public dollars for public improvements". The
Development Book also acknowledges how p3's may be able to incentivize higher -
density housing and greater commercial development.
These recommendations are supported by this Plan's goals. The Plan will advance the
vision described by the Development Book and advance the very incentives
recommended by it.
B. Land Use Regulations and Building Requirements
The Plan will provide a comprehensive and unified plan to promote and encourage high quality
development and redevelopment of the Area by cooperative efforts of private enterprise and
public bodies. Notwithstanding anything in the Plan to the contrary, the development and use of
the property within the Urban Renewal Area described in the Plan including, without limitation,
land area, land use, design building requirements, timing or procedures applicable to the
property, shall be subject to the Town of Erie's Municipal Code, Unified Development Code and
secondary codes therein adopted by reference, and other applicable standards and regulations
of the Town of Erie ("Town Regulations"). Permitted uses for properties in the Urban Renewal
Area shall be those uses allowed in the Town of Erie Municipal Code and Unified Development
Code.
V. Project Activities
The following provisions shall apply to the Area. In accordance with the Act, the Authority may
undertake these activities directly or, to the extent authorized by applicable law, contract with third
parties to do so:
A. Land Acquisition
To carry out this Plan, the Authority may exercise any and all of its rights and powers under the
Act and any other applicable law, ordinance or regulation. The Authority may acquire any
interest in property by any manner available. The Authority may acquire property in the Area for
the following reasons: To eliminate or prevent conditions of blight; to carry out one or more
objectives of the Plan; to assemble property for redevelopment by private enterprise; for
needed public improvements; and for any other lawful purpose authorized by the Plan, the Act
or any other applicable law.
Acquisition of property by eminent domain is not authorized unless the Town Board approves,
by majority vote, the use of eminent domain by the Authority in accordance with the Act and
other applicable laws.
B. Relocation
If acquisition of property displaces any individual, family, or business concern, the Authority may
assist such party in finding another location, and may, but is not obligated to, make relocation
payments to eligible residents and businesses in such amounts and under such terms and
conditions as it may determine and as may be required by law.
C. Demolition, Clearance, and Site Preparation
The Authority may demolish and clear those buildings, structures, and other improvements from
property it acquires if such buildings, structures, and other improvements are not to be
rehabilitated in accordance with this Plan. The Authority may provide rough and finished site
grading and other site preparation services as part of a comprehensive redevelopment program.
D. Property Management
During such time as any property is acquired by the Authority, for disposition for
redevelopment, such property shall be under the management and control of the Authority and
may be rented or leased by it pending disposition for redevelopment or rehabilitation.
Notwithstanding the foregoing, the Authority may acquire property, develop, construct,
maintain, and operate thereon buildings, and facilities devoted to uses and purposes as the
Authority deems to be in the public interest.
E. Public Improvements
The Authority will cooperate with the Town and other public bodies to install, repair or replace
necessary public infrastructure including, but not limited to, public streets, ADA accessible
routes, central water and sewer services, stormwater improvements, bicycle and pedestrian
infrastructure, parks and recreation amenities and multi -use recreational trails in the Area.
F. Land Disposition, Redevelopment and Rehabilitation
The Authority may dispose of property it acquires by means of a reasonable competitive bidding
procedure it establishes in accordance with the Act and pursuant to redevelopment agreements
between the Authority and such purchasers.
The Authority may also enter into owner participation agreements with property owners in the
Area for the development, redevelopment, or rehabilitation of their property. Such agreements
will provide for such participation and assistance as the Authority may elect to provide to such
owners.
The Authority may develop, construct, maintain, and operate buildings and facilities devoted to
uses and purposes as the Authority deems to be in the public interest.
All such redevelopment, owner participation and other agreements shall contain, at a minimum,
provisions requiring:
Compliance with the Plan and, if adopted by the Authority, the Design Guidelines
and Standards and Town codes and ordinances.
Covenants to begin and complete development, construction, or rehabilitation of
both public and private improvements within a period of time deemed to be
reasonable by the Authority.
The financial commitments of each party (but nothing herein shall obligate the
Authority to make any such financial commitment to any party or transaction).
G. Cooperation Agreements
For the purposes of planning and carrying out this Plan in the Area, the Authority may enter into
one or more cooperation agreements with the Town, County or other public bodies. Without
limitation, such agreements may include project financing and implementation; design, location
and construction of public improvements; and any other matters required to carry out this
Project. It is recognized that cooperation with the Town, County, other municipalities and other
public and private bodies may be required to coordinate such issues as the design, construction,
maintenance, operation, and timing of public and private improvements within and outside of
the Area to properly and efficiently carry out the goals and objectives of this Plan.
H. Other Project Undertakings and Activities
Other Project undertakings and activities deemed necessary by the Authority to carry out the
Plan in the Area may be undertaken and performed by the Authority or pursuant to agreements
with other parties or public bodies in accordance with the authorization of the Act and any and
all applicable laws.
VI. Project Financing
The Authority is authorized to finance activities and undertakings under this Plan by any method
authorized by the Act or any other applicable law, including without limitation, appropriations,
loans or advances from the Town or County; federal loans and grants; state loans and grants;
interest income; pay as you go arrangements; annual appropriation agreements; agreements
with public and private parties or entities; sale of securities; loans, advances and grants from
any other available source.
Any and all financing methods legally available to the Town, the County, the Authority, any
private developer, redeveloper or owner may be used to finance in whole or in part any and all
costs, including without limitation, the cost of public improvements described or anticipated in
the Plan or in any manner related or incidental to the development of the Urban Renewal Area.
Such methods may be combined to finance all or any part of activities and undertakings
throughout the Urban Renewal Area. Any financing method authorized by the Plan or by any
applicable law, including without limitation, the Act, may be used to pay the principal of and
interest on and to establish reserves for indebtedness (whether funded, refunded, assumed or
otherwise) incurred by the Authority or the Town or the County to finance activities and
undertakings authorized by the Act and this Plan in whole or in part.
The Authority is authorized to issue notes, bonds or any other financing instruments or
documents in amounts sufficient to finance all or part of the Urban Renewal Plan. The Authority
is authorized to borrow funds and to create indebtedness in carrying out this Plan. The principal,
interest, and any premiums due on or in connection with such indebtedness may be paid from
any funds available to the Authority.
The Project may be financed by the Authority under the tax allocation financing provisions of
the Act. Under the tax allocation method of financing the Project, property taxes levied after the
effective date of the approval of this Plan upon taxable property in the Urban Renewal Area
each year by or for the benefit of each public body that levies property taxes in the Area, shall
be divided fora period not to exceed twenty-five (25) years after the effective date of the
adoption of this tax allocation provision, as follows:
Base Amount
That portion of the taxes which are produced by the levy at the rate fixed each year by or for
such public body upon the valuation for assessment of taxable property in the Urban Renewal
Area last certified prior to the effective date of approval of the Plan or, as to an area later added
to the Urban Renewal Area, and the effective date of the modification of the Plan shall be paid
into the funds of each such public body as are all other taxes collected by or for said public body.
For sales tax, the base will be that portion of municipal sales taxes collected within the
boundaries of the Area in the twelve-month period ending on the last day of the month prior to
the effective date of approval of the Plan.
Increment Amount
The increment amount is that portion of property taxes and sales taxes in excess of the base
amount as defined above. That portion of said property taxes and said municipal sales taxes in
excess of such base amount shall be allocated to and, when collected, paid into a special fund of
the Authority to pay the principal of, the interest on, and any premiums due in connection with
the bonds of, loans or advances to, or indebtedness incurred by (whether funded, refunded,
assumed or otherwise) the Authority for financing or refinancing, in whole or in part, the
Project.
Unless and until the total valuation for assessment of the taxable property in the Urban Renewal
Area exceeds the base valuation for assessment of the taxable property in the Urban Renewal
Area, all of the taxes levied upon taxable property in the Urban Renewal Area shall be paid into
the funds of the respective public bodies.
Unless and until the total municipal sales tax collections in the Urban Renewal Area exceed the
base year municipal sales tax collections all such sales tax collections shall be paid into the funds
of the Town.
When such bonds, loans, advances and indebtedness, including interest thereon and any
premiums due in connection therewith, have been paid, all taxes upon the taxable property in
the Urban Renewal Area shall be paid into the funds of the respective public bodies.
When such bonds, loans, advances and indebtedness, including interest thereon and any
premiums due in connection therewith, have been paid, all municipal sales taxes upon retail
sales within the Urban Renewal Area shall be paid into the Funds of the Town of Erie.
The increment portion of the taxes, as described in this subparagraph 2, may be irrevocably
pledged by the Authority for the payment of the principal of, the interest on, and any premiums
due in connection with such bonds, loans, advances and indebtedness incurred by the Authority
to finance the Project.
VII. Changes in Approved Plan
This Plan may be modified pursuant to the provisions of the Act governing such modifications,
including Section 31-25-107, C.R.S.
VIII. Minor Variations
The Authority may in specific cases allow minor variations from the provisions of the Plan if it
determines that a literal enforcement of the provisions of the Plan would constitute an
unreasonable limitation beyond the intent and purpose of the Plan.
EXHIBIT A
LEGAL DESCRIPTION
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NlHI x0E PANIIMARLY eE1VaaE0 A6 ENLGTS
I-26 URA - PHASE 1
SECTIONS 3, 4, AND 10
T1N, NSW OF THE NTH P.Y.
COUNTY OF WELD. STATE OF COLORADO
[HA
III LAND SURVEYING
P.O.NUYJIJol1N1&JNo� �1
SHEEP:
1 OF 1
DATE 4/9/14
DRAWN BY: APE
EHRHART
LAND SURVEYING
EXHIBIT A
PROPERTY DESCRIPTION - PARCEL 1
A PARCEL OF LAND BEING ALL OF SECTION 4, TOWNSHIP 1 NORTH, RANGE 68 WEST OF THE
6TH PRINCIPAL MERIDIAN, COUNTY OF WELD, STATE OF COLORADO, BEING MORE
PARTICULARLY DESCRIBED AS FOLLOWS:
BEGINNING AT THE SOUTHEAST CORNER OF SAID SECTION 4; THENCE S89°45'02"W ALONG
THE SOUTH LINE OF THE SOUTHEAST QUARTER OF SAID SECTION 4 A DISTANCE OF 2638.65
FEET TO THE SOUTH QUARTER CORNER OF SAID SECTION 4; THENCE S89°33'56"W ALONG THE
SOUTH LINE OF THE SOUTHWEST QUARTER OF SAID SECTION 4 A DISTANCE OF 2636.46 FEET
TO THE SOUTHWEST CORNER OF SAID SECTION 4; THENCE N00°02'02"E ALONG THE WEST LINE
OF THE SOUTHWEST QUARTER OF SAID SECTION 4 A DISTANCE OF 2681.74 FEET TO THE WEST
QUARTER CORNER OF SAID SECTION 4; THENCE N00°01'09"E ALONG THE WEST LINE OF THE
NORTHWEST QUARTER OF SAID SECTION 4 A DISTANCE OF 2655.74 FEET TO THE NORTHWEST
CORNER OF SAID SECTION 4; THENCE N89°51'24"E ALONG THE NORTH LINE OF THE
NORTHWEST QUARTER OF SAID SECTION 4 A DISTANCE OF 2613.25 FEET TO THE NORTH
QUARTER CORNER OF SAID SECTION 4; THENCE N89°37'35"E ALONG THE NORTH LINE OF THE
NORTHEAST QUARTER OF SAID SECTION 4 A DISTANCE OF 2648.41 FEET TO THE NORTHEAST
CORNER OF SAID SECTION 4; THENCE S00°05'53"E ALONG THE EAST LINE OF THE NORTHEAST
QUARTER OF SAID SECTION 4 A DISTANCE OF 2667.48 FEET TO THE EAST QUARTER CORNER
OF SAID SECTION 4; THENCE S00°08' 14"E ALONG THE EAST LINE OF THE SOUTHEAST QUARTER
OF SAID SECTION 4 A DISTANCE OF 2662.36 FEET TO THE POINT OF BEGINNING;
CONTAINING 28,070,900 SQUARE FEET OR 644.419 ACRES, MORE OR LESS.
