Erie Urban Renewal Authority Approves
Downtown Redevelopment Projects
Expansion of Echo Brewpub and Construction of Park West Building
On December 12, 2017, the Town of Erie Urban Renewal Authority (TOEURA) approved revenue sharing agreements with Echo Brewing Cask & Barrel and D&H Erie, LLC supporting the construction of over 30,000 square feet of new commercial space in Historic Downtown. In doing so, TOEURA authorized the use of tax increment financing (TIF) to reimburse the businesses 90% of the incremental property tax revenue generated by their project up to a maximum of $1.5 million. All TIF reimbursement funds will go towards offsetting eligible development expenses as per Colorado Urban Renewal Law.
With these approvals, Echo Brewing can now move forward with expanding their existing brewpub located at the northwest corner of Briggs and Wells and D & H Erie can proceed with the financing and construction of their proposed Park West Building to be located at the northwest corner of Wells and Kattell.
According to Town Administrator A.J. Krieger, though TOEURA has previously entered into a similar TIF agreement in the Four Corners Urban Renewal Area, these new agreements are the first for Historic Downtown. “These are the kinds of projects we had anticipated in assisting when we adopted the Urban Renewal Plan back in 2013,” Krieger said. “Over the life of these projects we will be able to demonstrate that we have significantly enhanced Downtown’s appeal and done exactly what the Urban Renewal Authority is supposed to do - which is having eliminated some blight and replaced it with new and functional buildings,” Krieger said.
According to Echo co-owner Katy Dukes, they will be developing an open market concept at their Erie brewpub similar to Avanti or the Source in Denver. The additional 14,000 sq. ft. space will include a new brewing area, meeting/event space, and a “market” with food stalls, retail and office space.