Erie approves tax-increment financing for 2 commercial projects

ERIE — The town of Erie’s Urban Renewal Authority has approved up to $1.5 million in tax-increment financing to help offset development costs for two commercial projects in Erie’s historic downtown.

The authority approved agreements with Echo Brewing Cask & Barrel, and D&H Erie LLC to support the construction of more than 30,000 square feet of new space.

Echo Brewing will expand its existing brewpub at the northwest corner of Briggs and Wells streets. D&H Erie plans to construct the Park West Building at 105 Wells St., at the northwest corner of Wells and Kattell on the former site of the Erie Opera House.

Tax-increment financing, or TIF, is a public financing tool that is used as a subsidy for redevelopment, infrastructure and other community-improvement projects. It uses the increases in assessed property values and subsequent property-tax revenue generated by a project within a designated district.

The urban-renewal authority has provided TIF agreements in the town’s Four Corners Urban Renewal Area, but these are the first for projects in historic downtown.

“These are the kinds of projects we had anticipated in assisting when we adopted the Urban Renewal Plan back in 2013,” said A. J. Krieger, the town’s administrator. “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.”

Echo Brewing’s co-owner Katy Dukes said they will develop an open market concept at the brewpub similar to Avanti or the Source in Denver. The additional 14,000 square feet will include a new brewing area, meeting/event space, and a “market” with food stalls, retail and office space.

Bill Dowd and Rich Hiegel have owned and operated County Line Lumber in Erie for the past 30 years. They are partnering to build the 16,700-square-foot Park West Building that will include suites for restaurants, retail and offices ranging from 1,000 square feet to 8,000 square feet.

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