OFFICE: 303-828-3340 • P.O. Box 930 • Erie, Colorado 80516
www.coloradols.com • john@coloradols.com
EHRHART
LAND SURVEYING
PROPERTY DESCRIPTION - PARCEL 2
A PARCEL OF LAND LOCATED IN THE SOUTH HALF OF SECTION 3, TOWNSHIP 1 NORTH, RANGE
68 WEST OF THE 6TH PRINCIPAL MERIDIAN, COUNTY OF WELD, STATE OF COLORADO, BEING
MORE PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCING AT THE SOUTHWEST CORNER OF SAID SECTION 3; THENCE N89°45'37"E ALONG
THE SOUTH LINE OF THE SOUTHWEST QUARTER OF SAID SECTION 3 A DISTANCE OF 1328.73
FEET TO THE WEST SIXTEENTH CORNER OF SECTION 3 AND SECTION 10, SAID POINT BEING
THE POINT OF BEGINNING;
THENCE N00°08' 12"W ALONG THE WEST LINE OF THE EAST HALF OF THE SOUTHWEST
QUARTER OF SAID SECTION 3 A DISTANCE OF 2664.12 FEET TO THE WEST SIXTEENTH CORNER
OF SECTION 3; THENCE N89°41'03"E ALONG THE CENTERLINE OF SAID SECTION 3 A DISTANCE
OF 1328.76 FEET TO THE CENTER OF SAID SECTION 3; THENCE N89°41'08"E CONTINUING
ALONG THE CENTERLINE OF SAID SECTION 3 A DISTANCE OF 2359.72 FEET TO A POINT ON THE
WEST RIGHT OF WAY LINE OF INTERSTATE 25; THENCE ALONG SAID WEST RIGHT OF WAY
LINE FOR THE FOLLOWING FOUR (4) COURSES;1) S06°48'39"E A DISTANCE OF 93.91 FEET; 2)
S00°07' 15"E A DISTANCE OF 196.90 FEET; 3) S05°51'29"W A DISTANCE OF 329.83 FEET; 4)
S00°23'28"E A DISTANCE OF 2051.06 FEET TO A POINT ON THE SOUTH LINE OF THE SOUTHEAST
QUARTER OF SAID SECTION 3; THENCE S89°46'00"W ALONG SAID SOUTH LINE A DISTANCE OF
2345.26 FEET TO THE SOUTH QUARTER CORNER OF SAID SECTION 3; THENCE S89°45'37"W
ALONG THE SOUTH LINE OF THE SOUTHWEST QUARTER OF SAID SECTION 3 A DISTANCE OF
1328.73 FEET TO THE POINT OF BEGINNING;
CONTAINING 9,797,310 SQUARE FEET OR 224.915 ACRES, MORE OR LESS.
OFFICE: 303-828-3340 • P.O. Box 930 • Erie, Colorado 80516
www.coloradols.com • john@coloradols.com
EHRH/ART
LAND SURVEYING
PROPERTY DESCRIPTION - PARCEL 3
A PARCEL OF LAND LOCATED IN THE WEST HALF OF SECTION 10, TOWNSHIP 1 NORTH, RANGE
68 WEST OF THE 6TH PRINCIPAL MERIDIAN, COUNTY OF WELD, STATE OF COLORADO, BEING
MORE PARTICULARLY DESCRIBED AS FOLLOWS:
BEGINNING AT THE NORTHWEST CORNER OF SAID SECTION 10; THENCE N89°45'37"E ALONG
THE NORTH LINE OF THE NORTHWEST QUARTER OF SAID SECTION 10 A DISTANCE OF 1559.36
FEET; THENCE S00°07'23"E A DISTANCE OF 3703.28 FEET TO A POINT OF CURVATURE,
THENCE ALONG A 90.00 FOOT RADIUS CURVE TO THE LEFT (SAID CURVE HAVING A CENTRAL
ANGLE OF 34°44'25", AND CHORD BEARING S17°29'36"E A DISTANCE OF 53.74 FEET) AN ARC
LENGTH OF 54.57 FEET; THENCE S34°51'23"E A DISTANCE OF 592.64 FEET TO A POINT OF NON -
TANGENT CURVATURE, THENCE ALONG A 570.00 FOOT RADIUS CURVE TO THE RIGHT (SAID
CURVE HAVING A CENTRAL ANGLE OF 08°41'05", AND CHORD BEARING S59°27'37"W A
DISTANCE OF 86.32 FEET) AN ARC LENGTH OF 86.40 FEET; THENCE $64°03'37"W A DISTANCE OF
100.00 FEET TO A POINT OF CURVATURE, THENCE ALONG A 180.00 FOOT RADIUS CURVE TO
THE LEFT (SAID CURVE HAVING A CENTRAL ANGLE OF 27°19'02", AND CHORD BEARING
S50°24'06"W A DISTANCE OF 85.01 FEET) AN ARC LENGTH OF 85.82 FEET; THENCE 536°44'37"W A
DISTANCE OF 100.00 FEET TO A POINT OF CURVATURE, THENCE ALONG A 1000.00 FOOT
RADIUS CURVE TO THE RIGHT (SAID CURVE HAVING A CENTRAL ANGLE OF 36°33'30", AND
CHORD BEARING S55°01'22"W A DISTANCE OF 627.29 FEET) AN ARC LENGTH OF 638.06 FEET TO
A POINT ON THE NORTHEASTERLY LINE OF A PARCEL RECORDED IN BOOK 359 AT PAGE 418,
BEING 50.00 FEET NORTHEASTERLY, AS MEASURED RADIALLY FROM THE CENTERLINE OF
THE MAIN TRACK OF THE BOULDER BRANCH OF THE UNION PACIFIC RAILROAD; THENCE
ALONG SAID NORTHEASTERLY LINE AND ALONG A 2857.50 FOOT RADIUS CURVE TO THE
RIGHT (SAID CURVE HAVING A CENTRAL ANGLE OF 17°43'10", AND CHORD BEARING
S55°25'01"E A DISTANCE OF 880.20 FEET) AN ARC LENGTH OF 883.72 FEET TO A POINT ON THE
SOUTH LINE OF THE SOUTHWEST QUARTER OF SAID SECTION 10; THENCE S89.43'42"W ALONG
SAID SOUTH LINE A DISTANCE OF 1886.58 FEET TO THE SOUTHWEST CORNER OF SAID
SECTION 10; THENCE N00°30'57"E ALONG THE WEST LINE OF THE SOUTHWEST QUARTER OF
SAID SECTION 10 A DISTANCE OF 2655.61 FEET TO THE WEST QUARTER CORNER OF SAID
SECTION 10; THENCE N00°25'00"E ALONG THE WEST LINE OF THE NORTHWEST QUARTER OF
SAID SECTION 10 A DISTANCE OF 2668.95 FEET TO THE POINT OF BEGINNING;
CONTAINING 8,498,369 SQUARE FEET OR 195.096 ACRES, MORE OR LESS.
OFFICE: 303-828-3340 • P.O. Box 930 • Ede, Colorado 80516
www.coloradols.com • john@coloradols.com
URA PLAN MAP
Est', NASA, NGA, USGS,
City and County of
Broomfield, Esri, HERE,
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PIONEER
DEVELOPMENT
t COMPANY
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the way
Erie Gateway Phase 1
Impact Report
Town of Erie Urban Renewal Authority
January 28, 2024
PIONEER
DEVELOI)N1ENT
COMPANY
;a Iric .ie way
March 6, 2024
Dear Town of Erie Urban Renewal Authority (TOEURA) Board,
Town of Erie, Colorado
This Impact Report is intended to satisfy the requirements outlined in Colorado's Urban Renewal Law,
C.R.S. 31-25-107(3.5)1-V and C.R.S. 31-25-107(9.5). According to Statute, the Urban Renewal Impact
Report is a supplementary document to the Urban Renewal Plan required if tax increment financing (TIF)
is intended to be utilized in the project area for renewal activities. The Town of Erie's Urban Renewal
Authority (TOEURA) is considering creating a new Urban Renewal Plan area titled "Erie Gateway Phase
1 Urban Renewal Plan". This proposed Urban Renewal Plan intends to utilize tax increment financing
(TIF) within the project area and therefore requires that an Impact Report be completed.
This Impact Report meets the minimum requirements defined by C.R.S. 31-25-107(3.5)1-V and C.R.S 31-
25-107(9.5), and has been designed to provide TOEURA with a realistic forecast of property and sales
tax TIF that will be generated via blight remediation, investment attraction and development. The forecast
in this report is informed by the Town's Comprehensive Plan, Zoning Code, Planned Unit Development
Overlays, and submitted site plans and plats. This information is supplemented by interviews with the
developers, Town Staff, and taxing entity representatives. The forecasts are intentionally designed to be
conservative estimates and reflect community development needs that have been highlighted by this
Board, Town Staff and the public. All forecasts are des gned to show a "maximum impact scenario",
meaning that both property and sales tax TIF is quantified, and all possible millage rates and sales tax
rates have been leveraged towards increment generation. This is intended to show Erie Gateway Phase
l's maximum possible TIF generation and provide each taxing entity with a maximum impact assessment.
The goal of this report is to provide the Town of Erie Urban Renewal Authority with a realistic forecast of
impacts to better inform negotiations with impacted taxing entities and ensure that the Town of Erie's Erie
Gateway Phase 1 Urban Renewal Plan succeeds in bringing about the renewal expected by the
community.
Sincerely,
Andrew Arnold, AICP
Founder Principal
Pioneer Development Company
Durango, Colorado
CC: Julian MD Jacquin
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Table of Contents
Executive Summary 3
Erie Gateway Phase 1 Urban Renewal Plan Summary 7
Impact Report Methodology 10
Tax Increment Financing Summary 18
Property Tax TIF Projections 18
Sales Tax TIF Projections 19
Taxing Entity Impacts 21
County Impact Conclusion 24
School District Impact Conclusion 26
Town of Erie Impact Conclusion 28
Fire District Impact Conclusion 29
Library District Impact Conclusion 29
Conclusion and Recommendations 30
Appendix 31
1. Tax Increment Pro Forma 31
2. Phasing Maps 31
3. Development Absorption and Valuation Table 31
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Executive Summary
The Erie Gateway Phase 1 Urban Renewal Plan Impact Report:
The Town of Erie Urban Renewal Authority (TOEURA) is in the process of forming a new Urban Renewal Plan area.
This area is described by this report as the Erie Gateway Phase 1 Urban Renewal Plan (the Plan). The proposed
Project area is large, encompassing 1,100 acres on the Town's eastern boundary. Although this area is bordered by
major arterials and has been the subject of extensive community planning efforts, it is currently underutilized.
Planned Unit Development Overlay zones and Regional Commercial zones have been adopted for this
vacant/agricultural area, however, a lack of public infrastructure and other conditions are complicating its
development efforts. The conditions arresting sound development throughout the proposed Plan area have been
catalogued in the Erie Gateway Phase 1 Conditions Survey and underscore its need for a public private partnership.
This Plan will require significant collaboration between TOEURA, the Town and the taxing entities that impose ad
valorem taxes within the proposed boundaries. The Plan's inclusion of agriculturally assessed land, its exclusion of
Oil and Gas well pads, and its intention to utilize both property and sales tax increment requires a nuanced and
detailed analysis of potential impacts to these various public sector partners.
The Plan's Impact Report analyses the project area and models future development for 25 years after Plan adoption.
The Report forecasts future growth according to adopted plans and market conditions and evaluates the
developments' impacts on the Town and participating taxing bodies. The Town of Erie's Economic Development
Department assisted in producing this study, which relied on submitted PUDs, development plans and conversations
with landowners and developers to refine development projections. The model's projections were tempered
according to regional market capacities and regulatory controls. The Impact Report also analyzed comparable
development projects throughout Northern Colorado to further refine its analysis and estimate future development
size, quality, value and timing.
The Impact Report also benefitted from the significant community visioning and planning that the Town of Erie has
conducted on this area. Resources that informed this analysis included the Town of Erie's Comprehensive Plan and
its Area's of Special Interest, the Town of Erie' Future Land Jse Map and Zoning Districts, the recently published "I-
25 Gateway Developer Book", as well as drafted and/or submitted Planned Unit Development Overlay zones to the
Town's Planning Division. The Summerfield PUD and the North Station PUD were critical for this Report's analysis.
The Impact Report forecasts residential and commercial development within the Erie Gateway Phase 1 Urban
Renewal Plan area over the next 25 years. All development is phased according to market absorption rates, and the
logical progression of infrastructure throughout the area. Valuations are derived from current median residential
prices and current commercial sales per SF throughout the regional market. These values are also adjusted for
inflation. The location, type and density for future development is based on the 1-25 Gateway Developer Book's land
use plan and submitted PD development plans. Areas within the Erie Gateway Phase 1 but not included in these
resources were projected according to their zoning districts and local market forces.
