To: Honorable Mayor and Members of Town Council
From: Trish Muller, Finance Director
Title
Ordinance Levying General Property Taxes for the Year 2016, for 2017 Collection, for the Castle Rock Downtown Development Authority (Second Reading - Approved First Reading on October 18, 2016 with a vote of 6-0)
Body
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Ordinance was approved on First Reading on October 18, 2016 with a vote of 6-0 with no changes.
Executive Summary
Attached is the Ordinance establishing the Mill Levy of the Castle Rock Downtown Development Authority for collection in 2017 (Attachment A). In August, the County Assessor certifies the Total Value of all Personal and Real Property within the Authority. This value is used to calculate the mill levy rate. In December, the County Assessor recertifies the Total Value of Real and Personal Property.
Discussion
The Castle Rock Downtown Development Authority Board of Directors has requested Town Council to certify its respective mill levy of 3.000 mills, which, based on the assessed valuation provided by the Douglas County Assessor’s Office, which is anticipated to yield $140,549.
Financial Impact
As the final assessed valuation is received and certified in December, the resulting property tax revenue will be reflected in 2017.
Staff Recommendation
Staff recommends that Town Council approve this Ordinance as written.
Proposed Motion
“I move to Approve An Ordinance Levying General Property Taxes for the Year 2016, for 2017 Collection, for the Castle Rock Downtown Development Authority, first reading.”
Attachments
Attachment A: Ordinance