It’s a moment Sen. Dan Laughlin has anticipating for the last 10 years.
“Today is more than an announcement,” said Sen. Laughlin. “It’s the realization of a vision that’s been years in the making.”
Governor Josh Shapiro’s administration has approved the first three projects, under Erie’s City Revitalization and Improvement Zone (CRIZ) program.
The program allows certain tax revenues generated by new economic development within the zone to be reinvested into certain projects.
“This is all funded with taxes that are already being paid by businesses in the zone,” said Erie CRIZ Authority Executive Director Brian Polito. “It’s not creating any new tax burden.”
The three projects include the $58 million transformation of the Renaissance Center into the Trust Hotel.
It also includes the $10 million expansion of the Bayfront Parking Ramp, and the $37 million construction of the AC Marriott Hotel, just east of Scott Enterprises’ Hampton Inn and Suites on Erie’s bayfront.
“It means a lot to me personally, because 25 years ago, I bought the property where we built the first phase of Harbor Place already finished, and we’ve had great success with it,” said Scott Enterprises President Nick Scott. “The fact that I had to wait 20 years or so for something to happen, is worth the wait.”
A total of $20.6 million in CRIZ funding will go towards the three projects, helping spur nearly $105 million in development.
“This program has a 30-year lifespan,” said Sen. Laughlin. “I think by the time we get done with 30 years of CRIZ, we will have rebuilt the city of Erie.”
According to Polito, the CRIZ Authority is projected to receive over $750 million in CRIZ funding over the next 30 years, which would generate $3 billion in development throughout Erie.