After modeling the most probable development forecast, this report quantified the Plan's assessed value, property
tax, sales tax, demographics, and fiscal impacts. This information provides estimates regarding the amount of tax
increment (both property and sales) Erie Gateway Phase 1 will generate over 25 years. Increment estimates are
projected for each taxing entity that levies an ad valorem property tax within the Plan area. The Impact Report also
estimates the number of new residents, students and jobs the Plan area will generate over 25 years. These increment
and demographic impacts were used to evaluate potential fiscal impacts on participating taxing entities.
The following section summarizes the Impact Report's conclusion, assumptions, and findings. Impacts to taxing
entities are categorized as either low, moderate, or high. A detailed methodology, impact analysis and
recommendations are provided in this Report that elaborate on the Executive Summary's findings:
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Conclusion:
The Erie Gateway Phase 1 Urban Renewal Plan advances an ambitious community development vision. The Plan's
location will bridge the gap between the Town of Erie's urbanized areas and Interstate 25 by transforming vacant,
u nderutilized parcels into an extension of the Town's historic urban fabric. The Plan will help fund public
infrastructure throughout the area, which in turn will activate future development areas. This URA Plan is the first
in a series of URA Plans intended realize the development vision contained in the Town's Comprehensive Plan, 1-25
Gateway Developer's Book and adopted Planned Unit Development Overlays.
Erie Gateway Phase 1 Urban Renewal Plan will facilitate mixed -density residential development and regional
commercial development throughout the area. The projected development is significant. Approximately 3,003
residential dwelling units and 677,760 SF of commercial space are forecast to develop within the Plan area over the
n ext 25 years. The Plan area's estimated assessed value once completed is '$153,000,000, or 25.3% of the Town's
existing assessed valuation. The Plan will generate $332 million in property taxes and $67 million in sales taxes over
the next 25 years. The residential development will yield 8,555 new residents, and 1,351 new students. This
development forecast is significant and may create fiscal impacts to specific taxing entities that levy a property tax
and/or sales tax in the Plan area.
This Report identified a high-level fiscal impact generated by the Erie Gateway Phase 1 Urban Renewal Plan for the
Town of Erie. Assuming the Town shares 100% of tax increment generated by its respective mill levy and sales tax
rate, the Plan would generate more than 10% of the Town's annual property tax and/or sales tax revenue. This report
considers revenue sharing agreements cause incremental revenue collections to exceed 10% of the subject entities
annual revenues as evidence of high-level, fiscal impact. TOEURA should work closely with the Town when
n egotiating its TIF sharing agreements to ensure that the Plan is successfully implemented, but without creating an
imbalance in the Town finances. This report recommends that the Town and TOEURA pursue a TIF sharing agreement
that would exclude bond redemption levies and a reduced sales tax sharing agreement.
The Report also identified medium level impacts for the St. Vrain Valley School District. The medium level impact
to the School District is associated with the number of new students the Plan is projected to generate over the next
25 years. This impact can be mitigated by crafting a TIF agreement with the School District that remits all their bond
redemption mill levy and a portion of the mill levy override. It is recommended that the School District pledge 100%
of its general fund (School Finance Act) levy to support this Urban Renewal Plan, as the Plan does not generate a
significant fiscal impact to the district.
This report recommends TOEURA carefully evaluate TIF sharing negotiations with these taxing bodies to ensure that
the Plan's taxing partners do not suffer undue burdens when helping to realize the Erie Gateway Phase 1 Urban
Renewal Plan vision. TOEURA should work collaboratively with these taxing entities to craft TIF sharing agreements
that mitigate fiscal impacts.
The following list and tables summarize the Impact Report's assumptions and findings that underscore this
conclusion.
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Assumptions:
• The Erie Gateway Phase 1 Urban Renewal Plan is eligible for Urban Renewal treatment. A conditions
survey, completed January 15t, 2024, found that the urban renewal area exhibits six of the eleven
statutorily defined blighting conditions, meaning that the Plan area is eligible for urban renewal activities.
• Residential and commercial absorption rates will follow regional market trends. Annual Commercial
development absorption will not exceed the region's 10 -year annual average. The equates to 190,000
square feet per year. Residential development will not exceed 35% of the projected 25 -year annual average
for housing starts in Erie. This equates to 300 residential units per year.
• Phasing is expected to begin within the Summerield PD area and follow the submitted phasing plans
provided by the developer. This report assumes that the phasing will then move to the North Station PD
area after Summerfield PD is completed. Commercial development is assumed to occur at the end of each
phase, following the completion of residential development.
• All TIF forecasts assume a 100% mill levy commitment from each participating taxing entity. This is to
forecast the maximum potential impact of the proposed plan area.
• Property Tax and Sales Tax are assumed to be available for TIF sharing agreements. Lodging tax and Oil and
Gas Revenues are excluded.
• All property within the Plan area will be annexed irto the Town of Erie and average an overlapping millage
rate of 108.0 in its formation year. Metropolitan District Millage Rates are excluded and not eligible for TIF.
Properties in specific Fire Districts have been modeled separately.
• In areas where development programs have not yet been submitted, the development scenario chosen for
this analysis takes the average, or medium, density and intensity ranges for units per net acre and floor -
area -ratios.
• The Erie Gateway Phase 1 Urban Renewal Plan will be successful in remediating blighting conditions present
within this area, which will help facilitate new development. New development will be incentivized by
TOEURA to address community needs, such as attracting residential and commercial development and
investment.
Summary Tables and Charts:
Projected Build -Out Statistics (Value Estimates Rounded)
Development Type
Units/SF
Actual Value
Assessed Value
Residential
Single Family Attached (TRD)
Single Family Detached (TRD)
Single Family Attached (AA)
Single Family Detached (AA)
Mixed -Density Residential
3,003
188
948
248
819
$2,121,000,000
$102,000,000
$707,000,000
$141,000,000
$578,000,000
800 $593,000,000
$115,000,000
$6,000,000
$38,000,000
$8,000,000
$31,000,000
$32,000,000
Commercial
Retail
Office
Office/Light-Industrial
682,439
176,180
53,609
452,650
$203,000,000
$58,000,000
$14,000,000
$128,000,000
$45,000,000
$13,0001000
$4,000,000
$28,000,000
$2,324,000,000
Demographics
Total New Residents
Total New Students
8,555
1,351
$160,000,000
5
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Taxable Value Information
Estimated Base Taxable Value
Total New Taxable Real Property Value
Net Taxable Real Property Value
$7,617,377
$160,687,292
$153,069,915
Total Net Taxable Value
$153,069,915
TIF Estimates
(Estimates Rounded)
Gross
Net Present Value
Annual Average
Town of Erie Only
Total
Property Tax
Sales Tax (Inflation Adj.)
$399,000,000
$332,000,000
$67,000,000
$145,000,000
$120,000,000
$25,000,000
$15,400,000
$12,800,000
$2,600,000
$4,300,000
$1,700,000
$2,600,000
Erie Gateway
Phase
1 Urban
Renewal
Plan Area Value and
Tax
Generation
Comparison
Taxing
Entity
Fiscal
Impacts
%
Total
District's
AV
% District's
Property
Annual
Tax
%
District's
Sales
Tax
Annual
Impact
Assessment
Weld
County
1.2%
0.7%
-
Low
Town of
Erie
25.3%
19.8%
15.1%
High
St.
(RE1J-Longmont)
Vrain
School
District
3.1%
2.3%
-
Medium
Northern
Colorado
(
NCW)
Water
0.5%
0.4%
-
Low
Frederick
-Firestone
District
Fire
2.4%
1.8%
-
Low
Mountain
Protection
View
District
Fire
4.0%
3.1%
-
Low
High
Plains
Library
0.9%
0.7%
-
Low
Boulder
Valley
Conservation
12.8%
0.0%
-
Low
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Erie Gateway Phase 1 Urban Renewal
Plan Summary
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Project Area
The Erie Gateway Phase 1 Urban Renewal Plan area encompasses "1,100 acres.' This area includes 536
parcels. This survey area has been strategically drawn to include parcels that need or will attract new
investment, reinvestment, or development. The area also includes public right-of-way that may benefit
from urban renewal treatment.
Area Description
The proposed Urban Renewal Plan targets an area recently annexed into municipal limits that will help
bridge the Town's urbanized centers to the west with Interstate 25 to the East. Historically, the area was
used for oil and gas extraction and agriculture. The parcels are mostly vacant, despite their proximity to
major transportation corridors, such as I-25, Erie Parkway and Highway 52. The Town examined this area
in 2018 to determine its eligibility for Urban Renewal treatment. A preliminary conditions survey was
1 Acreage estimate includes Public Right of Way e.g. Roads and Alleys
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completed that identified the necessary number of blighting factors within the Plan area to meet
statutory thresholds. However, TOEURA did not move forward with creating the Urban Renewal Plan.
Over the past six years, renewed interest in this area and community planning and visioning projects
have led TOEURA to re-examine its potential as an Urban Renewal project. Another conditions survey
was completed in 2022 that confirmed the area exhibits eight blighting factors, again exceeding
statutory minimums. The proposed Plan boundary was then re-examined for blighting factors by Pioneer
Development Company and the results catalogued in a January 1St, 2024 Conditions Survey. This survey
identified six blighting factors, making the Erie Gateway Phase 1 Urban Renewal Plan eligible for Urban
Renewal treatment.
The Plan area includes two distinct Planned Unit Development Plans that have specific land use
designations. These PD overlays include the Summerfield PD and the North Station PD. The impact
report forecasts future development according to each PD and its submitted development plan's. Areas
not yet assigned a land use designation by either a PD development plan or Town's visioning exercises
were assigned their current zoning/future land use designation for forecast purposes.
The Plan Area's statistics are described in the table below and Future Land Uses in the following Map:
Erie Gateway Phase 1 Land Use Summary
Area Statistics
Total Acreage (Includes ROW)
Total Parcel Acreage
Number of Parcels in Area
1,100
973.8
536
ssessment Type
Parcel Count Acreage Percent Total Acreage
Tax Exempt
Agricultural
1
535
4.4
969.4
0.45%
99.55%
Zoning Type
Parcel Count Acreage Percent Total Acreage
Planned Development
Regional Commercial
Assessed Value
Total Actual Value
528
8
752
221
77%
23%
Total Assessed Value (Not Base Value)
Value
$ 2,759,071
$ 268,680
2 Zoning Districts may overlap parcel boundaries.
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and County of
Broomfield. Esri. HERE,
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Denver EPA. NPS
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Current Assessment of Plan Area
The Plan area includes 536 parcels. The total equalized assessed value (taxable value) of these parcels,
according to the Weld County Assessor's database 2023 valuations, is $268,680. The total actual value of
these parcels, according to the County Assessor's database 2023 valuations are $2,759,071. The reason
for this low taxable value is because all of Plan area's parcels are assessed as agricultural or exempt. An
exempt assessment will cause a properties taxable value to equal zero. An agricultural assessment
determines property value based on a state formula for agricultural yield. Since the Plan area has
historically exhibited blighting factors and vacancy, parcels assessed as Ag have failed to produce high
yields, meaning their taxable value is low.
Agriculturally assessed property can be included in an Urban Renewal project under C.R.S. 31-25-112.5.
However, tax increment financing cannot utilize the agricultural assessment when determining the
area's base value. A new base value, one that assumes the properties were assessed as "vacant" is
required to project future incremental tax revenues. PDC worked with the Weld County assessor to
determine this plan area's "new" base value, assuming all agriculturally assessed property was given a
market rate value and assessed as "vacant commercial". $7,617,377 is the new base value assigned by
the assessor for tax increment financing purposes. This report uses the Ag Adjusted taxable value for
all projections.
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Impact Report Methodology
Forecasting Future Growth
The goal of the Erie Gateway Phase 1 Urban Renewal Plan is to incentivize redevelopment by
remediating blighting conditions and spurring new investments in public infrastructure, commercial
development, housing, amenities, and community development needs.
One of the tools urban renewal authorities can use to bring about these changes is known as Tax
Increment Financing (TIF). TIF is a redevelopment strategy that leverages future tax revenues to
incentivize redevelopment for urban renewal activities. Colorado's Urban Renewal Law mandates that
urban renewal projects that intend to use TIF for renewal activities submit a supplementary Impact
Report to help forecast growth within a proposed renewal area and estimate the impacts this growth
will have on taxing entities within that area. The impact report's purpose is to ensure that taxing entities
that rely on property tax and, as applicable, sales tax revenues will not be adversely impacted by the
urban renewal project.
Quantifying these impacts requires a forecast of probable growth throughout the project area over the
project's lifetime. The Erie Gateway Phase 1 Urban Renewal Plan is expected to last 25 years, the
maximum amount of time permitted by Colorado's Urban Renewal Law.
