Grants, Incentives & Financial Assistance
The Town of Erie recognizes the value of providing business assistance to aid companies in locating to the Town, to encourage the substantial expansion of existing businesses, and in keeping with the overall economic development objectives. Assistance is important because it keeps the Town competitive in attracting quality business and development. These businesses bring local jobs and services, grow the circular economy, increase tax revenue, and contribute to the overall wellbeing of the residents. To that matter, the Town has several different incentive programs that can be offered to Erie businesses.
Additionally, there are county, and state incentives designed to support the Colorado business community. Please contact us to discuss what options may be available.
The three different incentive programs the Town can offer are listed below. In general, the Approval Committee (comprised of members from different economic development organization partners) considers key factors such as:
- Number of employees/new jobs created
- Average wages
- Private investment
- An overall public benefit to the community
The Town of Erie Urban Renewal Authority (URA) offered tax increment financing funds to award matching grants to commercial properties within the urban renewal area, which commit to reducing blight and improving their external appearance.
Grants will be administered in two categories:
Historic Building Improvements
Business Siting & Expansion
Tax increment financing ("TIF") funds received by the Town of Erie Urban Renewal Authority ("TOEURA") to promote the goals of TOEURA in reducing blight within the urban renewal areas in the Town of Erie. TOEURA recognizes the importance and value in leveraging TIF funds and providing public financing for the purpose of commercial improvements, residential improvements, historic building improvements, off-site and utility improvements, and business siting and expansion.
- Applications will be reviewed and approved on a case-by-case scenario
- The business must be located in the URA zone
- The project should contribute to public improvement
- A gap in financing must be demonstrated for commercial development requiring capital investment
Enhances Sales Tax Incentive Program (ESTIP) is intended to encourage the establishment and substantial expansion of retail sales tax generating businesses within the Town, thereby stimulating the economy of and within the Town, providing employment for residents of the Town and others, further expanding the goods available for purchase and consumption by residents of the Town, and further increasing the sales tax collected by the Town, which increased sales tax collections will enable the Town to provide expanded and improved municipal services to and for the benefit of the residents of the Town, while at the same time providing public or public-related improvements at no cost, or at deferred cost, to the Town and its taxpayers and residents.