Erie council moves toward COP funding for $40M police department expansion

Erie council moves toward COP funding for $40M police department expansion

The Erie Town Council is weighing a plan to fund a $40 million expansion of the town’s police facility using certificates of participation — a lease-to-own financing tool that lets governments build major projects without voter approval. Under a COP agreement, a government makes annual lease payments out of its general budget, and once payments are complete the building is fully owned. The proposal is part of a bundled $47 million COP package th…