This report projected where and when redevelopment will take place within the Erie Gateway Phase 1
Urban Renewal Plan area by reviewing the Town's Comprehensive Plan and Zoning map, regional
development patterns, submitted PD Development Plans within the Plan area, current locations of
central water and sewer infrastructure, and the recently completed 1-25 Gateway Developers Book.
These resources provided a roadmap to how development will likely unfold throughout the Erie
Gateway Phase 1 Urban Renewal Plan area.
Navigating this development roadmap will require significant cooperation with TOEURA, its partnering
taxing entities, and the private sector. The Erie Gateway Phase 1 Urban Renewal Plan represents an
ambitious public private partnership, one that will remediate conditions arresting sound development
throughout the area by providing a mix of public incentives, bonds, and private investment. TOEURA is
expected to be a key partner, and TIF is vital for making the overall development project feasible. The
projections made by this impact report have been informed by this perspective and realities.
The following map illustrates the assumed development types and phasing that will occur throughout
the Plan area over the next 25 years. The key areas of development include the Summerfield PD, the
North Station PD, and mixed -use and commercially zoned parcels along County Road 12 and Interstate I-
25.
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11
Erie Gateway Phase 1 URA - Development All Phases
0
l l
/Pilings Ave
0.5 1
l 1 1 l I
I
2 Miles
=. Eric Gatesvay Pnasc 1 Nw Area
Weld County Parc_e's
Surnmerfldc Phase 1A
Summerfl?IC Phase 16
Summerfield Phase ID
Summerfleld Phase lE
Surnmerfleld Phase IF
Surnrnerfldd Phase 1G
t' I Surnmerflelc Phase 1C
r Summer k3c Phas` 1H
Su!nmertielc Tract 8 (AA SFD)
Sumrneifielc Tract l (AA Duplex)
Summer -held Tract AA (TRD High Densy)
Summeifiielc Tract AC (Commercial)
1• Summerfield Plannng Areas 12 (Prelim Pat) and 13
Summerfield Planning Areas 9-11-12
SummedIeld Planning Areas 9-10
MP Summerheld Planning Areas 4-5-8
North Station Resdential Development
Mixed -Use and Commercial Development
36-1
35
Longmont
Boulder
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Development Assumptions and Feasibility
The Erie Gateway Phase 1 Urban Renewal Plan represents an ambitious development plan that will
significantly increase the Town's population and total assessed value. This in turn will have a large
impact on property and sales tax revenue. To forecast a Plan of this scale, it was important to determine
market benchmarks that can inform the Plan's assumptions and feasibility.
The Impact Report was informed by interviews with the Town's staff, landowners, developers, and
adopted plans. The Planned Unit Development (PD) overlays were especially important for this Report's
forecasts. These PD overlays include the Summerfield PD (both Phase 1 and Phase 2) and the North
Station PD. Properties that lie outside these PD areas were assumed to develop according to existing
Town zoning districts at a density and intensity in line with current market benchmarks and regional
comparables.
These resources were used by the Report to predict the type, size, time, and value for each
development phase. The Report's development assumptions are informed by local market studies,
urban renewal best practices and community desires. The goal is to anticipate development that will be
both financially and politically feasible, meaning that future development in the project area matches
the Town of Erie's market demands and community desires. The Town has performed extensive
planning exercises to help shape future development within this area, and these goals have been
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accounted for by the report's projections. Market realities and community expectations are often in
tension with one another, which is why these assumptions seek to strike a compromise between the
two viewpoints. These assumptions are cataloged below:
• Type of Development - The Plan area is expected to include residential and commercial
development. The Summerfield PD's phasing includes residential development that falls within
two categories, Traditional (TRD) and Active Adult (AA). Traditional development includes single
family detached homes of various sizes, and single family attached dwelling units ranging from
duplexes to townhomes. Active Adult development is marketed to older residents and also
includes a mix of single family detached and single family attached offerings. There are no
apartments or condos planned within the Summerfield PD. The Summerfield PD also includes an
area of commercial development.
The North Station PD (the Plan area encompasses only the western portion of the North Station
PD Plan) portion is planned for mixed -residential development. There are no specific
development plans for this area. The Impact Report assumes that development in this area will
match similar zoning districts throughout the region. This mix includes low to high density
residential development, meaning that single family homes, townhomes/duplexes and multi-
family development will all be present in specific locations throughout this section of the North
Station PD. The southern end of the North Station PD also contemplates mixed -use commercial
development.
The parcels adjacent to the north side of County Road 12 are not within a PD and have not yet
been planned out. These parcels include some existing residential homes. The parcels are zoned
Regional Commercial and are assumed to support a mix of light -industrial, office and retail
development in the future.
• Size of Development - This report estimated the size (or scale) of development within the Plan
area by analyzing the Town's regulatory controls, submitted plans by the developer, and the
regional market. The Plan area is expected to feature both residential and commercial
development. However, the Summerfield PD and the portion of the North Station PD contained
in the Plan area are heavily focused on Residential development. The residential development
will include a mix of densities, ranging from townhomes and duplexes to a variety of single-
family detached homes. The Summerfield PD and its associated development plans include a
residential category titled, "Active Adult", which is housing marketed towards an older
demographic. The North Station PD portion does not include a detailed breakdown of lots or
specific development types. The Report assumes that the residential development in this area
will be of a similar density and value as the Summerfield PD neighborhoods.
The Plan area also includes commercially zones parcels, and two areas in the PD overlays
dedicated for commercial development. Tract AC in the Summerfield PD is e`'28 acres and is
assumed to feature a high proportion of retail development. The Report assumes that
commercial development in this location will proceed at a higher level of intensity than
elsewhere in the Plan area. The North Station PD includes e"16 acres designated for commercial
mixed -use development. This too will feature a mix of commercial and office development.
There are three large parcels adjacent to County Road 12 zoned for Regional Commercial
development. These areas are assumed to be developed in the Plan's later phases. Commercial
development on these parcels is assumed to be similar to the development along Puritan Way,
which features a mix of retail, office, light -industrial and warehousing. The Report assumes that
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commercial development in this area will be less intense and more geared toward light -
industrial uses.
The following table summarizes the development program, and the estimated number of
units/sf for each development type.
Erie Gateway
Phase
1 Urban
Renewal
Plan
Development
Summary
Phase
Property Type
SF
Units
Summerfield
Phase
1B
Single
Family
Detached
(AA)
-
86
Summerfield
Phase
1C
Single
Family
Attached
(AA)
-
32
Summerfield
Phase
1D
Single
Family
Detached
(TRD)
-
111
Summerfield
Phase
1E
Single
Family
Attached
(TRD)
-
35
Summerfield
Phase
1F
Single
Family
Detached
(AA)
-
77
Summerfield
Phase
1G
Single
Family
Attached
(AA)
-
72
Summerfield
Phase
1H
Single
Family
Detached
(TRD)
-
90
Summerfield
Tract B
Single
Family
Detached
(AA)
-
97
Summerfield
Tract J
Single
Family
Detached
(AA)
-
38
Summerfield
Tract AA
Single
Family
Attached
(TRD)
-
153
Summerfield
Tract AC (Retail)
Retail
80,414
-
Summerfield
Tract AC (Office)
Office
53,609
-
Summerfield
Phase
1 Planning
Areas 12-13 (Prelim
Plat)
Single
Family
Detached
(TRD)
-
162
Summerfield
Planning
Areas 4-5-8 (Phase
1)
Single
Family
Detached
(AA)
-
126
Summerfield
Planning
Areas 4-5-8 (Phase
2)
Single
Family
Detached
(AA)
-
125
Summerfield
Planning
Areas 4-5-8 (Phase 3)
Single
Family
Attached
(AA)
-
144
Summerfield
Planning
Areas 9-10
Single
Family
Detached
(AA)
-
270
Summerfield
Planning
Areas 9-10-11 (Phase
1)
Single
Family
Detached
(TRD)
-
195
Summerfield
Planning
Areas 9-10-11 (Phase
2)
Single
Family
Detached
(TRD)
-
195
Summerfield
Planning
Areas 9-10-11 (Phase
3)
Single
Family
Detached
(TRD)
-
195
North
Station Residential
(Phase
1)
Mixed
-Density
Residential
-
200
North
Station Residential
(Phase
2)
Mixed
-Density Residential
-
200
North
Station Residential
(Phase
3)
Mixed
-Density Residential
-
200
North
Station Residential
(Phase
4)
Mixed
-Density Residential
-
200
Mixed
-Use Commercial
(Retail
Phase
1)
Retail
47,883
-
Mixed
-Use Commercial
(Retail
Phase
2)
Retail
47,883
-
Mixed
-Use Commercial
(Office/Light-Industrial
Phase
1)
Office/Light-Industrial
113,162
-
Mixed
-Use Commercial
(Office/Light-Industrial
Phase
2)
Office/Light-Industrial
113,162
-
Mixed
-Use Commercial
(Office/Light-Industrial
Phase
3)
Office/Light-Industrial
113,162
-
Mixed
-Use Commercial
(Office/Light-Industrial
Phase
4)
Office/Light-Industrial
113,162
-
• Time of Development — The timing of this projected development is limited by regulatory
controls and market demands, such as absorption rates. An absorption rate is an estimate for
the number of dwelling units or square footage that can be absorbed by a market each year. As
mentioned in the previous section, this report forecasts development according to residential
densities and commercial floor -area -ratios provided by the Town of Erie Planning and Economic
Development Departments. These densities and FAR's are applied to development expected to
13 we find the way
occur in specific land use areas. Market absorption rates were applied to temper these
projections and ensure development projections did not outpace market capacity.
According to the State Demographer's office, the Town of Erie has averaged a 4.35% annual
increase in housing units over the past 5 -years. This report used this average annual increase to
forecast housing unit growth over the next 25 years. This projection yields an average annual
Housing Unit Absorption rate of 852 units per year. Because it is unlikely that one area would
absorb 100% of this residential development, this report assumes that the Erie Gateway UR Plan
will account for no more than 35% of the Town's annual housing starts. This report modeled
residential development to not exceed 300 units in any given year.
Commercial absorption was calculated by evaluating the Erie Market Area's 10 -year range for
deliveries. This range estimates the total commercial square footage delivered during that time
span, ranging from high, average and low years. This report analyzed various commercial retail
developments that are likely to locate within the Plan area, such as community retail centers,
neighborhood centers, power centers, lifestyle centers, and office space. After evaluating the
Erie Market's annual absorption for commercial development, this report used 190,000 square
feet per year as it's an annual commercial absorption rate for the Plan area. The model capped
commercial square footage to not exceed 190,000 square feet any given year.
The following charts illustrate Erie Gateway Phase 1 Urban Renewal Plan's projected absorption
for both residential dwelling units and commercial square footage.
Dwelling Units
350
300
250
200
150
100
50
Erie Gateway Phase 1 Absorption
Residential Dwelling Units
264
239
288 288
■ ■ 269 270
195 195 195 200 200 200 200
,Loy ,tip ,L(o ,L1 ,tip °' .,�� .,�'� ,,��. ,,�� ,,�N ,�� ,,�(o1% ,,,,�,�� �� �'y �'L �'� D�` �� (0A% ��0)
O O ,O ,O ,LO ,LO11/ ,LO ,LO ,LO ,LO ,�O ,LO ,LO ,LO ,LO ,LO ,LO ,LO ON ON 'V 'A/ 1O ,LO (A. ,O
URA Plan Year
SNIPS _
._$
14
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Erie Gateway Phase 1 Absorption
Commercial Square Footage
a)
LL
C)
L
CT
180,000
160,000
140,000
120,000
100,000
80,000
60,000
40,000
20,000
134,023
161,046
113,162
113,162
7/4-/ 113,162
47,883
d �Il lD 00 cn 0 ref N crl d- l.I) CD f- 00 Cr) 0 r -I N Co d- l.Il LC) N- 0a Cr)
N N N N N N M M M m m M rn Co Co rn t d d d• d' ct' d'
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
N N N N N N N N N N N N N N N N N N N N N N N N N N
URA Plan Year
• Value of Development - This report estimated the future value of development by comparing
the projected new development to market benchmarks and existing comparable properties. The
Town of Erie's median home values over the last year ranged between $700,000 and $725,000
per third party databases. This report assumes that residential values will average (weighted)
$619,000 per unit. Commercial development in the Erie Market Area sold for an average of $248
per square foot for retail, and $235 per square foot for office in 2023. However, using leasing
rates and current capitalization rates in the market area, this report estimates that commercial
development will average (weighted) a price per square foot of $270. Both estimates are
conservative and are intended to reflect "Actual Values" assigned by the Weld County assessor
during its appraisals. Taxable value is derived from the Assessor's Actual Values, after
equalization rates are applied. This report assumes that the Commercial Equalization Rate will
remain 27.9% and the Residential Assessment Rate will remain 6.8% during the life of the Plan.
