Grants & 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) offers tax increment financing funds to award grants to commercial properties within the urban renewal area, which commit to reducing blight and improving their external appearance.
Grants are administered in two categories:
Historic Building Improvements
- The applicant must be the property or business owner within a URA zone. If the business owner is the applicant, the property owner must approve the improvements.
- Residential use cannot be the sole use of the building.
- 1:1 match not to exceed $10,000.
- Funds will be used for the rehabilitation and renovation of existing building facades visible from either the public right-of-way or publicly owned property.
- All improvements must comply with all applicable codes, rules, and regulations.
- A list of eligible and non-eligible expenses, along with the scoring criteria, can be found here Historic Building Improvements Historic Building Improvements.
Business Siting & Expansion
- The building to be improved must be located in the Historic Old Town Erie URA zone.
- Incentive monies can equal 20% of the total project redevelopment cost, up to 50% of the cost of eligible improvements.
- Grants are available to owner or tenant (if tenant applies, a minimum of three years must be remaining on the lease and written and owner permission must be provided).
- The for-profit business must have been operating for over a year, has a valid Town business license, be in good standings with the Town, must be expanding, no more than 10 employees, and have not received previous TOEURA financial support.
- A list of eligible and non-eligible expenses, along with the scoring criteria, can be found here Business Siting & Expansion Business Siting & Expansion.
- All businesses must receive grant approval before beginning the construction of improvements. No work before awarding of funds can be reimbursed.
- A Selection Committee will review the application.
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.
- Applicant must be the owner or proprietor of a retail sales tax generating business wishing to expand or locate in Erie, CO
- The business must be reasonably likely to generate $20,000 or more of sales tax within the first year
- Enhanced sales tax derived from the applicant’s property or business shall not exceed 50%
- The applicant can also request a reduction or waiver of fees (application, permit and/or development fees)
- The money must be used for public or public-related purposes (public works, public improvements, additional employment for Town residents or other factors)
- Applications are reviewed by Town personnel and Board of Trustees at a public hearing