To: Honorable Mayor and Members of Town Council
From: David L. Corliss, Town Manager
Title
Resolution Approving the First Amendment to the Economic Incentive Loan Agreement By and Between the Town of Castle Rock and Brinkerhoff Restaurants, LLC, for the Hummingbird Event Center
Body
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Executive Summary
Brinkerhoff Restaurants LCC is currently constructing the Hummingbird Event Center, an approximately 9,052 square foot restaurant and 2,633 square foot event center, to be located near the intersection of Castle Rock Parkway and Promenade Parkway in the Promenade at Castle Rock Community Center.
Prior to construction, in June 2023, The Town entered into a financial incentive agreement for the Hummingbird/Brinkerhoff project whereby the Town will provide a short-term loan of $500,000 that will be repaid to the Town. This was deemed appropriate given the Town need for small scale event space, the unique nature of the project, and challenges with obtaining financing for the unique project in our community. That agreement had a requirement for the project to receive an occupancy permit by June 30, 2025. Because of delays in obtaining kitchen equipment, they now believe the equipment will arrive in July. Staff is recommending an amendment to the agreement to extend the deadline until the end of the year - the owner believes they should be complete this summer.
Proposed Motion
“I move to approve the Resolution as introduced by title.”
Attachments
Attachment A: Resolution