All development values are adjusted for inflation based on their projected absorption date.
Retail commercial development is also assumed to generate sales taxes at the Town of Erie's tax
rate. State sales taxes are not calculated by this report. This report assumes that retail
commercial development will generate sales taxes based on the Town's sales tax rate and an
average sales per square foot multiplier. This report assumes that the Town's sales tax rate will
remain 3.5% over the next 25 years, and that retail commercial development will average $386
per square foot in sales (adjusted for inflation).
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16
These assumptions guided this report's forecast of future development throughout the Erie Gateway
Phase 1 Urban Renewal Plan
Tax Increment Financing Assumptions
As part of Statutory Requirements, this report projected the estimated property and sales tax
generation for future development within the Erie Gateway Phase 1 Urban Renewal Plan area. These
projections are based on Weld County's 2023 certified assessments of property and the mill levies
associated with the taxing entities present in the project area. The full list of taxing entities and their
associated millage rates are tabulated below:
Tax Entity
2023
Mill
Levy
TIF Agreement
%
TIF Eligible
Mill
Levy
Weld
County
15.038
100%
15.038
School
Dist
RE1J-Longmont
58.385
100%
58.385
Northern
Colorado
Water (NCW)
1
100%
1
Left
Hand
Water
0
100%
0
Frederick
-Firestone
Fire
13.9
100%
13.9
Frederick
-Firestone
Fire (Bond
2022)
0.469
100%
0.469
High
Plains
Library
3.197
100%
3.197
Boulder
Valley
Conservation
0
100%
0
Mountain
View
Fire
Protection
District
16.247
100%
16.247
Town
of
Erie General
Fund
7.288
100%
7.288
Town
of
Erie
Trails
Acquisition
4.000
100%
4
Town
of
Erie Community Center Bond
2.437
100%
2.437
Town
of
Erie Public
Safety
Building
0.412
100%
0.412
TOTAL
122.3733
100%
122.373
This report assumes that all impacted taxing entities will pledge 100% of their millage rate to the Erie
Gateway Phase 1 Urban Renewal Plan. This assumption is intended to help forecast the maximum
impact this plan area will have on the Town and partnering entities. Property tax projections made by
this report assume that the number of taxing entities, as well as their millage rates, will remain
unchanged over the project's lifetime. Tax Increment assumptions are also based on the above mill
levies and assumes that the project area's starting base value is $7,617,377. This report projects that
both the project base and all future development will appreciate at a rate pegged to inflation. This
3 This overlapping millage rate overstates the number of eligible mills within the Plan area. Only one fire district collects a mill levy
on any one parcel. Parcels within a specific district were modeled separately. This report assumes that the general overlapping
millage rate will average 108.00 over the life of the Plan area.
ass
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17
report assumes that the inflation rate will average 2% over the project's lifetime4. This report adjusts
the Plan area's base biennially for TIF projections.
Sales Tax Assumptions
Colorado's Urban Renewal Law permits sales tax to be collected within urban renewal project areas to
be leveraged for tax increment financings. This report assumes that the Town's sales tax rate is the only
e ligible sale tax for tax increment financing. The amount of sales tax that can be allocated to an urban
renewal project is determined by calculating the amount of sales tax collected within the project area's
boundary over the past 12 months. This is known as the sales tax base. Any increase over this base
associated with new improvements within the project area is subject to negotiations between the
municipality and the urban renewal authority over what portion of this increase can be paid out to fund
u rban renewal activities within the project area.
This report assumes that 100% of the Town of Erie's sales tax generated by new improvements within
the Erie Gateway Phase 1 Urban Renewal Plan area will be allocated to TOEURA. All sales tax
calculations are estimates that have been isolated to only include new retail space forecasted to develop
within the Plan area.
The But -For Assumption
The final assumption made in this report is that all new development would not occur but for the Erie
Gateway Phase 1 Urban Renewal Plan and the Town of Erie Urban Renewal Authority (TOEURA). The
goal of this urban renewal plan is to incentivize development through a variety of tools, TIF being just
one example, where new investments manifest throughout the Plan area because of the TOEURA's
efforts. All tax increment estimates must therefore be considered revenue that is generated because of
TOEURA's efforts to attract and facilitate redevelopment to the Plan area. The Erie Gateway Phase 1
Conditions Survey identified six statutorily defined blighting factors within the Plan area that impair and
arrest sound development. The renewal project will remediate these conditions and bring about
development that is desired by the Erie community. Because of this, future incremental revenues should
n ot be considered property tax or sales tax that is abdicated by the area's taxing entities. Instead, these
incremental revenues should be perceived as a future tax base that would not exist but for the creation
of the Erie Gateway Phase 1 Urban Renewal Plan.
4 Colorado's Urban Renewal Law requires that the base assessment be reevaluated every two years within an urban renewal
project area.
5 C.R.S. 31-25-107(9)(e)
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Tax Increment Financing Summary
This Report forecasted the Plan's development over the next 25 years and projected its assessed value
and taxable revenue. These projections were used to estimate the amount of property tax increment
and sales tax increment that will be generated within the Plan area if the urban renewal project is
successful. Development projections are based on the methodology outlined in Section Two "Impact
Report Methodology". A Development Absorption and Valuation Table is provided in this Report's
Appendix.
Property Tax TIF Projections
This Report estimated the Erie Gateway Phase 1 Urban Renewal Plan's future TIF revenue over the next
25 years in accordance with C.R.S. 31 -25 -107(3.5)I -V. These estimates are used to determine the
property tax revenue that is likely to be generated by new developments within the Plan area. This tax
revenue is assumed to be the result of the TOUERA's efforts to remediate blight and attract new
investments within the Plan area.
Property tax TIF is estimated by comparing the Plan area's base value against its projected new
improvement value. These assessed values each generate tax revenue based on the current millage rate
of taxing entities within the Plan area. The base value's property tax revenue is not impacted by urban
renewal projects. The new improvement's tax revenue, however, is the result of the urban renewal plan.
That revenue is labeled as "increment". The property within the Erie Gateway Phase 1 Urban Renewal
Plan has an adjusted assessed value of $7,617,3776. This assessed value includes both building
improvement values and land values. This assessed value includes all parcels within the Plan area. This
current assessed value is known as the Base Value in tax increment financing.
This report estimates that new improvements within the Erie Gateway Phase 1 Urban Renewal Plan area
will amount to an additional $160,687,292 in assessed value. This value is not generated at once but is
instead phased in over the life of the Urban Renewal Plan.
This report models new development according to its first assessment year, taxable value, and
absorption schedule. It then applies the tax district's millage rates to both existing and new
improvements within the plan area. Tax revenue generated by new improvements is incremental
revenue. These revenues can be utilized by TOEURA for urban renewal activities within the Plan area.
Incremental revenue is also determined by TIF-sharing agreements signed between TOEURA and the
impacted entities that levy taxes within the Erie Gateway Phase 1 Urban Renewal Plan area. This report
assumes that all taxing entities have pledged 100% of their millage rates to support the Plan.
This report assumes that all property within the Plan area is annexed into the Town of Erie. The Plan also
assumes that the plan will facilitate the extension of central water and sewer lines which will be
maintained by the Town of Erie. This report assumes that Mountain View Fire District will service the
entirety of the plan area.
The following charts and tables illustrate the Erie Gateway Phase 1 Urban Renewal Plan's 25 -Year TIF
Projections:
6 Per Weld County Assessor adjusted Ag Land Estimates
alMINNIlaamannisams
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Erie Gateway Phase 1 Urban Renewal Plan TIF Projections
Property TIF Estimates
Base Value of Plan Area
$ 7,617,377
Total New Improvement AV
Total Property Tax TIF Revenue (Gross 25 Years)
$ 160,687,292
$ 332,000,0007
Annual Property TIF Revenue (25 -Year Average)
Taxing District
Estimated Real Property Taxes
$ 12,800,000
25 Years
Estimated Tax Increment8
25 Years
Weld County
St. Vrain Valley School District General Fund
St. Vrain Valley School District Bond
St. Vrain Valley School District Override
St. Vrain Valley School District Abatement
Northern Colorado Water Consv. (CWC)
Frederick -Firestone Fire District
Left Hand Water District
High Plains Library
Boulder Valley Conservation District
Mountain View Fire Protection District
Town of Erie General Fund
Town of Erie Trails Acquisition
Town of Erie Community Center Bond
Town of Erie Public Safety Building
$50,286,000
$90,269,000
$58,686,000
$45,444,000
$836,000
$3,344,291
$10,711,000
$-
$10,691,000
$-
$42,851,000
$24,371,000
$13,376,000
$8,149,000
$1,378,000
$47,000,000
$84,000,000
$55,000,000
$42,000,000
$800,000
$3,000,000
$7,000,000
$-
$10,000,000
$-
$39,000,000
$23,000,000
$13,000,000
$8,000,000
$1,000,000
TOTAL
$361,157,000
$332,800,000
Sales Tax TIF Projections
Colorado's Urban Renewal Law permits Urban Renewal Authorities to collect sales tax as a source of
incremental taxable revenue. This report assumes that the Erie Gateway Phase 1 Urban Renewal Plan
will utilize sales tax revenue as a potential source of TIF revenue.
Future sales tax was quantified by first estimating new commercial -retail square footage within the Plan
area. Similar commercial retail developments along I-25 were then evaluated and their square footage
compared to annual sales. This helped determine an average sales per square foot multiplier for the
Plan area.
The analysis conservatively estimates that retail space will generate approximately $387 per SF per year.
The summary of these inputs and their estimated sales tax generation are listed in the table below.
7 Final TIF estimates are rounded down.
8 All Tax Increment estimates have been rounded down.
9 Only eight parcels within the Plan area are within the Frederick -Firestone Fire District. This value was modeled separately to
account for future development on these parcels.
19 we find the way
New Retail
Space
(25-Years)10
176,180
SF
TIF
Eligible
Sales
Tax
Rate
3.5%
Estimated
Sales
Per SF
$ 387.00
Estimated
Sales
Tax
Increment
(Gross)
$67,000,000
Estimated
Sales
Tax
Increment
(Annual
Average)
$2,600,000
Percent of
Annual
Sales
Tax
Collections
(City)"
15.1%
This report estimates that the Erie Gateway Phase 1 Urban Renewal Plan will generate an additional
176,180 square feet of retail space over the next 25 -years. Using an estimated average sales per square
of $387 PSF, this amount space of equates to $67,000,000 in sales tax increment over the next 25 years.
Annually, this equates to an average of $2,600,000 in sales tax TIF collected. For comparison, the Town
of Erie has budgeted for $17,100,00 in non -vehicle sales tax in 2023. This means that projected retail
development in the Erie Gateway Phase 1 Urban Renewal Plan area should increase the Town's sales tax
collections by 15.1% annually upon completion. This estimate does not include State Sales Tax
collections. Weld County does not levy a sales tax.
10 Sales tax estimates are rounded and adjusted for inflation.
11 Estimate compares only non -vehicle sales tax collections.
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Taxing Entity Impacts
Assessing an Urban Renewal Plan's impacts on partnering taxing entities requires careful consideration
of the revenue, services and infrastructure required to achieve that Plan's goals. These impacts also
n eed to consider the purpose of the Urban Renewal Plan. In addition to remediating blighting
conditions, an Urban Renewal Plan is designed to bring about a public good, either in the form of new
investment in an underutilized community area, the procurement of public amenities or infrastructure,
or pioneering developments.
The Erie Gateway Phase 1 Urban Renewal Plan is designed to target new investment towards an
u nderutilized area in an ambitious and visionary manner. This 1,100 -acre area represents the Town of
Erie's future growth. It bridges the rapidly commercializing Interstate 25 corridor with the Town's
historic downtown and urbanized clusters. This area is marked by underutilization, former extraction
industries, and a lack of public infrastructure. To overcome these blighted area factors, the Town is
leveraging public private partnerships. More importantly, the Town is conducting planning and visioning
workshops and publishing materials that envision the future development for the area. Public private
partnerships can both remediate conditions arresting sound development in the area and guide
development towards these community visions. That is TOEURA's purpose and intention for the Erie
Gateway Phase 1 Urban Renewal Plan.
