Broker Incentive Program

Commercial Real Estate Broker Incentive Program
The Town of Erie Board of Trustees approved the 2014 Commercial Broker Incentive Program as part of the Town’s economic development efforts. The program rewards referring real estate brokers for their efforts in attracting new business expansion in Erie. After the new business is open for a minimum of 90 days, the referring real estate broker is eligible for a 0.5% fee based on the purchase price or lease value of the property*.

Purchase Price Example:
  • Purchase Price - $500,000
  • Business Opening Date - March 1, 2014
  • Eligibility Date - June 1, 2014
  • Incentive Amount - $2,500
Lease Price Example:
  • Monthly Lease Rate - $10,000
  • 3 Year Lease Rate - $360,000
  • Business Opening Date - March 1, 2014
  • Eligibility Date - June 1, 2014
  • Incentive Amount - $1,800
Incentive Budget
The Town’s 2014 Budget allocates $15,000 for the Commercial Broker Incentive Program. That amount supports $3 million in commercial real estate projects.

Eligibility
All business categories, including retail, office, light industrial, and primary employment are eligible for broker incentives under this new program if they meet the criteria:
  • Must result in a new commercial business
  • Must be licensed broker / leasing agent / landlord directly responsible for new commercial tenant
  • Broker and new commercial tenant must both have valid Town of Erie Business License
  • 90 calendar days from when doors are first open for business (not closing date)
  • Incentive(s) is paid to brokerage firm – not individual broker
  • Incentive award eligibility limited to one per property per year
Download the Application.