To: Honorable Mayor and Members of Town Council
From: Robert J. Slentz, Town Attorney
Title
Ordinance Making a Technical Correction to the Miller’s Landing Public Finance Agreement between Citadel Development, LLC, the Town of Castle Rock, the Miller’s Landing Business Improvement District and the Castle Rock Urban Renewal Authority by Amending Exhibit A Thereto and Making a Conforming Amendment to Ordinance No. 2017-003; and Providing for Its Emergency Adoption on First and Final Reading
Body
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Executive Summary
This Ordinance authorizes the substitution of a revised and corrected legal description to the Miller’s Landing Public Finance Agreement (PFA) approved by Ordinance No. 2017-002 on April 18, 2017. The legal description (Exhibit A) attached to the PFA at the time of approval encompassed the Miller’s Landing PD, but did not include the balance of the property constituting the proposed Miller’s Landing project which coincides with the Miller’s Landing Business Improvement District and Citadel Station-Castle Meadows Urban Renewal Plan. The revised description encompassing the BID/URA boundary conforms to the project as presented to Council and the independent financial analysis of the Project reviewed by Council at that time. This Ordinance also amends the Sales Tax Credit Ordinance, which ties to Exhibit A of the PFA. The Ordinance makes no changes to the text of the PFA or to the development/financial details previously reviewed with Council.
Staff Recommendation
The developer, Citadel Development, LLC is obligated to close on the purchase of the property by the end of the month as indicated by the attached letter from developer’s counsel. Certainty as to the financial commitments addressed in the PFA is understandably a condition to closing and it is requested that the Council approve this corrective action by emergency adoption on first and final reading.
If the motion to approve the ordinance on an emergency basis fails to generate the super-majority of three quarters of the quorum (but not less than five), it is requested that a second motion approving the ordinance on first reading, non-emergency be entertained by the Mayor.
Proposed Motion
“I move to approve the Ordinance as introduced by title on an emergency basis on first and final reading.”
Attachments
Attachment A: Ordinance
Attachment B: Letter