The area exhibits the requisite number of blighting factors (found both in 2018, 2022 and 2024
Conditions Surveys) to be eligible for Urban Renewal treatment. Development proposed throughout the
Plan area is informed by two Planned Unit Development overlay zones, a regional commercial zone, and
the 1-25 Gateway Developer's book. The development envisioned are walkable, mixed -use
n eighborhoods complete with amenities, open space, and pockets of commercial retail. There are also
areas dedicated to employment centers and light -industrial businesses. This vision aligns with the
Town's Comprehensive Land Use plan for this area. The development's scale and quality, however, will
require significant extensions and improvements to public infrastructure throughout the area. A major
challenge to realizing the Town of Erie's growth vision are road, water and sewer line improvements.
This Urban Renewal Plan can help leverage specific financing tools to provide funding for this public
infrastructure and make this development vision feasible.
This partnership between TOEURA, its participating taxing entities and the private sector, needs to be
weighed against the possible fiscal impacts caused by the Urban Renewal Plan on partnering taxing
e ntities.
Colorado's Urban Renewal Law is clear in C.R.S. 31 -25 -107(3.5)I -V), when it lists requirements for Urban
Renewal Impact Reports to evaluate potential impacts on effected taxing entities. The statute requires
that the report examine County impacts in particular, stating the following:
• An estimate on the county revenue impact, and on the cost and extent of additional county
infrastructure and services required to serve development within the proposed urban renewal
area, and the benefit of improvements within the urban renewal area to existing county
infrastructure,
• A statement setting forth the method under which the authority or the municipality will finance,
or that agreements are in place to finance, any additional County infrastructure and services
required to serve development in the urban renewal area for the period in which all or any portion
of the property taxes described in subparagraph (II) of paragraph (a) of subsection (9) of this
section and levied by a county are paid to the authority,
• Any other estimated impacts of the urban renewal project on county services and revenues.
21 we find the way
This section of the Report will answer these requirements directly about the Erie Gateway Phase 1
Urban Renewal Plan's impacts to Weld County. This report will also address the impacts to the St. Vrain
Valley School District, the Town of Erie, Mountain View Fire District, and the High Plains Library District
within the Plan area. The Left -Hand Water District, Northern Colorado Water Conservation District and
the Boulder Valley Conservation District are not analyzed since TOEURA will not request TIF sharing
agreements with these entities.
Erie Gateway Phase 1 Impact Summary
The Erie Gateway Phase 1 Urban Renewal Plan includes eight (8) taxing districts. Only six (6) of these
districts' levies property tax within the Plan area. These districts include: Weld County, St. Vrain Valley
School District, the Town of Erie, the Mountain View Fire Protection District, Northern Colorado Water
Conservancy (NCW), Left Hand Water District12 the High Plains Library, and the Boulder Valley
Conservation District13
The table below compares the Erie Gateway Phase 1 Urban Renewal Plan's assessed value (AV), average
annual property tax, and average annual sales tax, to these 8 taxing entities. The comparison represents
a snapshot in time, contrasting the taxing entities' 2023 AV and budgeted property tax and (when
applicable) sales tax, with the Urban Renewal Plan's stabilized AV and its average property tax and sales
tax. The reason for this comparison is to determine if the Plan area's Assessed Value and Tax Increment
generated is significant at each taxing entity's AV, millage rate or sales tax rate. This report qualifies
"significance" as any Plan metric that is 10% or more than its associated taxing entity metric.
The table below summarizes this comparison. Any comparison over 10% is highlighted. The Impact
Assessment categories, which range from Low, Moderate, High represent this report's Impact
conclusion based on the quantitative comparison and additional measures explained in the following
sections.
Taxing
Entity
Erie Gateway
Fiscal
Impacts
Phase
1 Urban
%
Total
District's
Renewal
AV
Plan
%
Area Value and
Tax
Generation
%
District's
Sales
Tax
Comparison
Annual
Impact
Assessment
District's
Property
Annual
Tax
Weld
County
1.2%
0.7%
-
Low
Town of
Erie
25.3%
19.8%
15.1%
High
St.
(RE1J-Longmont)
Vrain
School
District
3.1%
2.3%
-
Medium
Northern
Colorado
(NCW)
Water
0.5%
0.4%
-
Low
Frederick
-Firestone
District
Fire
2.4%
1.8%
-
Low
Mountain
Protection
View
District
Fire
4.0%
3.1%
-
Low
High
Plains
Library
0.9%
0.7%
-
Low
Boulder
Valley
Conservation
12.8%
0.0%
-
Low
Impacts on specific taxing districts are explored in the following sections:
12 Does not levy a property tax within the P:an area.
13 Does not levy a property tax within the Pan area.
22
ase
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Weld County
Revenue Impacts
Weld County issues a mill levy of 15.038 within the Erie Gateway Phase 1 Urban Renewal Plan. This mill
levy is a significant revenue source for the County's operations and funds. According to the Weld County
2023 Budget, net property taxes account for 54% of its total revenue collected. Last year, property taxes
amounted to r3272.5 million in revenue. This is a 51% increase over 2022 property tax collections,
largely from surging oil and gas prices and a 5% county -wide increase in assessed value.
According to Weld County's 2023 Budget, the County will begin 2023 with a surplus of $531,188,847.
"[Weld] County is in excellent financial condition with no debt, no sales tax, one of the lowest mill levies
among all Colorado Counties, a significant cash reserve, and a fully funded pension plan"14. It is against
this positive financial backdrop that the Erie Gateway Phase 1 Urban Renewal Plan should be evaluated.
To quantify potential revenue impacts to the County, this report compared the projected annual
property tax revenue within the Plan to the County's property tax revenue. Projected property tax
revenue is derived from new improvements in the Plan area, meaning that the Plan area's base assessed
value was not included in this comparison.
This Report projected the Erie Gateway Phase 1 Urban Renewal Plan area's annual property tax TIF per
the County's millage rate and compared it as a percentage to total property tax revenue collections. This
report estimates that the Erie Gateway Phase 1 Urban Renewal Plan area's property tax increment
generated at the County's 15.038 millage rate will account for 0.7% of Weld County's annual property
tax revenue collections.
Weld County
2023
Property Tax Revenue
(Budgeted)
Plan Area
Estimated Property Tax TIF
(25 -Year Annual Average)
Percent of Total
General Fund
$ 272,470,563
$ 1,803,000
0.7%
The Erie Gateway Phase 1 Urban Renewal Plan is expected to last 25 -years. Over that time, the new
improvements incentivized by this Plan through TOEURA will begin to accumulate incremental property
tax revenue. These incremental property tax revenues represent a revenue stream that can be remitted
to the TOEURA via TIF agreement in support of its remediation and redevelopment efforts in the Plan
area.
Weld County does not levy a sales tax, meaning that the Erie Gateway Phase 1 Urban Renewal Plan's
projected sales tax revenue will not serve as an additional revenue source. Despite the lack of sales tax
revenue, the Plan is expected to generate minimal revenue impacts on Weld County's General Fund. The
County's General Fund has surplus revenue that is 11 times greater than the gross property tax revenue
the Plan will generate over the next 25 years.
Also, the Plan area's projected development accounts for only 0.7% of the County's annual property tax
revenue collections. This means that over the next 25 -years, the Erie Gateway Phase 1 Urban Renewal
Plan will alleviate blight, attract new commercial and residential investment, and fulfill the Town of
Erie's Comprehensive Plan land use and community visioning goals for this area, without significantly
detracting from the County's expected revenues. This report does not find a negative revenue impact on
Weld County caused by the Erie Gateway Phase 1 Urban Renewal Plan.
14 Weld County Budget 2023, page 8.
23
s
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Infrastructure and Service Impacts
The Erie Gateway Phase 1 Urban Renewal Plan will only include parcels that have been annexed into the
Town of Erie's municipal limits prior to adoption. It will not require new County infrastructure to serve
the renewal project's development. There are no new major infrastructure projects required to serve
this project that will be developed or maintained by Weld County.
The Plan will facilitate development that will use County roads, however. Roads that may serve the
development include segments of Erie Parkway (County Road 8), County Road 7, County Road 10,
County Road 12 and County Road 5. The estimated number of residents generated by this development
could cause significant impacts on these County Road segments. This report recommends a TIF sharing
agreement that factors ongoing roadway maintenance as part of the remittance, so that Weld County
receives an appropriate level of increment to properly maintaining these roads and their level of service
(LOS) standards. However, if the Town were to annex these road segments, then it could be argued that
the County would not need the same level of funding and would be obligated to share more of its
property tax increment.
New development within the Plan area is projected to generate 3,003 additional households over 25 -
years. These residences will be within the Town of Erie's municipal limits and be served by Town
services. Using Colorado State demographer data, this number of households equates to 8,555 new
residents. Weld County's total population in 2022 was estimated at 350,206 persons. New residents
generated because of the Erie Gateway Phase 1 Urban Renewal Plan will account for less than 2.4% of
the County's population. This increase would only create minor impacts on the County's health or
human services
County Impact Conclusion
This report concludes that the Erie Gateway Phase 1 Urban Renewal Plan will generate low to moderate
fiscal impacts on Weld County's revenue, infrastructure or services. This report recommends a TIF
agreement with TOEURA that offsets possible expenses derived from road maintenance, unless the
Town of Erie were to annex the impacted County Road segments.
24
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St. Vrain Valley School District
Revenue Impacts
The St. Vrain Valley School District is the taxing entity that levies the largest millage rate within the Erie
Gateway Phase 1 Urban Renewal Plan area. Currently, the School District's millage rate is 58.385,
approximately 48% of the total tax rate within the Plan area. The School District is therefore an
important partner to TOURA and vulnerable to the Plan's tax increment financing impacts.
According to the FY 2024 adopted budget, 51.1% of the District's General Fund revenue comes from
Property Tax. The 2023-2024 adopted budget estimates that $221.9 million in revenue is derived from
local property taxes. An additional $87.1 million in property taxes is expected to be generated by the
School's Bond Redemption Levy in 2024. This equates to a total property tax revenue collection of $309
million in 2024. The following table compares these arnual tax revenues with the estimated annual
incremental property tax revenue generated by the Erie Gateway Phase 1 Urban Renewal Plan.
ool Distri
Fund
Total
Erie Gateway Phase 1 Urban Renewal Plan Impacts
2023 Property Tax
Revenue_ `.
$ 309,000,000
Estimated Property Tax TIF (Annual
Avera:e
ra : e
$ 7,002,000
Percent of
Total
2.3%
The Erie Gateway Phase 1 Urban Renewal Plan is not expected to generate a significant impact to the
school district's annual property tax revenue, provided that the school district only pledges its general
fund (School Finance Act) millage rate as part of a TIF sharing agreement. The state will backfill the
school's SFA levy, however, bond levies, overrides and abatements are not eligible for that
reimbursement.
This report recommends that the St. Vrain School District pledge 100% of its general fund mill levy to the
Erie Gateway Phase 1 Urban Renewal Plan as it will not be adversely impacted.
Student Population Generation
The Erie Gateway Phase 1 Urban Renewal Plan is projected to generate residential and commercial
development over the next 25 -years. The commercial development will create a negligible impact on the
school district. However, residential development leads to additional households and students. This
report forecasts potential student generation to quantify that impact.
The St. Vrain Valley School District encompasses multiple counties and portions of municipalities. To
forecast student generation, this report utilized a multiplier based on state-wide averages. Total pupil
membership of the school district represents roughly 17% of the total residential population it serves.
This report assumes that residential development in this Plan area will attract families to the area, and
these families are likely to have children that attend the School District. The multiplier for estimate pupil
generation chosen by this report is 0.45 pupils per household. The table below summarizes the St. Vrain
Valley School District Pupil Membership data15. These estimates, including household size and students
per household, were used to estimate the number of students the Erie Gateway Phase 1 Urban Renewal
Plan could generate over the next 25 years.
15 Colorado State Demographer and Colorado Department of Education 2023 County Population and Pupil Counts.
25 we find the way
Estimated
Population
and Pupil Generation
Projected
Residential
Units
3,003
Town of
Erie Persons
Per Household
16
2.85
Projected
Population
8,555
Pupils
Per Household
0.45
Projected
Pupils
1,351
School
District
Pupil
Membership
(2023)
31,670
Percentage
School
District
4.3%
of
This report estimates that the Plan will generate 1,351 students over the next 25 years. This increase
represents 4.3% of the current St. Vrain Valley School District pupil membership.
The St. Vrain School District's adopted budget forecasted enrollment trends through 202617. According
to this forecast, enrollment is projected to increase by 552 students in 2024, 576 students in 2025, and
555 students in 2026. This implies that the school district is budgeting for growth over the next four
years. The Erie Gateway Phase 1 Urban Renewal Plan will generate approximately 104 students annually
during its stabilization (between 2026 and 2038). Using the School District's projected pupil membership
increases, this report estimates that the School District will average an annual increase of 489 students
over the next 25 years. This means that the Plan, during its 14 -year residential build -out period, will
provide 21% of this annual growth. The fact that this estimate does not exceed the school district's own
forecast suggests that the district has been proactive in budgeting for this type of development and
anticipates this level of student generation.
School District Impact Conclusion
The Erie Gateway Phase 1 Urban Renewal Plan is not likely to generate significant adverse impacts on
the St. Vrain Valley School District (School District RE1J-Longmont). The school district has budgeted and
anticipated for an increase in pupil membership that exceeds the student generation expected by this
Plan. The increase in students will likely trigger the need for capital improvements and teacher hirings.
However, the state's total funding formula will backfill the general fund mill levy if it were pledged to
TOEURA in support of the Urban Renewal Project. Capital improvement needs will be funded by this
Plan as long as the district's bond redemption levies are excluded from TIF sharing agreements.
This report does not recommend allocating any debt service (bond) or override mill levy to the plan
area. Instead, this report recommends that the school district pledge its school finance act mill levy in
support of the Erie Gateway Phase 1 Urban Renewal Plan.
16 Per Colorado State Demographer estimates for 2023.
17 St. Vrain Valley School District FY2023 Adopted Budget. page 17, mid -level growth forecast.
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Town of Erie
Revenue Impacts
Although the majority of TOEURA's board is composed of Town Board members, and the Town is in
support of this Urban Renewal Plan, it is important to evaluate the impacts the project could have on
the Town's finances and services.
The Town of Erie issues an overlapping mill levy of 14.137 within the Erie Gateway Phase 1 Urban
Renewal Plan. This mill levy is allocated four ways, 7.288 mills to the general fund, 4.0 mills to the Trails
Acquisition Fund, 2.4327 to the Community Center Bond, and 0.412 mills to the public safety building.
This Plan will exert the greatest fiscal impact on the Tcwn, compared to the other participating taxing
entities. At stabilization, the Plan's estimated taxable value will reach $160,687,292. This is 25.3% of the
Town's current assessed value. The Plan will also average property tax equivalent to 19.8% of the
Town's 2023 budgeted property tax revenues. The Plan's annual sales tax increment is estimated to be
15.1% of the Town's 2023 sales tax revenue.
These comparisons indicate a massive impact on the Town, and are illustrated in the table below:
Town of Erie 2022 Property Tax Revenue (Budgeted) Property Tax TIF Percent of Total
(25 -Year Annual Average)
All Funds
$ 8,544,032
$ 1.695,372
19.8%
Town of Erie 2022 Sales Tax Revenue (Budgeted)
Non -Vehicle Sales Tax
$17,100,000
Sales Tax TIF Percent of Total
(25 -Year Annual Average)
$ 2,586,548
15.1%
This report recommends that the Town carefully evaluate its TIF sharing agreement in partnership with
TOEURA. The Town should carefully balance the financial assistance needed to facilitate the Erie
Gateway Phase 1 Urban Renewal Plan's development with its own cost of service and fiscal impacts.
Infrastructure and Service Impacts
The Erie Gateway Phase 1 Urban Renewal Plan will help facilitate new commercial and residential
development throughout a blighted area of the Town. The proposed development is projected to create
3,003 new residential housing units within Erie. This will have a significant impact on the Town's
demographics. According to the State Demographer, the average number of persons per household in
Erie is 2.85 in 2023. This report estimates that the Erie Gateway Phase 1 Urban Renewal Plan will
generate an additional 8,555 residents over the next 25 years. This represents ^'25.1% of the Town's
total population18.
Demographic Impacts
Town Pop. 2021
34,082
Persons Per Household Total New Residential Units New Residents % of Town
2.85
3,003
8,555
25.1%
The Erie Gateway Phase 1 Urban Renewal Plan will generate a significant increase in population for the
Town of Erie. This in turn is likely to trigger infrastructure impacts. The Plan area is within Town limits,
18 Town of Erie Population, State Demographer 2021 estimates.
27
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and roads within the project will be owned and maintained by the Town. This report finds these
demographic projections and their infrastructure demands to constitute a significant impact on the
Town.
Town of Erie Impact Conclusion
This report finds that the Erie Gateway Phase 1 Urban Renewal Plan will create significant impacts to the
Town of Erie's finances and services. At full build -out, the Plan will increase the Town's population by
25%. Its average TIF estimates account for "20% of the Town's annual property taxes and "15% of the
Town's annual sales taxes.
Because of the scale of these impacts, this report recommends that that TOEURA remit a portion of both
property and sale tax to the Town of Erie. This remittance will allow the Town to stabilize its budgets
and provide better service to the development over the next 25 years. Portions of this development will
also be within Metropolitan Districts. This report also recommends that the Town mandate adequate
operations and maintenance levies within those metro districts to ensure infrastructure is properly
maintained over the life of the Plan. The exact percentage share, for both property and sales tax, should
be based on a detailed financial analysis of the project's financial needs.
28 we find the way
Fire Districts (Frederick -Firestone and Mountain
View)
Fire District Impact Conclusion
The Erie Gateway Phase 1 Urban Renewal Plan will yield low fiscal impacts on both Fire Protection
districts, specifically the Mountain View Fire Protection district and the Frederick -Firestone Fire District.
The Plan does not exceed the 10% threshold for either District's AV or annual property tax collections.
This suggests that the Plan tax increment financing agreements are unlikely to yield significant fiscal
impact on either district. It should also be noted the the majority of the Plan area, and all of its
residential development, reside within the Mountain View Fire Protection District's boundary. The
Frederick -Firestone Fire District only includes eight parcels that are expected to yield commercial
development in the plan's later phases.
Although the Plan will yield low fiscal impacts on the district, this report recommends that TOEURA work
closely with the Mountain View Fire Protection District to determine whether it will need to construct a
n ew station or purchase new equipment to serve the Erie Gateway Phase 1 Urban Renewal Plan area. If
n ew capital improvements are needed, TOEURA should balance the cost of these improvements with a
TIF sharing agreement that yields a present value equivalent to the station/equipment costs. This will
e nsure that the Erie Gateway Phase 1 Urban Renewal Plan is supporting the fire district and properly
protecting its new developments and residents.
High Plains Library District
Library District Impact Conclusion
The Erie Gateway Phase 1 Urban Renewal Plan will yield low fiscal impacts on the High Plains Library
district. The Plan's total Assessed Value is less than 1% of the Library's AV. The Plan's annual property
tax increment generated at the Library's millage rate is 0.7% of the Library's annual property tax
collections. These facts indicate that the Plan will have a negligible impact on the Library district's
finances.
This report recommends that the Library District pledge 100% of its property tax mill levy to the Erie
Gateway Phase 1 Urban Renewal Plan. This pledge will not adversely impact the district, and in doing so,
the district will help support the Town of Erie's development vision. Also, the residents this Plan is
forecast to generate represent potential new patrons for the library district.
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Conclusion and Recommendations
The Erie Gateway Phase 1 Urban Renewal Plan represent a visionary and ambitious approach to Urban
Renewal in Colorado. The Town's planning and visioning efforts indicate a community desire to develop
an extension of their Town, one that adheres to the built environment elements which make Erie
unique. The area has also been found to exhibit blighted area factors by three separate Conditions
Surveys (2018, 2022, 2024) and will likely require tax increment financing to overcome these conditions
and facilitate the type of development envisioned by the Erie Community.
This report finds that the Plan will generate high level impacts the Town of Erie. The report identified
medium level impacts to the School District. Because of these impacts, this report recommends that
TOEURA negotiate TIF sharing agreements with its taxing entity partners to ensure that impacts are
properly mitigated. This TIF sharing agreements should be balanced against the financial needs of the
project.
This report recommends the following:
• TOEURA shares a percentage of the Town of Erie's sales tax rate, between 0.5% and 1.5%.
• TOEURA remits all of the Town's bonded mill levies.
• TOEURA remits the St. Vrain School District's Bond Levy, Override and Abatement.
• TOEURA shares a small portion of Weld County's General Fund mill levy to offset County Road
Maintenance Costs.
• TOEURA remits a portion of the Mountain View Fire Protection District's property tax mill levy
e quivalent to the present value of the equipment or capital improvement new development will
n ecessitate.
Although the Plan's impact to Water Conservation Districts is low, it is common for Urban Renewal
Authorities to remit back all TIF to these entities.
This report only recommends TIF sharing agreements that will provide TOEURA with the funds it needs
to financially support the Erie Gateway Phase 1 Urban Renewal Plan. Although this Plan is large and
ambitious, proper TIF sharing agreements will ensure this development remediates blight and attracts
investment that match community desires, without adversely impacting TOEURA's partners.
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Appendix
1. Tax Increment Pro Forma
2. Phasing Maps
3. Development Absorption and Valuation Table
31 we find the way
•
TIF Model w/out Fire Districts
Erie Gateway Phase 1
tit dwtAtrtwlrr.
CMh✓MC Annual 0)whoa
1Wsorotom Ichtftllr
300
790,000
-..
_ _
•
IIS aotimi,ctOkw.minw1 Mn0M Unit 100N)
Cw,lgmron Annual Writ I5r)
al
I, M s
_ - .
-
- — -
- -
_ .
_
:..
288
161,046
...:A+:..:
269
113.162
li +..'•
27D
111, 13.2
.,
195
113,162
47,181
195
4/,883
19S
-
- -.
200
-
200
-
200
_
200
-
�
-
-
5
S -
S -
$ -
S
3
S •
5 -
$ -
$
$ -
3
S
S
S -
$
$
- -
-
-
S -
S
S •
$
5
5
-` --
-
S
$ •
S
S
5
$
-
-
f
S
S
$ -
S -
$
_---------
--
5
S
S •
S -
5 -
5 -
5
$ •
S •
$
5
5 -
5
$
S
5
$
„
-
-
264
239
288
134.011
Total Realdsneal Unto
TotM Commercial 56
MZIISLIPS VMtn
Realewo6al
csimmomr
S •
S •
$
$
•
$ 16'',011.960
S
$ 154..664,346
S •
f 1;1_.: ,..,
$ 41,947,A4
.... ...
$ 46.132410
. 1.,
$ 11.267,114)
$
.....
3,t,
$ 157,071075
$ •
S 141,641.14
S -
$ 146,714 114
5 •
5 149.65141:
$ •
$ 154,445,53:
S •
Total Residential Actual Value
total Conunerttal AatoS Value
$ -
S -
`>
5
$
S
•
-
S 169,012.980
$
r if94Pt.r
5 154,884.341
$ •
5 6,425,709
e. -
S 176.735816
$ 43,947.798
$ 9,614,595
S 9,609,149
S 134,214,308
5 44152.680
$ 10,565.256
S 10,301.276
5 373,970,012
$ 31,257,047
S 9,463.969
5 6,954,253
5 197,641,505
$ 32,))7.736
$ 10,751.698
$ 7,117,753
$ 150,971,757
5 11495.10
5 6,211864
$ 7,362,738
S 153.991.292
$ 16.)12,965
S 8177.121
5 3,641,054
$ 157,071,026
S •
5 &k44tt it
5
$ 143.841.342
S -
5 7024.969
-
$ 146,718.146
S -
S 7,981.466
5
S 149,652.532
S •
5 4141.098
$
5 152.145,582
$
S 8,303,910
5
PtosR 1 matte Wain
Iet.crntul Ratio
Cmmmertual Rate
Assent, '. R Wuctoa
RrnMMla17reb1e Value
Comn.ettut Tana he Veto*
Protect A,uued Valor llaa44r VMut)
CiUnwlcd Increment
Ir.!bbrt, I &trot
_ _
$ -
S •
S •
$ 7,617,377
$
$
5
5
-
7,769,725
$ 9.194.306
S 9,194.306
$ 9,194,306
$ 7,769,725
5 8.425.709
S 8.425,709
S 17,972.41S
$ 7.925,119
S 19,423,744
5 19,423.744
$ 37,396,159
$ 7,925,119
$ 20,866,536
S 20.866.536
5 59.427,949
$ 8,083,621
5 15,41&222
$ 16.41&222
S 75,646.171
$ 6,083,621
5 17,969.480
$ 17.969.400
5 95,691,964
5 8.245,294
S 15,575,002
5 15.575,002
5 111,266,966
S 8.245294
$ 12,011175
$ 12,01&175
$ 125,750,644
S 1,410,200
5 8,544.663
S 8.544.663
5 114,295,507
$ 8.410,200
5 7.824,969
$ 7.824.969
5 144,962,685
$ 6.576,404
$ 7.981,468
$ 7.981,468
5 152.944,354
$ 8578,404
$ &141.098
$ 8.141,091
5 164,167.161
$ &749.972
$ 8.103.920 $ •-
S 9,303.920 $ •
$ 172.611,060 $ 178,063,302
$ 8,749,972 $ 6.924,971
S •
$ 176,063.302
5 4924,971
S
$ 779,584.568
$ 9,103,471
S •
$ 179,514,568
$ 9.103,471
S
$ 183,176259
5 9,285,540
S •
$ 163,176,259
$ 9.285,54D
S •
5 186,619.784
$ 9.471.251
$ -
$ 186,839,784
5 9.471.251
S •
5 190,376,560
5 9,660.676
-' -
$ j •
$ 190,576,510 $ :'-1.304,112
$ 9,660,676 5 9Ett344
Annual Mt AV (A.sc.sed Value)
'Total NET AV Itneawul ft4,u.ted)
Clhnated 88ri
ttatm6 Ta..61e Value
inflation recta
buenhentM TMSt Vd1y
S -
5
$ -
$ -
S
'
5
S
-
$ 1,124,582
$ -
5
$ 10047-296
$ -
$ •
S 29,472,040
S
S 31,012,771
$ 1,015,447
S 51344.325
:3.48-.91:
$ 49,479.683
$ 1,731.789
$ 67.762 549
$
$ 49,479.663
$ 3.731.769
S 87,446671
$
$ 49,479,683
$ 1.731.759
$ 103.021.6722
5 •
5 49.479,683
S 1,731,789
S 117,340.644
$ 13,t4z•.)l.:
$ 67,946.594
$ 2,378131
$ 125,685307
$ -
$ 67.946,594
5 2,378.111
5 136384.412
1
5 144,365.950
5 -
5 67.946,594
$ 2478,131
5 155.357.189
1
$ 67,946,594
$ 2,371,131
S 163,861.108 $ 167,138.331
$ $
$ 61.946.594 5 67.948,594
$ 2.37&132 S 2375,131
$ 167.138.331
5
5 67,946.594
5 2,375,131
5 170,451,097
5
5 67,946,594
$ 2,378.131
$ 170.461,097
S
5 67,946,594
$ 2,176,111
$ 173.890.719
>
$ 67,946,594
S 2,378,231
$ 173,690,779
$ 67,946,594
$ 2,178,131
$ 177.366,534
$ 67.946,394
$ 2,376,131
$ 177.368.534
$ 67946,594
$ 2.378,131
$ 180,975,904
S
$ 67,946,594
$ 2378,131
5 180,915,904
5
3 178&34.222
r
: cr. ':46,5:4'
5 1_376.111
Vallalkalli
host) !Mel 1 in
Son Tea Rate
:.. ...
taw Ts 14
$ 67,946,594
$ 2,378.132
5 67,946,594
$ 2,378,131
Total Rated tale Poe Si
I aLmatrel Annual Sales lee
[S4l`r'ht lwsI I= jgttrnte%
Pion rr _>
-
/
a
.,,
,.
. ,.26
Pt overly in
TotalNmmnentd l instil.. Valor
MIII levy
S
$
S
$
-
1,424.562
$ 153,161
$ 10,047,296
$ 1,01!„166
$ 29,471,040
$ 3,182.990
$ 51,344.328
$ 3,545,393
5 67,762,549
S 7,318,626
5 117.446,671
S 9,444,590
$ 103.021.672
5 11,126,753
$ 117.340.644
$ 12,673,239
5 125.615,307
$ 11,398.117
5 136.384.482
$ 14,730,070
$ 144.365950
$ 15,592.100
$ 155.557.189
$ 16.600,799
$ 163461.106 $ 167,135.331
S 17,697.653 $ 163051.606
$ 187,138,331
S 18,051.608
$ 170.481.097
S 18,412.640
$ 110,481,097
5 18.412.640
$ 173,890,719
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$ 29.493,619
5 1,032,264
$ 27,336,757
S 3!2.102
S 29,493,819
5 1,032.254
...
$ 27,883.492
$ 400.631
5 29,493,619
$ 1.032,264
5 27,883.492
S 400,655
$ 29,491,819
5 1.032,284
..
5 28.441,162
$ 406,171
$ 29,493,119
5 1,032.284
5 28.441,362
S 408,871
$ 29,493,819
5 1.032.214
.. ..
$ 29,009,955
$ 416,/14
$ 29,493,819
S 1,032.264
..
$ 29,009,985
S 476,114
$ 29.491,119 $ 29,493,119
$ 1.032.284 $ ].032,284
...
$ 29.590.185 S 29,590,115
5 423.152 S 623,18,
Total Rated Sales Per VI
(st.na.dmcnua Sales II.
r,gr.?rt)(_1ft_ 1 i.11t!nyt9ry
r '091-t S I as
Man Er ..t
Total Incremental TeaaM. Value
ltl t ree
13 369
Annual tntrHnental Isbnvte
Pscount late
630).
1
-
S -
5
2
$
I
-
4
5
5
-
$
r.
14,746,910
$ 516.142
7
14,746,910
$ 516,142
1
14,746,910
5 516.142
,
14,746,910
S 576.102
29,493,019
5 1.032.254
..
29,493,819
S 1.032.284
29.493,819
5 1,032,284
: 7
29,493,819
5 1.032.284
..
29.493.119
5 1,032,284
29,493,819
$ 1.032.164
:f.
29,493.519
5 1,032314
. r
29,493,819
5 1,032.284
ill
29,093,119
5 1,032.284
14
29,093.819
5 1,0)2.284
..
29,493,819
$ 1,032214
..
29.493,119
$ 1,032,284
..
29,493,119
$ 1,032,284
: 3
29,493,819
$ 1,0)2.214
:4
29,493,819
S 1,072,254
WV
Stl.•t f.. ob .I:n.`t.
52,610.731
.. 2$
29,491,819
$ 1.0)2,214
Roof St
ltttnmed Annual Sots I..
S.l.t 1.. Sharing t.
[se nnaled Llet la. Increment
1001,.
$
S
S
-
$ -
5
$ 516.142
5 516.142
5 516,142
5 516.142
5 1,032,284
5 1.032,284
$ 1.032.284
$ 1.032314
5 1,012.254
$ 1,032,214
5 1,032.284
5 1,032.284
$ 1,032.284
$ 1,032.284
$ 1,012,214
5 1,032214
$ 1,032.214
S 1.032.284
5 1.032.284 $ 1.032,214
.
5 :PO 2 ''
Inflal.on Adjustment
Inflation Adiustetl Sales
Roiling Inflation
Thenxml Rate
NPV fM' Inflation
let
$ -
S
-
S
$
$
$ 582,260
S 592.885
5 604,742
5 616137
5 1,158.348
5 1.283.515
$ 1.309,185
$ 1.335.369
5 1.362.076
$ 1,389,318
5 1.417.104
$ 1.445,446
$ 1,474,355
5 1.503,842
$ 1,533,919
5 1.564,598
$ 1,595.890
$ 1.627,807
$ 1,660.364 $ 1.691,571
i 1,727,4
t
6. S'Th.
57,212,030
WV w/ Inflation
59,744,762
Erie Gateway Phase 1 URA - Development All Phases
\ Highway 52
N
0
U
-----CountycRoad-10 -
I
0.5
2 Miles
1
Colorado
peedway
G a I"<<mrA 0
SD.A, USFWS
Weld County Parcels
Summerfield Phase 1A
Summerfield Phase 1B
Summerfield Phase 1D
Summerfield Phase 1E
Summerfield Phase 1F
Summerfield Phase 1G
Summerfield Phase 1C
Summerfield Phase 1H
Summerfield Tract B (AA SFD)
Summerfield Tract 3 (AA Duplex)
Summerfield Tract AA (TRD High Density)
Summerfield Tract AC (Commercial)
Summerfield Planning Areas 12 (Prelim Plat) and 13
Summerfield Planning Areas 9-11-12
Summerfield Planning Areas 9-10
Summerfield Planning Areas 4-5-8
North Station Residential Development
Mixed -Use and Commercial Development
zs
470i
Esri, NASA, NGA, USGS,
City and County of
Broomfield, Esri,
TomTorn, Garmin,
SafeGraph, FAO, METI/
NASA, USGS, EPA, NPS,
Denver USFWS
PIONEER
DEVELOPMENT
COMPANY
we (Ind Me way
Erie Gateway Phase 1
Urban Renewal Plan
Absorption and Valuation Estimates
Erie Gateway Valuation Estimates
P
P
P
P
P
P
P
P
T
T
T
Tract AC (Retail)
Tract AC (Office)
Phase 1 Planning Areas 12-13 (Prelim Plat)
Planning Areas 4-S-8 (Phase 1)
Planning Areas 4-5-8 (Phase 2)
Planning Areas 4-5-8 (Phase 3)
Planning Areas 9-10
Planning Areas 9-10-11 (Phase 1)
Planning Areas 9-10-11 (Phase 2)
Planning Areas 9-10-11 (Phase 3)
North Station Residential (Phase 1)
North Station Residential (Phase 2)
North Station Residential (Phase 3)
North Station Residential (Phase 4)
Mixed -Use Commercial (Retail Phase 1)
Mixed -Use Commercial (Retail Phase 2)
Mixed -Use Commercial (Office/Light-Industrial Phase 1)
Mixed -Use Commercial (Office/Light-Industrial Phase 2)
Mixed -Use Commercial (Office/Light-Industrial Phase 3)
Mixed -Use Commercial (Office/Light-Industrial Phase 4)
hase
hase 1A
hase 1B
hase 1C
hase 1D
hase 1E
hase 1F
hase 1G
hase 1H
ract B
ract J
ract AA
Property Type
Open Space
Single Family Detached (AA)
Single Family Attached (AA)
Single Family Detached (TRD)
Single Family Attached (TRD)
Single Family Detached (AA)
Single Family Attached (AA)
Single Family Detached (TRD)
Single Family Detached (AA)
Single Family Detached (AA)
Single Family Attached (TRD)
Retail
Office
Single Family Detached (TRD)
Single Family Detached (AA)
Single Family Detached (AA)
Single Family Attached (AA)
Single Family Detached (AA)
Single Family Detached (TRD)
Single Family Detached (TRD)
Single Family Detached (TRD)
Mixed -Density Residential
Mixed -Density Residential
Mixed -Density Residential
Mixed -Density Residential
Retail
Retail
Office/Light-Industrial
Office/Light-Industrial
Office/Light-Industrial
Office/Light-Industrial
SF
77,606
51,737
47,883
47,883
113,162
113,162
113,162
113,162
Units
86
32
111
35
77
72
90
97
38
153
162
126
125
144
270
195
195
195
200
200
200
200
$
$
S
$ PSF
$
$
$
$
$
315 $
300 $
$
$
$
$
$
$
291 $
291 $
254 $
249 $
254 $
254 $
$ Per Unit
650,000
530,000
674,000
515,000
650,000
530,000
674,000
650,000
650,000
515,000
602,000
650,000
650,000
530,000
650,000
674,000
674,000
674,000
590,000
590,000
590,000
590,000
Growth Rate
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
Completion Year
2025
2025
2025
2025
2025
2026
2026
2026
2027
2027
2027
2027
2027
2028
2028
2029
2029
2030
2031
2032
2033
2034
2035
2036
2037
2028
2032
2028
2029
2030
2031
Inflation Adjusted Value
$
S
$
57,018,000
17, 299, 200
76,310,280
18,385,500
52,072,020
39, 701, 664
63,110, 664
66, 909,164
26,211,838
83, 617, 884
25,942,249
16,471,269
105, 563,114
88, 651,194
89,706,565
84,263,447
197, 641, 505
150,971,757
153,991,192
157,071,016
143,841,342
146,718,168
149,652,532
152,645,582
15,070,658
16,312,965
31,082,022
31,157,047
32,337,736
32,984,490
Inflation Adj. Per SF
334
318
315
341
275
275
286
291
Inflation Adj. Per Unit
$ 663,000
$ 540,600
$ 687,480
525,300
676,260
551,412
701,230
689,785
689,785
546,522
$
$
$
$
$
$
651,624
703,581
717,653
585,163
732,006
774,214
789,698
805,492
719,207
733,591
748,263
763,228
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